Student Housing by NC State | 2208 Garden Pl
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Student Housing by NC State 2208 Garden Pl
5 Unit Apartment Building $2,600,000 ($520,000/Unit) Raleigh, NC 27607
Investment Highlights
- Walkability Score is a 98
- Major Capital Improvements Completed 8/2024
- Fantastic Location Close to NCSU and The Village
Executive Summary
Cokesbury Holdings presents an exciting student housing investment opportunity located at 2208 Garden Place, in Raleigh, North Carolina. This 7,894 square foot multi-family property, located on a 0.23 acre site, is within short walking distance to NC State, and numerous bars and restaurants along Hillsborough Street, and The Village District. The Property is currently available for purchase as four, four-bedroom unoccupied apartments, with the opportunity to add an additional ground level studio apartment.
Built in 1961 with significant renovation completed in August 2024, the Property has seven on-site parking spaces with city-issued permitted parking in the neighborhood.
- New kitchens and bathrooms with granite countertops and all new fixtures and appliances
- New vinyl plank flooring, interior paint, and window treatments
- Brand new HVAC in 2 units, with other units inspected, serviced and in good working order
- New fire extinguishers installed
- New exterior paint and landscaping
Built in 1961 with significant renovation completed in August 2024, the Property has seven on-site parking spaces with city-issued permitted parking in the neighborhood.
- New kitchens and bathrooms with granite countertops and all new fixtures and appliances
- New vinyl plank flooring, interior paint, and window treatments
- Brand new HVAC in 2 units, with other units inspected, serviced and in good working order
- New fire extinguishers installed
- New exterior paint and landscaping
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$187,200
|
$23.71
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,184
|
$0.66
|
| Effective Gross Income |
$182,016
|
$23.06
|
| Taxes |
$14,294
|
$1.81
|
| Operating Expenses |
$11,227
|
$1.42
|
| Total Expenses |
$25,521
|
$3.23
|
| Net Operating Income |
$156,495
|
$19.82
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $187,200 |
| Annual Per SF | $23.71 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,184 |
| Annual Per SF | $0.66 |
| Effective Gross Income | |
|---|---|
| Annual | $182,016 |
| Annual Per SF | $23.06 |
| Taxes | |
|---|---|
| Annual | $14,294 |
| Annual Per SF | $1.81 |
| Operating Expenses | |
|---|---|
| Annual | $11,227 |
| Annual Per SF | $1.42 |
| Total Expenses | |
|---|---|
| Annual | $25,521 |
| Annual Per SF | $3.23 |
| Net Operating Income | |
|---|---|
| Annual | $156,495 |
| Annual Per SF | $19.82 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,200 | 782 |
| 4+2 | 2 | $3,800 | 1,404 |
| 4+2 | 2 | $4,000 | 1,404 |
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Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 0794.20-92-4214-000 | Total Assessment | $1,634,296 |
| Land Assessment | $450,000 | Annual Taxes | $14,294 ($1.81/SF) |
| Improvements Assessment | $1,184,296 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
0794.20-92-4214-000
Land Assessment
$450,000
Improvements Assessment
$1,184,296
Total Assessment
$1,634,296
Annual Taxes
$14,294 ($1.81/SF)
Tax Year
2024
zoning
| Zoning Code | RX-3 |
| RX-3 |
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Student Housing by NC State | 2208 Garden Pl
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