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Multifamily

Brookside Apartments

1408 Brookside Dr, Raleigh, NC 27604

Listing Price: Request For Offer

Number of Units
68
Gross SF
55,872

Investment Overview

Marcus & Millichap is pleased to present Brookside Apartments, located in Raleigh, North Carolina. Consisting of 68 units, the property boasts an attractive mix of studios, one- and two-bedrooms units in five buildings and situated on 3.44+/- acres. Located in the Mordecai Historic District, the property is in close proximity to Downtown Raleigh and provides convenient access to Capital Boulevard and Atlantic Avenue thoroughfares. Brookside 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 one-third of units with refreshed cabinets, LVP flooring, new white appliances, refinished countertops, and a modern paint scheme. These improvements along with the tremendous organic rent growth in the submarket has led to an impressive 17.7% increase in YOY rental income. Further improvements to the exterior of the property with fresh paint, new signage, and the addition of community amenities will further drive the income potential of this unique investment opportunity. One of the hottest multifamily markets in the nation, Raleigh has benefited from a 23.2% YOY increase in the average effective rents. The continued growth within the Downtown Raleigh market and the addition of new developments in the Glenwood South, Hillsborough Street and Peace Street corridors will continue to drive exceptional growth within the market. The area’s exceptional growth, along with broad based employment gains in the pharmaceutical, technology and biotechnology industries continue to attract out-of-state capital to the Triangle market. The growth potential of the market, coupled with the upside opportunity offered by Brookside Apartments, provide a compelling basis for this long-term investment opportunity.

Investment Highlights

  • Exceptional Location in the Mordecai Historic District, Convenient to Downtown Raleigh, Economic Generators, and Major Thoroughfares
  • Immediate Upside Opportunity Through Implementation of Interior Upgrades and Refreshing the Exterior Envelope
  • Tremendous Organic Rent Growth with 17.7% YOY income growth
  • Desirable Mix of Studios, One- and Two-Bedroom Floorplans
  • Extremely Well Positioned to Harness the Tremendous Rent Growth in the Raleigh MSA while Providing an Economic Alternative to Class A Product in the Downtown Submarket

Exclusively Listed By

Multifamily

Brookside Apartments

Listing Price: Request For Offer

Number of Units
68
Gross SF
55,872

Investment Highlights

  • Exceptional Location in the Mordecai Historic District, Convenient to Downtown Raleigh, Economic Generators, and Major Thoroughfares
  • Immediate Upside Opportunity Through Implementation of Interior Upgrades and Refreshing the Exterior Envelope
  • Tremendous Organic Rent Growth with 17.7% YOY income growth
  • Desirable Mix of Studios, One- and Two-Bedroom Floorplans
  • Extremely Well Positioned to Harness the Tremendous Rent Growth in the Raleigh MSA while Providing an Economic Alternative to Class A Product in the Downtown Submarket

Investment Overview

Marcus & Millichap is pleased to present Brookside Apartments, located in Raleigh, North Carolina. Consisting of 68 units, the property boasts an attractive mix of studios, one- and two-bedrooms units in five buildings and situated on 3.44+/- acres. Located in the Mordecai Historic District, the property is in close proximity to Downtown Raleigh and provides convenient access to Capital Boulevard and Atlantic Avenue thoroughfares. Brookside 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 one-third of units with refreshed cabinets, LVP flooring, new white appliances, refinished countertops, and a modern paint scheme. These improvements along with the tremendous organic rent growth in the submarket has led to an impressive 17.7% increase in YOY rental income. Further improvements to the exterior of the property with fresh paint, new signage, and the addition of community amenities will further drive the income potential of this unique investment opportunity. One of the hottest multifamily markets in the nation, Raleigh has benefited from a 23.2% YOY increase in the average effective rents. The continued growth within the Downtown Raleigh market and the addition of new developments in the Glenwood South, Hillsborough Street and Peace Street corridors will continue to drive exceptional growth within the market. The area’s exceptional growth, along with broad based employment gains in the pharmaceutical, technology and biotechnology industries continue to attract out-of-state capital to the Triangle market. The growth potential of the market, coupled with the upside opportunity offered by Brookside Apartments, provide a compelling basis for this long-term investment opportunity.

Exclusively Listed By

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