Westridge Woods Apartments 304-308 Buck Jones Rd
16 Unit Apartment Building $2,500,000 ($156,250/Unit) 6.60% Cap Rate Raleigh, NC 27606
EXECUTIVE SUMMARY
Westridge Woods offers a prime location near Downtown Raleigh, NC State University, Cary, the Research Triangle Park. The property sits directly on the bus route, within walking distance to Harris Teeter grocery-anchored shopping center, and offers easy access to surrounding attractions such as the Lenovo Center.
The property features a mix of fourteen, two-bedroom units and two, three-bedroom units. The rear building is three stories and was built in 1997. It features, twelve, identical, two-bedroom and one-bathroom floor plans. The front building is brick, one-story duplex, built in 1959 with an addition on the side built in 1997 that is two-stories. The original, brick duplex features two, identical two-bed and one-bathroom floor plans. The 1997 addition features two, identical, three-bedroom and two-bathroom units. The roofs were replaced in 2020. There is some polybutelene plumbing in the 1997 buildings.
The property features a mix of fourteen, two-bedroom units and two, three-bedroom units. The rear building is three stories and was built in 1997. It features, twelve, identical, two-bedroom and one-bathroom floor plans. The front building is brick, one-story duplex, built in 1959 with an addition on the side built in 1997 that is two-stories. The original, brick duplex features two, identical two-bed and one-bathroom floor plans. The 1997 addition features two, identical, three-bedroom and two-bathroom units. The roofs were replaced in 2020. There is some polybutelene plumbing in the 1997 buildings.
PROPERTY FACTS
| Price | $2,500,000 |
| Price Per Unit | $156,250 |
| Sale Type | Investment |
| Cap Rate | 6.60% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.60 AC |
| Building Size | 15,044 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1959/1997 |
| Parking Ratio | 2.47/1,000 SF |
| Cross Streets | Bashford Rd |
UNIT AMENITIES
- Balcony
- Dishwasher
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 14 | $1,475 | 900 |
| 3+2 | 2 | $1,700 | 1,000 |
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ZONING
| Zoning Code | R-10 (Residential) |
