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10-bed, new, leased student rental 2209 Garden Place Pl 3 Unit Apartment Building $2,595,000 ($865,000/Unit) 5.54% Cap Rate Raleigh, NC 27607
Investment Highlights
- New construction, luxury student rental property
- Large, functional floor plans with 10 bedroom suites
- A+ location, steps to NC State campus & Hillsborough Street
- Fully leased at $1,400 per bedroom, $168,000 gross annual revenue
Executive Summary
Fully leased, new construction student rentals, steps to the NC State main campus, Hillsborough Street & The Village District. Modern kitchens with quartz countertops and stainless steel appliances. Private bedrooms with on-suite bathrooms. Hardwood-style flooring in main living areas. Walk-in closets. Extra office/den and loft spaces. Outdoor areas include front and rear porches and patios. Off-street parking. Washer/Dryer included with each unit. Revenue of $14,000 per month, $168,000 per year.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Yard
- Den
- Freezer
- Island Kitchen
- Office
- Patio
- Porch
Site Amenities
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | $2,800 | 796 |
| 4+4.5 | 2 | $5,600 | 2,165 |
1 1
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (82)
Property Taxes
| Parcel Number | 0794.20-92-4015-000 | Total Assessment | $1,289,524 (2025) |
| Land Assessment | $450,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $839,524 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
0794.20-92-4015-000
Land Assessment
$450,000 (2025)
Improvements Assessment
$839,524 (2025)
Total Assessment
$1,289,524 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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10-bed, new, leased student rental | 2209 Garden Place Pl
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