810 Ninth_Property for Sale
810 Ninth_Property for Sale
810 9th Street, Durham, NC, 27705, US

810 Ninth

Asset Description

Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”)

has been retained as the exclusive sales representative for 810 Ninth

(“the Property” or “the Asset”), a 2016-vintage midrise asset featuring 229

apartment units and 10,000 SF of fully occupied street-level retail. The asset’s

premier location in Downtown Durham’s Ninth Street District is walkable to an

extensive mix of restaurants, bars and shops and is also just minutes away

from the Duke University Hospital (11,000 employees) and Duke University

(29,000 students & staff).

In addition to its proximity to Duke University and Duke University Hospital,

the Property lies within the Ninth Street District. The Ninth Street District is a

charming, walkable micromarket that includes necessity and lifestyle retail

options. Ninth Street retail options include a Harris Teeter, Whole Foods

Market, locally owned and operated shops, restaurants, bars, and authentic

coffee shops. Additionally, the Property boasts a Walk Score of 90/100 and a

Bike Score of 88/100.

810 Ninth’s location within the greater Downtown Durham area gives

immediate access to a high earning resident base (average household

income exceeds $100,000) employed by the region’s top companies,

universities, and hospital system. Moreover, the Property’s location just off

NC Hwy 147 connects residents quickly to I-885 which provides optimal

access to Research Triangle Park (RTP), Chapel Hill, Raleigh, and several high

growth corridors throughout the MSA.

Located in one of the most in-demand and high-growth neighborhoods in the

southeast, 810 Ninth provides an excellent opportunity for new ownership to

expand its footprint in an exceptionally high barrier-to-entry market. Further,

the Property will allow new ownership to enter the coveted Downtown

Durham neighborhood at a price point well below replacement cost for new

mid-rise multifamily product. Single-family homes in neighboring communities

- with an average sale price of $575,000 - have become increasingly

unattainable, given current mortgage rates, which underscores the long-term

rental demand in this booming corridor.

...

Attributes

Number of units
229 units
Occupancy
95%
Year built
2016
Building area net
17,462 m²
Land area net
1.12 ha (11,199 m²)

Media

Investment Highlights

-Located in Highly Desirable 9th Street Corridor, walkable to grocery, restaurants, shops

-Class-A Product Offered at a Discount to Replacement Cost

-High-Barriers-to-Entry Location with Minimal Oncoming Supply

-Close Proximity to the Triangle's Durable Demand Drivers

-Future Upside Potential with Light Value-Add Opportunity

Contact brokers

810 Ninth (0 Properties)

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Last updated
15 Nov 2023