319 McCauley - Kairys Properties
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319 McCauley

Chapel Hill, NC

This 4 unit apartment building is located less than 2 blocks from UNC campus and is part of the historic district.

It was acquired in 2008. It initially featured three small apartments and an unused, large mechanical room.

We converted the existing mechanical room into a 4bed 2bath unit and gutted the remaining units and designed new floor plans to accommodate 4bd and 2bth per apartment. We took rents from $2,750/mo to currently at $11,250/mo.

  • Acquisition Date 3/5/2008
  • Acquisition Price $545,000
  • Monthly Rent at Acquisition $2,750
  • Cap Rate at Purchase 3%
  • Total Hard Costs $335,000
  • Total Soft/Entitlement Costs $75,000
  • ALL IN COSTS $955,000
  • Stabilized Monthly Rent $11,250
  • Annual Net Operating Income $105,000
  • Appraised Value 2012 $1,650,000