G R E E N SB O R O , NO RT H C A R O L I N A · opportunities for buyers and sellers of rental...

G R E E N S B O R O , N O R T H C A R O L I N A

R E N O V A T E D .

S T A B I L I Z E D .

G R E A T L O C A T I O N .

I N C O M E U P S I D E .

48 UNITS IN DESIRABLE NORTHWEST GREENSBORO

A D D R E S S G U I L FO R D CO U N T Y P I N

Y E A R B U I LT

R E N OVAT E D

N U M B E R O F U N I T S

AC R E AG E

U N I T M IX

CURRENT OCCUPANCY RATE

AVG E R AG E R E N T

1319 Fleming Road, Greensboro, NC 27410

7835-68-7149

2001

2017

48

6.52

24 two-bedroom & 24 one-bedroom units

96%

$887

Located in desirable northwest Greensboro, Thirteen08 apartments feature 48 units with spacious and stylish floor plans featuring stainless steel appliances, granite countertops, new fixtures, updated flooring and high-end finishes. The offering presents investors the opportunity to acquire a well-located, stabilized, low-maintenance asset with operational and organic income upside.

Thirteen08 provides convenient access to major transportation corridors and multiple retail, entertainment, education and employment centers. The location appeals to a wide range of resident prospects, contributing to the strong performance history and prospects for stability and future income growth.

PROPERTY OVERVIEW

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*six, one-bedroom units in building 1810 are approximately 750 SF, but feature a balcony

P R O P E R T Y D E TA I L SY E A R B U I LT

N U M B E R O F B U I L D I N G S

S TO R I E S P E R B U I L D I N G

PA R K I N G S PAC E S

N U M B E R O F U N I T S

AC R E S

CO N S T R U C T I O N

E L E C T R I C A L

WAT E R

C A B L E /I N T E R N E T

E X T E R I O R

H VAC

FO U N DAT I O N

A P P L I A N C E S

A M E N I T I E S

2008

2

3

78

48

6.52

Wood Frame

Individual metered, tenant paid

Master metered, owner paid

Bulk contract, owner paid

Brick with vinyl siding in breezeways

Central air, heat pumps

Slab

Stainless steel range, refrigerator, dishwasher, microwave, washer

and dryermolding

Renovated interiors, ample parking, ceiling fans in

all bedrooms, full appliance package, pet stations

1 B E D

1 B A T H

830 S Q . F E E T *

2 B E D

2 B A T H

1070 S Q . F E E T

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$40,000

$60,000

$45,000

$95,000

$24,000

$137,500

$36,000

$65,000

$80,000

$60,000

$68,000

$67,000

$51,000

$10,188

$3,396

$865

$21,251

RECENT RENOVATIONS, UPGRADES, AND CAPITAL IMPROVEMENTS

2016

2017

2016

2017

2017

2017

2017

2017

2017

2017

2017

2017

2017

2018

2018

2019

2019

YE AR R O U N D E D TOTA L

N E W R O O F O N B OT H B U I L D I N G S

10 N E W H VAC U N I T S

F U L L E X T E R I O R PA I N T, I N C LU D I N G CO M M O N A R E A S

N E W A P P L I A N C E S

N E W L I G H T F IX T U R E S

N E W F LO O R I N G

S C R A P E A N D R E PA I N T P O P CO R N C E I L I N G S

N E W B AT H R O O M S

N E W K I TC H E N S

U P G R A D E D CO U N T E R TO P S

I N T E R I O R PA I N T

CO M M O N A R E A U P G R A D E S

OT H E R

3 N E W H VAC U N I T S (1310 T, Q, W )

N E W H E AT P U M P (1310 D)

N E W WAT E R H E AT E R (1310 U)

6 N E W H VAC U N I T S FO R (1310 A , U, 1308 T, J , P, V )

I M P R O V E M E N T S

$864,200 TOTAL

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$294,322.04 $301,921.98

I N C O M E

Total Income

O P E R A T I N G E X P E N S E S

Advertising/Promotion

Business Licenses/Permits

Insurance

Office Supplies

Total Professional Fees

Property Management Fees

Property Tax

General Repairs

Landscaping

Turns

Trash Fees/Dumpster

Cable/Internet

Total Electric

Water/Sewer

Total Expenses

O P P O R T U N I T I E S T O I M P R O V E N O I :

Water is currently included in the rent, creating the opportunity to recapture an estimated $22,000 in annual water costs.

The average rent is $40-per-unit below current leasing rates, translating to organic income upside of more than $23,000 annually.

