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Multifamily

Trails Corner Apartments

804 McMakin St, Raleigh, NC 27610

Listing Price: Request For Offer

Number of Units
57
Gross SF
63,200

Investment Overview

Marcus & Millichap is pleased to present Trails Corner Apartments, a 57-unit community located in Raleigh, NC. Located just outside the Central Business District, the property consists of two- and three-bedroom floorplans situated in 16 buildings over a spacious 8.62+/- acres. Trails Corner offers an investor, proven rent growth premiums through continued implementation of light, interior upgrades, as well as further upside potential through adding premium upgrades as the submarket continues to mature. Current ownership has upgraded 23 of the 57 units with new cabinets, LVP flooring, stainless steel appliance, faux granite countertops, and a modern paint scheme. Rental premiums for upgraded units are averaging $200/month with submarket comparables showing an additional $50/month of potential rent growth. Already considered one of the top multifamily markets in the Southeast, Raleigh continues to transform its downtown through new developments in and around the urban core. One of the largest of these is Park City South, an area encompassing 130 acres along Interstate 40 and South Saunders Street, and in close proximity to Trails Corner Apartments. With a first phase under construction, project plans include 180,000 square feet of office, 615 apartments, and ground floor retail. This new development will bolster the growth and expansion of the area surrounding Trails Corner, further strengthening the property’s value and positioning in the market. This submarket growth, coupled with the overall strength of the Raleigh market, and the property’s upside opportunity, provide the basis for this extremely attractive, long-term investment opportunity.

Investment Highlights

  • Central Location Convenient to Downtown Raleigh, NC State University, Economic Generators, Interstate 40, and Major Thoroughfares.
  • Proven Value-Add Opportunity Through Light Interior Upgrades
  • 54%-64% Upside Potential Through Continued Renovations and Bringing Rents to Submarket Levels.
  • Desirable Mix of Two- and Three-Bedroom, Spacious Floorplans
  • Rapidly Transitioning Neighborhood in Close Proximity to the CBD and the new Park City South Development.
  • Washer and Dryer Connections in all units
  • On-Site Management Office

Exclusively Listed By

Multifamily

Trails Corner Apartments

Listing Price: Request For Offer

Number of Units
57
Gross SF
63,200

Investment Highlights

  • Central Location Convenient to Downtown Raleigh, NC State University, Economic Generators, Interstate 40, and Major Thoroughfares.
  • Proven Value-Add Opportunity Through Light Interior Upgrades
  • 54%-64% Upside Potential Through Continued Renovations and Bringing Rents to Submarket Levels.
  • Desirable Mix of Two- and Three-Bedroom, Spacious Floorplans
  • Rapidly Transitioning Neighborhood in Close Proximity to the CBD and the new Park City South Development.
  • Washer and Dryer Connections in all units
  • On-Site Management Office

Investment Overview

Marcus & Millichap is pleased to present Trails Corner Apartments, a 57-unit community located in Raleigh, NC. Located just outside the Central Business District, the property consists of two- and three-bedroom floorplans situated in 16 buildings over a spacious 8.62+/- acres. Trails Corner offers an investor, proven rent growth premiums through continued implementation of light, interior upgrades, as well as further upside potential through adding premium upgrades as the submarket continues to mature. Current ownership has upgraded 23 of the 57 units with new cabinets, LVP flooring, stainless steel appliance, faux granite countertops, and a modern paint scheme. Rental premiums for upgraded units are averaging $200/month with submarket comparables showing an additional $50/month of potential rent growth. Already considered one of the top multifamily markets in the Southeast, Raleigh continues to transform its downtown through new developments in and around the urban core. One of the largest of these is Park City South, an area encompassing 130 acres along Interstate 40 and South Saunders Street, and in close proximity to Trails Corner Apartments. With a first phase under construction, project plans include 180,000 square feet of office, 615 apartments, and ground floor retail. This new development will bolster the growth and expansion of the area surrounding Trails Corner, further strengthening the property’s value and positioning in the market. This submarket growth, coupled with the overall strength of the Raleigh market, and the property’s upside opportunity, provide the basis for this extremely attractive, long-term investment opportunity.

Exclusively Listed By

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