The property consists of eight well-designed two-bedroom, one-bath units averaging approximately ±720 square feet, each featuring an open floor plan and washer/dryer hookups. The community is currently 100% occupied, demonstrating strong tenant demand in this highly desirable infill Raleigh location.
Over the past five years, ownership has completed several significant capital improvements, including a new roof, replacement of six HVAC systems, and interior renovations to five units featuring LVP flooring, granite countertops, and updated bathrooms. These improvements reduce near-term capital expenditures for a new owner while enhancing the property's long-term value.
With average in-place rents of approximately $1,021, well below Raleigh's two-bedroom fair market rent of $1,646, the property offers a compelling value-add opportunity through continued unit upgrades and market rent alignment.