Two units remain unrenovated. These could be renovated to further increase income.

Current management leases an apartment onsite, at a $135/mo discount, for use as an office.

F I N A N C I A L O V E R V I E W

NET OPERATING INCOME

T R A I L I N G F I N A N C I A L S :

T-3 MONTH INCOME, T-12 MONTH EXPENSES

P R O F O R M A : YEAR ONE

$493,212.60

$11,726.71

$202.00

$10,168.00

$68.32

$2,784.68

$36,458.55

$38,778.48

$30,838.02

$5,585.00

$12,657.29

$2,918.00

$14,023.93

$6,610.14

$26,071.44

$198,890.56

$504,732.60

$11,726.71

$202.00

$10,168.00

$68.32

$2,784.68

$40,378.61

$38,778.48

$30,838.02

$5,585.00

$12,657.29

$2,918.00

$14,023.93

$6,610.14

$26,071.44

$202,810.62

Average increase of $20/unit

8% management fee

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RENT COMPARABLES SUMMARY

A H E A LT H Y M A R K E T

Arbor Ridge 7 Woodstream LnHawthrone at Oak Ridge 5855 Old Oak Ridge RdHuntsview Apartments 3901 Battleground AveAshley Oaks 407 Guilford College RdLegacy at Friendly Manor 5402 Friendly Manor Dr Park at Midtown 1 - A Saint Croix PlMadison Woods 5505-A Tomahawk DrThe Avenue 5939 W Friendly Ave7029 West 7029 W Friendly AveEdgewater Village 5500 Weslo Willlow DrAllerton Place 3201 Allerton CirPark at Oak Ridge 5856 Old Oak Ridge RdWendover at Meadowood 4103 Cox PlMadison at Adams Farm 5202 Fox Hunt DrWoodland Heights 201 Sandbar CirThe Residences at 1805 1805 Fairfax RdStonesthrow Apartment 3501 Farmington Dr

3

3

3

3

3

3

3

3

3

4

2

4

3

4

3

4

3

2

1983

1986

1987

1996

1966

2001

1986

1968

1973

1999

1974

1997

1987

2012

1987

2016

1971

1984

PRO PE R T Y RATINGYEARBUILT

304

297

240

252

308

48

216

180

502

402

483

228

232

264

500

380

200

607

# OF UNITS

736

733

875

910

1038

950

905

1011

944

1234

743

1056

998

1104

1104

1220

980

994

AVG SF

-

-

-

-

-

-

-

-

-

-

$592

-

-

-

-

-

-

-

STUDIO

$777

$733

$850

$799

$833

$848

$825

$796

$764

$819

$640

$767

$755

$815

$771

-

-

$675

$909

$929

$915

$904

$1113

$948

$859

$869

$915

$1029

$692

$908

$925

$915

$841

$905

$753

$780

-

-

-

-

$1059

-

-

$1090

-

$1296

-

$1164

-

$1270

$964

$1045

$869

$966

$1.15

$1.12

$1.01

$0.95

$0.95

$0.95

$0.94

$0.94

$0.90

$0.90

$0.89

$0.88

$0.86

$0.82

$0.82

$0.80

$0.79

$0.79

ONE BED

TWOBED

THREEBED

RENTPER SF

unit size asking rent per month per unit

*Rents represented are a snapshot based on asking rents reported by each property when data was last collected.

New Garden Square

Hawthorne at Bridford Apartments

Lakes Edge

Allerton Place Apartments

2019

2018

2019

2019

PROPERT Y NAMESALEYEARA D D RES S

5402 Garden Lake Drive

598 Eagle Road

5612 West Market Street

3201 Allerton Circle

2013

2014

1974

1997

YEARBUILT

88

264

159

228

# OFUNITS PRICE

$11,280,000

$36,500,000

$10,435,000

$26,655,000

PRICE/UNIT

$128,181

$138,258

$65,629

$116,907

CAPRATE

5.4%

5.25%

5.7%

-

COMPARABLE SALES

N E W G A R D E N S Q U A R E

H AW T H O R N E AT B R I D F O R D A PA R TM E N T S

A L L E R T O N P L A C E A PA R TM E N T S

L A K E S E D G E

Thirteen08 is in the diverse and healthy New Garden Submarket of Greensboro where vacancy rates have fallen over the last two years to the current mark of 5.5%. As of September 2019, the submarket has seen year-to-date rent growth of 4.5%. The average unit rent in the New Garden Submarket is $925 or $0.97 per square foot. The average rent at Thirteen08 is $887 or $0.93 per square foot. The overall Greensboro rental market continues to experience strong demand which has decreased vacancy to 6.3% despite a slight uptick in construction. Additionally, rents have increased 5.4% over the last twelve months. Source CoStar Research

