TRIANGLE PARK – 120 UNITS IN DURHAM’S RESEARCH TRIANGLE PARK

PRICE:
$ 17,400,000
STATUS:
Off Market
ADDRESS:
5011 S Alston Ave, Durham, NC 27713, USA
OVERVIEW:

Deaton Investment Real Estate is pleased to offer Triangle Park Apartments as the exclusive sales representative. Triangle Park Apartments are located adjacent to Research Triangle Park, America’s largest research campus featuring over 250 companies and 50,000 employees. Spread over 11.5 acres, the amenities and grounds provide a suburban and peaceful feel for a property just minutes from the area’s most populated commercial districts.

Featuring a market-targeted mix of one-, two-, and three-bedroom floor plans, the property combines comfortable units with a strong value of amenities and a convenience-rich location.  Amenities include a swimming pool, outdoor lounge and fire pit, open space, dog park and resident clubhouse with coffee bar. Triangle Park is perfectly positioned with convenient access to major transportation corridors and multiple retail, entertainment, education, healthcare and employment centers.

Triangle Park Apartments are ideally positioned for a proven, value-add program. Current ownership recently completed a capital improvement plan that included painting the exterior of every building, remodeling the clubhouse, upgrading amenities and renovating the interior of 30 units (25% of the property). Since 2017, ownership has invested nearly $900,000 in capital projects.

The interior renovations consisted of cosmetic upgrades, costing an average of $6,000 per unit and achieved an average rent increase of 24%. This proven, value-add strategy will provide new ownership the opportunity to increase revenue an estimated $127,500 annually by renovating the remaining 90 units for an estimated cost of $540,000. Additionally, water is currently included in the rent. However, the market standard is for tenants to pay for water. By submetering for water, the new owner could recapture and estimated $34,000 in annual water costs.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
48 UNITS 1 BD/1BA 671 SF $1,037 RENOVATED
16 UNITS 2 BD/2 BA 813 SF $1,063 RENOVATED
48 UNITS 2 BD/2 BA 841 SF $1,134 RENOVATED
8 UNITS 3 BD/2 BA 1,012 SF $1,314 RENOVATED
PROPERTY INFORMATION
PIN 0737-01-39-9625
Tax Value $10,947,024
Taxes $136,170.04
Lot Size 11.5 ACRES
Year Built 1986
Exterior HARDBOARD
Floors CARPET, VINYL, TILE, LVT
Foundation CRAWL, SLAB
HVAC CENTRAL AIR, HEAT PUMPS
Utilities OWNER PAYS WATER
Legal Description PROP-FLORIDA RIDGE LTD/CA RVERS CURVE
Appliances RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, WASHER/DRYER CONNECTIONS
Zoning RU-M

Location Map

TRIANGLE PARK – 120 UNITS IN DURHAM’S RESEARCH TRIANGLE PARK
Address: 5011 S Alston Ave, Durham, NC 27713, USA Price: $ 17,400,000 Unit: