The Wilson - Kairys Properties
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The Wilson

The Wilson

Carrboro, NC

This 16 unit apartment building was acquired in 2009. Each 2 bedroom apartment was 750 square feet and had a front and back entrance requiring front and back stairs in all three buildings.

We received town approval to remove all back stairs to all 16 units, which gained an additional 1,200 sf in the building. With that we converted four units to 3 bed/2 bath and enlarged several two bedroom units.

We sold the building in the first quarter of 2011 for 2.22 million. Similar to Bim Bam Boo Apartments this property is located in Carrboro and appeals more to UNC graduate students.

ACQUISITION
  • Acquisition Date 2/5/2009
  • Acquisition Price $969,000
  • Monthly Rent at Acquisition $5,200
  • Cap Rate at Purchase 4%
COSTS
  • Total Hard Costs $415,000
  • Total Soft/Entitlement Costs $80,000
  • ALL IN COSTS $1,464,000
STABILIZATION
  • Stabilized Monthly Rent $18,675
  • Annual Net Operating Income $156,870
  • SOLD January 2012 $2,221,000