2209 Garden Place Pl - Apartments FOR SALE


Raleigh, NC 27607- University
$2,550,000 USD
919-909-0004
2209 Garden Place Pl, Raleigh, NC for Sale
$2,550,000 USD
Apartments - FOR SALE
1/23
null | 4.84% Cap Rate

2209 Garden Place Pl
Raleigh, NC 27607
University


HIGHLIGHTS

  • High-Margin Asset: 2.17 DSCR | 100% Occupancy | 0% Deferred Maintenance
  • New construction, luxury student rental property
  • A+ location, steps to NC State campus & Hillsborough Street
  • Large, functional floor plans with 10 bedroom suites + 10 parking spaces
  • Low turnover with leases in place through June 2027

OVERVIEW

Garden Place is more than a rental property; it is a high-performance financial instrument. By combining a 2.17 DSCR with an irreplaceable NCSU location and guaranteed income through mid-2027, this asset provides the transparency and security that the 2026 market demands. In a volatile interest rate environment, Garden Place offers a safe harbor for investors seeking capital preservation without sacrificing yield. As a developer-built asset, every aspect of this portfolio has been engineered to maximize Debt Service Coverage and minimize operational risk. Steps from the NC State University Belltower, this property sits in the most supply-constrained student housing pocket in Raleigh. Its "walkable" status to the campus core ensures a permanent waitlist and zero-vacancy historic performance. The portfolio is currently 100% leased through June 2027, providing the new owner with nearly 16 months of guaranteed, uninterrupted revenue. The property is professionally managed at a 24.3% expense ratio, significantly outperforming market averages.

FOR SALE DETAILS

PRICE

$2,550,000 USD

PRICE/SF

$449 USD /SF

# OF UNITS

3

PRICE/UNIT

$850,000

CAP RATE

4.84%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

10-bed, new, leased student rental

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2024

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,583 SF

ZONING

RX-3

APN/PARCEL ID

0794.20-92-4015-000

ASK ABOUT THIS PROPERTY

Johnny ChappellCompassMore Info
919-909-0004

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Johnny ChappellCompassMore Info
919-909-0004

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.