Azalea Gardens Apartments consists of 11 buildings and 90 units, built in 1970, and currently at 100% occupancy in Jacksonville, NC. There are 40 1-bedroom units, and 50 2-bedroom units with an average of 822 SF. The community features a sizeable pool and lounge area, small playground, laundry facilities and on-site maintenance and property management. Azalea Gardens is located off Gum Branch Road where residents are surrounded by major retail hubs, dining options and parks.
This asset is a solid performer that offers immediate organic rent growth and value-add opportunities.
|AVG. CURRENT RENT:||$620|
|AVG. CURRENT RENT/SF:||$0.75|
ORGANIC RENT GROWTH
New ownership can capitalize on the significant rental headroom and strong rent growth seen across the market.
|Rents can be raised organically by an average of $175/unit based on supported comparables.|
|By increasing the below-market rents, annual rental revenue will grow by 28%.|
|Concessions are projected to be close to 0% through 2026|
|Vacancy rates are projected to be 3% through 2026|
Opportunity to further push rents by offering affordable, updated units and improved amenities.
$100 per unit (1 BR)
$125 per unit (2 BR)
Average rent increase based on market comparables with minor upgrades
|Select unit interior upgrades|
|Installation of small dog park|
|Upgrades to playground|
|New parking lot asphalt and re-striping|
|Privacy fencing around unit patios|
|Pet security deposits/monthly rent|