1600 Poole Rd Raleigh, NC 27610

This eight-unit apartment building, located at 1600 Poole Rd in Raleigh, NC (27610), presents a compelling investment opportunity. The property, built in 1984, encompasses 5,900 square feet on a 0.45-acre lot (APN: 1713.06-38-9209 0075002). All eight units are two-bedroom, one-bathroom apartments, each featuring laundry hookups and open floor plans. Currently boasting 100% occupancy, the average rent per unit is $1,057, significantly below the Raleigh fair market rent of $1,646 for a two-bedroom unit, indicating substantial upside potential. The property has undergone significant capital expenditures in the last five years, including roof replacement, cosmetic improvements, and the replacement of six out of eight HVAC units. Five units have recently been updated with fresh paint and new luxury vinyl plank (LVP) flooring. The property's Class C designation and 5.40% cap rate, coupled with its proximity to downtown Raleigh (approximately one mile) and planned mixed-use developments, make it an attractive investment. The asking price is $1,250,000. This property offers a blend of immediate income generation and long-term appreciation potential in a rapidly growing area.