501 North Street
Chapel Hill, NC
Building
Summary
- Type Student Housing
- Occupancy 100%
- Year Built / Renovated 1937 / 2013
- Zoning Residential-Improved
- Site Area (AC) 0.56
- Total Size 3,900 SF
- Total Beds | Baths 8 | 4
- Number of Units 2
The Opportunity
501 North Street is a three-story, two- unit, eight-bed/four-bath property presenting a unique investment opportunity in the prestigious college town of Chapel Hill, North Carolina. Additionally, it is located within the esteemed Chapel Hill school district, an area known for strong home value appreciation and ongoing commercial development.
This asset presents an opportunity for investors to naturally raise rents to market rates due to its close proximity to campus while incorporating minor value-add enhancements. Student properties this close to UNC Chapel Hill's campus experience annual effective rent growth of over 8%.
Investment Highlights
Prestigious Chapel Hill market with high barriers to entry
Walking distance to UNC campus
Rare opportunity for new investor or add to existing portfolio
Numerous, convenient amenities located nearby at the newly re-imagined University Place, Eastgate Crossing, Village Plaza and Rams Plaza
Below market rents (current rent $900/bed with upside to $1255/bed)
