366 Oak AveWake Forest, NC 27587

Property Details for 366 Oak Ave

Year built

1986

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 34-unit apartment building, constructed in 1986, presents a compelling value-add investment opportunity in the thriving Wake Forest, NC market. Located approximately 20 minutes north of Raleigh, this property offers residents a desirable blend of suburban tranquility and convenient access to the city's amenities. All 34 units are two-bedroom, two-bathroom apartments with private entries. The property boasts a strong occupancy rate of 100%. Significant capital expenditures totaling approximately $1.25 million have been invested in recent renovations, including a luxury interior renovation package implemented in 30 units, demonstrating proven rental premiums of up to $175 per month compared to non-renovated units. This leaves a clear path for the next owner to complete the remaining renovations, further increase rental rates based on market comparables, and achieve substantial increases in net operating income (NOI). The property's prime location, surrounded by Class-A retail and offering easy access to both Wake Forest and Raleigh, enhances its appeal to investors. This presents a rare chance to capitalize on a proven value-add strategy in one of the fastest-growing areas of the Carolinas. The property is situated at 366 W Oak Ave, Wake Forest, NC 27587, in Wake County.

Location Insight

City

Wake Forest

County

Wake

State

North Carolina

Latitude

35.9917

Longitude

-78.5094

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