3817 Kelford St
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3817 Kelford St
20 Unit Dormitory $15,500,000 ($775,000/Unit) Raleigh, NC 27606
Investment Highlights
- The property is 100% leased for the 2024-25 school year.
- Located west of downtown Raleigh, NC State University is a power-five university with more than 38,000 students and 10,000 employees.
Executive Summary
Deaton | GREA is pleased to present, as the exclusive listing broker for the seller, a luxury, student-housing
portfolio in the heart of Raleigh at NC State University. The 24-unit, 101-bedroom portfolio is comprised of
ten, single-family homes and 14, townhomes located less than one mile from campus. The 11 parcels are
contiguous, and represent a rare opportunity to acquire a boutique, student asset built with luxury finishes, at a
power-five university. The property is 100% leased for the 2024-25 school year. The leases are by-the-unit, with
an average, in-place rent equal to $993 per bed.
The ten, single families homes were built between 2018 and 2022 and feature a 50/50 mix of 4- and 5-bedroom
floor plans. The 14 townhomes are located directly behind the single-family houses. The townhomes all feature
4-bed and 4-bath, three-story floor plans and were completed in 2023. Current ownership developed and
built these properties with meticulous care and attention to detail. All of the units feature high-level finishes
including hardwood floors, LVP flooring, tile bathroom floors and showers, granite counters, stainless steel
appliances, ceiling fans in all rooms, recessed lighting, tankless water heaters, energy efficient windows, and
more. Every property has a minimum of one parking spot for every bedroom.
Located west of downtown Raleigh, NC State University is a power-five university with more than 38,000
students and 10,000 employees. Today, 137 years after its founding, NC State is North Carolina’s largest
university and continues to grow. Fueled by its status as a prestigious Research 1 institution, NC State is
recognized nationwide for groundbreaking discoveries, an outstanding academic reputation, and elite athletic
programs
portfolio in the heart of Raleigh at NC State University. The 24-unit, 101-bedroom portfolio is comprised of
ten, single-family homes and 14, townhomes located less than one mile from campus. The 11 parcels are
contiguous, and represent a rare opportunity to acquire a boutique, student asset built with luxury finishes, at a
power-five university. The property is 100% leased for the 2024-25 school year. The leases are by-the-unit, with
an average, in-place rent equal to $993 per bed.
The ten, single families homes were built between 2018 and 2022 and feature a 50/50 mix of 4- and 5-bedroom
floor plans. The 14 townhomes are located directly behind the single-family houses. The townhomes all feature
4-bed and 4-bath, three-story floor plans and were completed in 2023. Current ownership developed and
built these properties with meticulous care and attention to detail. All of the units feature high-level finishes
including hardwood floors, LVP flooring, tile bathroom floors and showers, granite counters, stainless steel
appliances, ceiling fans in all rooms, recessed lighting, tankless water heaters, energy efficient windows, and
more. Every property has a minimum of one parking spot for every bedroom.
Located west of downtown Raleigh, NC State University is a power-five university with more than 38,000
students and 10,000 employees. Today, 137 years after its founding, NC State is North Carolina’s largest
university and continues to grow. Fueled by its status as a prestigious Research 1 institution, NC State is
recognized nationwide for groundbreaking discoveries, an outstanding academic reputation, and elite athletic
programs
Property Facts Under Contract
| Price | $15,500,000 | Building Class | B |
| Price Per Unit | $775,000 | Lot Size | 2.61 AC |
| Sale Type | Investment | Building Size | 53,994 SF |
| No. Units | 20 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Dormitory | Year Built | 2018 |
| Apartment Style | Garden | Parking Ratio | 1.94/1,000 SF |
| Price | $15,500,000 |
| Price Per Unit | $775,000 |
| Sale Type | Investment |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Dormitory |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.61 AC |
| Building Size | 53,994 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2018 |
| Parking Ratio | 1.94/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+4 | 2 | - | 2,374 |
| 5+5 | 3 | - | 2,476 |
| 4+4 | 15 | - | 2,069 - 2,250 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $395,028 | |
| Land Assessment | $1,560,000 | Total Assessment | $1,955,028 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,560,000
Improvements Assessment
$395,028
Total Assessment
$1,955,028
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