12-unit apartment complex located just blocks from Downtown Raleigh.
Located at the corner of E Lenoir St and Montague Ln,
these 2 parcels combine to 0.64 acre and are uniquely
zoned RX-3, which allows for greater density and
limited mixed uses.
The property can be operated with solid returns as-is,
which can be increased by raising all rents to market
rates but the future development potential based on
the zoning and on the overall improvement in the
surrounding neighborhood makes this a valuable
All units are 2 bed/1 bath, 750sf
Current NOI of $71,400 , Cap Rate 8.11%