The Courtyard on Franklin Street
Chapel Hill, NC
Early in 2012 we acquired six contiguous lots each with small 1940’s cinderblock rental houses.
We received approval from town to demo all existing structures and developed over 21k square feet of upscale student housing. See attached brochure.
- Acquisition Date 5/1/12
- Acquisition Price $972,000
- Total Hard Costs $1,550,000
- Total Soft/Entitlement Costs $250,000
- ALL IN COSTS $2,772,000
- CO’s issued 8/1/13
- Gross Monthly Rent $38,000
- Annual Net Operating Income $319,000
- Stabilized Cap Rate 11.5%