Building Details

Year Built 2004

Buildings 4

Units 42

Tenancy Multi

Listing Agency: TradeMark Properties

Listed By: Kharmika Alston · License #NC

Source: Crexi

Added: Jul 9 Changed: Sep 26 Last Checked: Oct 11 at 3:51AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of TradeMark Properties

Investment Insights

Based on property information with market context.

The Crest at Elon is a purpose-built student housing community comprising four residential buildings with 42 apartment units. The units are configured as four-bedroom, four-bath residences and are described as having furnished bedrooms. Community amenities include a clubhouse, study space, and a fitness center. Developed in 2004, the property remains integrated into Elon University’s residential housing network through a third-party master lease arrangement.

Located at 756 E. Haggard Avenue in Elon, North Carolina, the community is positioned approximately 0.9 miles from campus. The setting supports pedestrian and bicycle connectivity, and it is served by the Elon Express shuttle, which is intended to reduce reliance on personal vehicles.

For buyers evaluating off-campus options, the property’s configuration and operating model are aligned with an institutional tenant base tied to recurring university leasing cycles.

Key Highlights

• Purpose‑built student housing community built in 2004 with four residential buildings.
• 42 apartment units configured as furnished 4‑bedroom, 4‑bath residences.
• About 0.9 miles from Elon University, with pedestrian, bicycle, and university shuttle connectivity.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$448,594

Cap Rate

4.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,971,880 $9.0M

Cap Rate 7%

$6,408,486 $6.4M

Cap Rate 9%

$4,984,378 $5.0M

Market Conditions

NOI Build-Up for 56,490 SF

Gross rent

$867.7K $15.36/SF

− Vacancy

−$52.1K −$0.92/SF

EGI

$815.6K $14.44/SF

− OpEx

−$367.0K −$6.50/SF

NOI

$448.6K $7.94/SF

Area

Alamance County, NC

Vacancy

6.00%

Lease Rate

$15.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,971,880

Cap Rate 7%

$6,408,486

Cap Rate 9%

$4,984,378

Alternative Uses

Best Use

Apartment 5plus

$6.41M

$5.61M – $7.48M (±1% cap)

NOI $448,594 @ 7.0% cap · market cap 4.72%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$18.62M

$16.30M – $21.73M (±1% cap)

NOI $1,303,719 @ 7.0% cap · market cap 13.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Auto Repair Shop Law Firm HVAC Service Restaurant Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

42

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

114

Businesses Nearby

Explore this area Business Placement

Demographics for 27244, NC

16,671

Population

5,740

Households

2.9

Avg Household Size

28

Median Age

35%

College-Educated

91%

High-School Grad

53.8 sq mi

ZIP Area

310

Density / Sq Mi

$70,982

Median Household Income

$22,318

Median Earnings

$831

Median Rent

$248,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Four residential buildings offer 42 furnished four-bedroom, four-bath units with clubhouse, study space, and fitness center amenities.

Where is this apartment building located?

The property is located at 756 E Haggard Avenue Elon, NC.

What is the asking price?

The asking price for this property is $9,500,000.

What are key features of this property?

This property features: Purpose‑built student housing community built in 2004 with four residential buildings.; 42 apartment units configured as furnished 4‑bedroom, 4‑bath residences.; About 0.9 miles from Elon University, with pedestrian, bicycle, and university shuttle connectivity.