Multifamily

Roxboro Quads

2308 S Roxboro St, Durham, NC 27707

Listing Price: $3,300,000

Cap Rate
5.02%
Number of Units
24
GRM
13.51
Occupancy
95.0%
Price/Unit
$137,500
Price/Gross SF
$183.33
Gross SF
18,000

Investment Overview


Marcus & Millichap is pleased to present this exclusive opportunity, the Roxboro Quads in Durham, North Carolina. The Roxboro Quads are strategically located just off South Roxboro near Downtown Durham. This value-add opportunity has shown its ability to increase revenue through interior upgrades like luxury vinyl flooring, new appliances, and fresh paint. New ownership can continue this revenue growth by continuing the current value add plan in place.

With another 18 units to upgrade, the incoming ownership will reap the benefits of targeting a captive audience of renters looking for an economic alternative to the Class A Multifamily assets in the Downtown Durham submarket. With these minor improvements, ownership can take the Roxboro Quads to the next level by capitalizing on the demand for spacious two-bedroom units. Due to the pandemic, more and more tenants are utilizing their unit as their office and in turn converting the second bedroom into their home office. This will continue the demand for two bedrooms, which will lead to continued rent growth in one of the fastest growing markets in the nation.

Investment Highlights

  • Opportunity to complete Interior and Exterior Renovations
  • New Ownership can Increase Rents by 38% After Renovations
  • Premier Location in Durham: One of the Fastest-Growing Metros in North Carolina

Exclusively Listed By

Listing Price: $3,300,000

Cap Rate
5.02%
Number of Units
24
GRM
13.51
Occupancy
95.0%
Price/Unit
$137,500
Price/Gross SF
$183.33
Gross SF
18,000

Investment Highlights

  • Opportunity to complete Interior and Exterior Renovations
  • New Ownership can Increase Rents by 38% After Renovations
  • Premier Location in Durham: One of the Fastest-Growing Metros in North Carolina

Investment Overview


Marcus & Millichap is pleased to present this exclusive opportunity, the Roxboro Quads in Durham, North Carolina. The Roxboro Quads are strategically located just off South Roxboro near Downtown Durham. This value-add opportunity has shown its ability to increase revenue through interior upgrades like luxury vinyl flooring, new appliances, and fresh paint. New ownership can continue this revenue growth by continuing the current value add plan in place.

With another 18 units to upgrade, the incoming ownership will reap the benefits of targeting a captive audience of renters looking for an economic alternative to the Class A Multifamily assets in the Downtown Durham submarket. With these minor improvements, ownership can take the Roxboro Quads to the next level by capitalizing on the demand for spacious two-bedroom units. Due to the pandemic, more and more tenants are utilizing their unit as their office and in turn converting the second bedroom into their home office. This will continue the demand for two bedrooms, which will lead to continued rent growth in one of the fastest growing markets in the nation.

Exclusively Listed By

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