2208 Gdn Pl Raleigh, NC 27607-0014
- Garden apartment buildings
- 7,894 SF
- 0.23 lot acres
Current Use by Public Records
- Garden apartment buildings
Property Details for 2208 Gdn Pl
- Year built
- 1961
- Construction
- BRICK
- Lot size
- 0.23 lot acres
- Property size
- 7,894 SF
- Zone code
- RX-3
- Property type
- Garden apartment buildings
- APN
- 0794.20-92-4214 0004384
- APU
- 794209242140004384
Description
This exceptional investment opportunity presents a fully renovated, four-unit (16-bedroom) student housing property located at 2208 Garden Place in Raleigh, North Carolina. Built in 1965 and completely renovated in 2024, this 7,850 square foot building sits on a 0.23-acre lot and is zoned RX-3. The property boasts modern kitchens with granite countertops, updated HVAC systems, and vinyl plank flooring. Seven on-site parking spaces are available, supplemented by city-issued permits. The property's prime location near North Carolina State University and the Village District offers a walk score of 92, providing tenants with easy access to shopping, dining, and entertainment. With a total of 16 bedrooms across four units, this property offers significant rental income potential, currently priced at $2,600,000, representing a price per unit of $650,000 and a price per square foot of $331.21. The property's strong financial performance is reflected in its pro-forma NOI of $151,695 and a pro-forma cap rate of 5.83%. This is a turnkey investment ready for immediate income generation in a highly desirable Raleigh neighborhood. The property's APN is 0794.20-92-4214-000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Raleigh
- County
- Wake
- State
- North Carolina
- Longitude
- -78.6648
- Latitude
- 35.7889
- CBSA code
- 39580
- CBSA name
- RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA
