44 Units in Durham, NC

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1 FOR SALE OFFERS FOR SALE 44 Units in Durham, NC Deaton.com 919/

2 PROPERTY SUMMARY The COROJO Apartments 44 units $4,800, Palmer St, Durham, NC Built in 1993 and known as the Corojo Apartments, these 44 units are located one mile from Downtown Durham and Duke University. The property is within steps of the Lakewood shopping center where the Scrap Exchange has initiated the redevelopment of more than 100,000 SF of dining, retail and entertainment space as a part of the Reuse Arts District. In addition, neighborhoods in the Lakewood area have seen median single-family home prices increase from approximately $100/sf to nearly $200/sf in the last seven years. Of the 44 units, 32 units are 2 BD/1 BA floorplans, eight units are 3 BD/2 BA floorplans, and four units are 4 BD/2 BA floorplans. Over the last two years, all but three units have been renovated and feature new flooring, blinds, lighting fixtures, plumbing fixtures, counter tops and appliances. Ownership has established an improving income trend, creating the opportunity for a buyer to raise lagging rents and further grow the income by renovating the final three units. The property was also recently submetered, so the next owner can benefit from recapturing water expenses.

3 DURHAM NC Durham, North Carolina is city rich in American history, layered with culture and unending business opportunity. As one corner of the globally-recognized Research Triangle, Durham s economic fundamentals and ever-strengthening sense of community have made it one of the country s great mid-size cities. It s also a significant part of the Triangle s consideration for becoming home to Amazon s second U.S. headquarters. Durham, in short, is the city you don t know you already love. A thriving urban center for entrepreneurism belies its already established reputation for being home to many of the brands that make up Big Pharma. The city is pulling in an ever-growing population of young, educated work talent, in addition to those educated in one of the region s three world-class universities. In conjunction with a highly-rated nearby international airport, location along major commuter corridors, and a growing reputation as city on the rise, Durham is a real estate investor s next great find. Corrojo interiors

4 Location: Close To What Matters 1 mile 85 LAKEWOOD DISTRICT Blackwell 147 The Barclay W Club Blvd The Viceroy Dunhill House Ave The Scrap Exchange redevelopment Ch ap el Hil lr oa d Montego Monarch DUKE UNIVERSITY CENTRAL CAMPUS Tareyton Square 147 Freeman s Creative Lakewood Shopping Center 10 min 7 min GRUB Durham 1.1 miles County Fare Food Trucks Joe Van Gogh 1.3 miles Corojo Food Lion 3 min d Dollar General a Ch l pe H WL akewo od Ave American Tobacco Campus Blackwell Montego The Barclay Cocoa Cinnamon The Lakewood restaurant The Viceroy LEGEND LAKEWOOD HISTORIC DISTRICT Durham Co-op Market 0.5 miles a Ro ill Properties New Retail Existing Retail Bus Stop Durham Bulls Athletic Park Tareyton Square The Scrap Exchange 147 Freeman s Creative County Fare Food Trucks The Lakewood Restaurant DOWNTOWN DURHAM Corojo The Corojo Apartments Cocoa Cinnamon Foxgate The Central Durham Portfolio Location Highlights: Duke University Medical Center: Short drive to a nationally-reknowned medical center Commuting Corridors: , Hwy. 70, and Interstate 85 carry 100,000s of commuters/day to the Triangle s many employment centers Smart Neighbors: A couple of minutes drive, Duke University s reputation speaks for itself; NCSSM is considered by many to be the country s best high school; just north of Walltown. 44 UNITS IN DURHAM

5 Financial: Trailing 12 Months Trailing 12 Month Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 TOTAL Palmer PotenCal DroEE Fevenue Base Rental Income 30,827 31,674 34,286 32,926 35,593 31,544 28,908 30,069 28,359 30,599 31,066 37,794 $ 383, Expense Reimbursement Revenue $ 1, Special Services Income Parking Income Other Income 1, $ 7, Total PotenCal DroEE Fevenue 32,524 32,406 35,111 33,345 35,804 32,452 29,813 30,797 29,544 30,917 31,916 38,867 $ 393, General Kacancy / NollecOon Loss GHecCve DroEE Fevenue 32,524 32,406 35,111 33,345 35,804 32,452 29,813 30,797 29,544 30,917 31,916 38,867 $ 393, OperaOng Expenses QOliOes 3,891 2,251 2,603 4,493 5,048 4,868 4,402 5,597 5,438 5,128 4,084 3,663 $ 51, Janitorial / Trash $ Personnel $ - Landscaping/Pool $ 6, Security $ Supplies, R&M , , ,178 $ 9, G&A $ 2, Management Fee 2,426 1,277 1,388 1,401 1,459 1,303 1,163 1,270 1,240 1,320 1,387 1,481 $ 17, Property Taxes 2,293 2,293 2,293 2,293 2,293 2,293 2,293 2,493 2,176 2,373 2,373 2,283 $ 27, Insurance ,014 1,014 1,014 $ 11, Make-Ready , , ,145 $ 7, MarkeOng (438) 1, $ 3, Replacement Reserve $ - Total OperaCng GIpenEeE 10,384 9,881 10,936 11,809 11,377 12,280 10,390 12,688 12,527 11,904 10,683 12,866 $ 137, Net OperaCng Jncome 22,140 22,525 24,175 21,536 24,427 20,172 19,423 18,109 17,017 19,013 21,233 26,000 $ 255, DEATON.COM/LISTINGS

