Durham Apartment Complex

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30605586
Property Subtypes: Student Housing
Status: Pending/Contingent
Number of Units: 8 Units
Building Size (RSF): 8,389 SF
Gross Land Area: 1.97 Acres
Sale Price: $2,200,000
Unit Price: $275,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Mast Road Apartments
Usable Size (USF): 8,389 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 5/10/2020

Overview / Comments

This one is special! After 35 years of hard work and continual reinvestment the current owner is ready to sell. Take a look at the pictures! This property is set up for years of solid returns. 3 Buildings with a total of 8 Units and 27 beds. Two of the buildings (5 total units) were built in the last 18 years and all 8 units and the mechanical systems are in great shape. The property features spacious units with lots of tile and hardwood floors, 40 parking spaces, dishwashers(5 out of 8 units)and washers/dryers (6 out of 8 units) and all units have private entrances. Owner pays for all utilities, including internet. Tenants only pay for electricity. Full marketing package attached. Buyer must sign NDA to receive 2019 Income and Expense Sheet

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $30,585 (Annual)

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Strafford
Taxing Authority: Municipality
Tax ID/APN: 1017
Zoning: MUDOR
Highway Access: Route 4 to Spaulding turnpike to 95
Site Description: Level, rural but close to campus. Many of the tenants play on athletic teams because of the proximity to the field house and stadium.
Total Number of Buildings: 3
Number of Stories: 2
Year Built: 1920
Year Renovated: 2009
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: Ample for tenants and owner leases 17 to 18 spots a year to non tenants for an average of $800 per year.
Total Parking Spaces: 40
Fuel: Gas
Air Conditioning: Window Unit
Internet Access: Cable
Interior Description: Units are in fantastic condition.
Zoning Description: MUDOR-See Marketing Package
Water Service: Well
Sewer Type: Municipal
Easements: Other

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,502 21,791 57,025
Median Age: 20.22 30.74 34.21
Households: 538 5,832 20,970

Contact

Photograph of Listing Agent

Joe Nelson

Bean Group
NECPE Member
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