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T H E P I E D M O N T T R I A D I N T E R N A T I O N A L A I R P O R T ( P T I ) which is home to more than 5,700 jobs. PTI is a key aerospace center for the Southeast United States that infuses nearly $6 billion into the local community annually. PTI is home to the M I D -AT L A N T I C C A R G O H U B for FedEx which expanded by another 400 jobs in late 2018. The PTI campus also hosts Honda Aircraft, HAECO Americas and Cessna Aircraft. Less than a mile south, G U I L FO R D CO L L EG E which has more than 2000 students, faculty and staff. Four major retail centers, including N E W G A R D E N CRO S S I N G , J E FFE R S O N V I L L AG E , Q UA KE R V I L L AG E and N E W G A R D E N V I L L AG E , are just a couple of miles away.

DOWNTOWN GREENSBORO is a thriving and lively employment, cultural, entertainment, recreational and dining hub for the Greensboro area.MOSES CONE HOSPITAL is just north of Downtown Greensboro. The 535-bed hospital is the flagship of the Moses Cone Health system which employs near 9,500 people. T H E U N I V E R S IT Y O F N O R T H C A R O L I N A G R E E N S B O R O (U N CG ) employs approximately 2,500 people and has an enrollment of more than 19,000 undergraduate and graduate students. NORTH CAROLINA A&T STATE UNIVERSIT Y is home to more than 10,000 students and 2,000 employees.

A N O P P O R T U N I S T I C LO C AT I O N

Thirteen08 provides convenient access to major transportation corridors and the Piedmont Triad International Airport. In addition, residents benefit from a short drive to multiple retail, entertainment, health, education and employment centers.

N E A R BY C O N V E N I E N C E S A N D O P P O R T U N I T I E S

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Located in central North Carolina, the city of Greensboro has a population of more than 290,000 residents, making it the third largest city in North Carolina (behind Charlotte and Raleigh). Greensboro is part of a thriving metropolitan area called the Triad, which encompasses the three major cities of W I N S T O N - S A L E M , H I G H P O I N T and G R E E N S B O R O itself. The total population of the Triad is approximately 1.7 million people.

Greensboro is nicknamed the “gate city” because of the centralized location and access to other major North Carolina cities via Interstate 40 and 85 . This location, along with the presence of the PTI airport, contributes to Greensboro’s economic roots in transportation, manufacturing and logistics. Currently, the major employers of Greensboro have been across technology, health care and education. Greensboro’s economic diversity is enriched by the presence of five, four-year colleges a community college and Elon University School of Law.

RECENT ACCOLADES

G R E E N S B O R O & T H E T R I A D

H I G H P O I N T

W I N S TO N -S A L E M

G R E E N S B O R O

#51 I N B E S T P L A C E S T O L I V E (Livability.com)

#43 I N B E S T P L A C E S T O R E T I R E (U.S. News and World Report)

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S T E V E D E A T O N , C C I M

[email protected]

T H O M A S “ T ” F U R L O W

[email protected]

M I C H A E L D E A T O N

[email protected]

A B O U T D E A T O N

Since 1981, Deaton Investment Real Estate has handled approximately 2,000 TRANSACTIONS , accounting for more than 1.5 BILLION DOLLARS IN MULTI-FAMILY SALES.

Located in the Triangle region of North Carolina, encompassing Raleigh, Durham, and Chapel Hill, we specialize in brokering income-producing multi-family investment properties.

Throughout Central and Eastern N.C., we maximize opportunities for buyers and sellers of rental investment property, from large apartment complexes to duplexes, triplexes and quads.

The company was founded in 1981 by Steve Deaton, who still operates it today. We work with individual, family-oriented buyers and sophisticated, institutional investors.

D E A T O N I S P R O U D T O D O B U S I N E S S

W I T H A H A N D S H A K E A S E A S I L Y A S

W E D O O V E R T H E I N T E R N E T , B E C A U S E

T H E G O A L I S A L W A Y S T H E S A M E :

e a r n , ke e p a n d r e s p e c t t h e c u s t o m e r ’ s b u s i n e s s .

C A L L

9 1 9 . 8 4 7. 1 1 1 7

E M A I L

Steve • T • Michael

V I S I T

deaton .com

A B O U T D E A T O N

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