6 Financial: Trailing 3 Months & Proforma Trailing 3-Month Jan-18 Feb-18 Mar-18 T-3 Rev Annualized Proforma* 1718 Palmer (Corojo) - 44 units T-3 Exp Potential Gross Revenue Base Rental Income 30,599 31,066 37,794 99,459 $ 397, $ 456, Expense Reimb. Revenue $ 3, $ 8, Special Services Income Parking Income Other Income ,478 $ 5, $ 5, Effective Gross Revenue 30,917 31,916 38, ,700 $ 406, $ 469, Operating Expenses Utilities 5,128 4,084 3,663 12,875 $ 51, $ 52, Janitorial / Trash $ $ Personnel $ - $ - Landscaping/Pool ,717 $ 6, $ 6, Security $ $ Supplies, R&M ,178 1,895 $ 7, $ 7, G&A $ 2, $ 2, Management Fee (assume 6%) 1,836 1,864 2,268 5,968 $ 23, $ 27, Property Taxes (2017 actual) 2,238 2,238 2,238 6,715 $ 26, $ 27, Insurance (2017 actual) ,536 $ 10, $ 10, Make-Ready ,145 2,625 $ 10, $ 10, Marketing ,020 $ 4, $ 4, Total Operating Expenses 12,117 10,857 13,439 36,412 $ 145, $ 150, Net Operating Income 18,801 21,059 25,428 65,287 $ 261, $ 319, *Proforma Assumes $39,000/mo rental income & utility reimbursement of $400/unit for 20 units Annualized Expenses + 1.0% 44 UNITS IN DURHAM

7 Financial: Rent Roll 1718 Palmer (Corojo) - Rent Roll as of April 2018 Unit 1700-A 1700-B 1700-C 1700-D 1700-E 1700-F 1700-G 1700-H 1701-A 1701-B 1701-C 1701-D 1701-E 1701-F 1701-G 1701-H 1710-A 1710-B 1710-C 1710-D 1710-E 1710-F 1710-G 1710-H 1711-A 1711-B 1711-C 1711-D 1711-E 1711-F 1711-G 1711-H 1718-A 1718-B 1718-C 1718-D 1719-A 1719-B 1719-C 1719-D 1719-E 1719-F 1719-G 1719-H Unit Type pl_2x1p pl_4x2r pl_4x2r pl_2x1 pl_4x2r pl_4x2r pl_2x1 pl_2x1 44 units Sq Ft 1, , , , All Lease Charges , , , , , , , , $ 39, Move In Expiration 03/11/ /25/ /16/ /29/ /19/ /22/ /15/ /30/ /31/ /01/ /19/ /10/ /30/ /01/ /30/ /30/ /07/ /01/ /23/ /07/ /20/ /16/ /14/ /19/ /08/ /14/ /21/ /10/ /24/ /15/ /27/ /30/ /20/ /31/ /29/ /01/ /28/ /18/ /09/ /29/ /08/ /30/ /29/ /23/ /31/ /10/ /06/ /19/ /15/ /13/ /27/ /07/ /13/ /20/ /18/ /31/ /13/ /22/ /16/ /20/ /10/ /21/ /16/ /27/ /18/ /06/ /10/ /09/ /05/ /09/ /17/ /30/ /15/ /21/ /15/ /16/ /11/ /20/ /17/ /26/ /17/ /05/ /22/ /15/ /04/ /28/2019 DEATON.COM/LISTINGS

8 About Deaton Since 1981, Deaton Investment Real Estate has handled approximately 2,000 transactions, accounting for more than a 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. Thomas T Furlow Steve Deaton, CCIM Michael Deaton For more information on all or any of the properties listed in this package, call 919/ or steve@deaton.com tfurlow@deaton.com michael@deaton.com You may also visit Deaton is proud to do business with a handshake as easily as we do over the Internet, because the goal is always the same: earn, keep and respect the customer s business. 44 UNITS IN DURHAM