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Campus Hill Apartments 271 Wallace Cir 54 Unit Apartment Building $8,789,760 CAD ($162,773 CAD/Unit) 6.56% Cap Rate Boone, NC 28607
INVESTMENT HIGHLIGHTS
- downtown Boone, NC
- redevelopment potential
- student housing located across the street from campus of Appalachian State University
- 54 units and 61 bedrooms
EXECUTIVE SUMMARY
Rare opportunity to own prime real estate in Boone, NC, with the Campus Hill Apartments. Located on West King Street and Wallace Circle in downtown Boone, NC, across the street from the campus of Appalachian State University. This is student housing with redevelopment potential, on just under an acre of land. The property consists of seven separate buildings with 54 apartment units and 61 total bedrooms. It is currently at 100% occupancy, with additional income from parking spaces and on-site laundry. The location is within walking distance to most everything, including restaurants, bars, shops, parks, various neighborhoods, grocery stores, drug stores, and hotels. Starting in August 2025 the contract PGI is $570,300 per year. Upside potential to increase rents to fall in line with market rent. Property is located on five tax parcels as identified by Watauga County (2900-98-5519,2900-98-3597, 2900-98-3635, 2900-98-4611, 2900-98-4637). There are 7 separate addresses for the buildings. 380 W. King St., 392 W King St., 400 W King St., 402 W King. St., 412 W. King St., and 271 Wallace Circle
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $8,789,760 CAD | Apartment Style | Garden |
| Price Per Unit | $162,773 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.98 AC |
| Cap Rate | 6.56% | Building Size | 29,986 SF |
| No. Units | 54 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1959 |
| Zoning | B1 - Business | ||
| Price | $8,789,760 CAD |
| Price Per Unit | $162,773 CAD |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.98 AC |
| Building Size | 29,986 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Zoning | B1 - Business |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 5 | - | - |
| 3+1 | 1 | - | - |
1 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $4,573,590 CAD | |
| Land Assessment | $1,159,085 CAD | Total Assessment | $5,732,675 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,159,085 CAD
Improvements Assessment
$4,573,590 CAD
Total Assessment
$5,732,675 CAD
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Campus Hill Apartments | 271 Wallace Cir
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