FOR SALE: Azalea Gardens Apartments

Azalea Gardens Apartments consists of 11 buildings and 90 units, built in 1970, and currently at 99% occupancy. 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.

PROPERTY HIGHLIGHTS

Address 902 Gum Branch Road Jacksonville, NC 28540
Year Built 1970
Number of Units 90
Residential Buildings/Other 10/1
Occupancy 99%
Avg. Unit Size 822 SF
Avg. Rent $686
Avg. Rent/SF $1.11
PROPERTY TOUR VIDEO

PHOTO GALLERY

INVESTMENT SUMMARY

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 $100 per unit based on supported comparables.
  • By increasing the below-market rents, annual rental revenue will grow by 15%.
  • Concessions are projected to be close to 0% through 2026.
  • Vacancy rates are projected to be 3% through 2026.

VALUE-ADD POTENTIAL

Opportunity to further push rents by offering affordable, updated units and improved amenities.

Rents can be raised by an average of $115 per unit based on supported comparables with minor upgrades.

Value-add opportunity examples:

  • Select unit interior upgrades
  • Installation of small dog park
  • Upgrades to the playground
  • New parking lot asphalt and re-striping
  • Privacy fencing around unit patios
  • Pet security deposits/monthly rent

PROPERTY INFO ACCESS

Please fill out the form below for more property information.

CONTACT US

Windy Parsons
Vice President
Windy@sweetwatercap.us
(336) 688‐2320

Brandon Fox
Vice President Brandon@sweetwatercap.us
(919) 670‐9814

 Jackson Howard
President Jackson@sweetwatercap.us
(910) 635‐0240		 Don-Carlos Moniz
Broker
Don@sweetwatercap.us
(910) 988-6653		 Rob Ferguson
Vice President of Sales Rob@sweetwatercap.us
(910) 730-4348

 

Bill Cobey
Broker
Bill@sweetwatercap.us
(919) 961-8888		 Rosalyn Funez
Broker
Rosalyn@sweetwatercap.us
(919) 364-6773		 Cameron Thigpen
Broker
Cameron@sweetwatercap.us
(910) 483-0516		 Brett Yates
Broker
Brett@sweetwatercap.us
(919) 801-6301		 Scott Cline
Broker
Scott@sweetwatercap.us

(919) 452-0832
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