Downtown at Gilbert Street

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Downtown at Gilbert Street C A R O L I N A M O O N R E A L T Y DOWNTOWN AT GILBERT STREET W W W . C A R O L I N A M O O N R E A L T Y . C O M PROPERTY QUALIFIED DETAILS OPPORTUNITY ZONE Take advantage of the Qualified DOWNTOWN AT GILBERT STREET Opportunity Zone (“QOZ”) program. The 910 | 912 | 914 | 918 | 920 Gilbert St. program was created as part of the 2017 Tax Durham, NC 27701 Cuts and Jobs Act to spur long-term investment and economic development. Carolina Moon & Keller Williams Preferred Realty, as the exclusive advisor to the seller, A Qualified Opportunity Zone fund is a type are pleased to present the opportunity to of investment vehicle that is required to acquire Downtown at Gilbert Street, a invest 90% or more of its assets in one or property comprised of three individual lots more of the designated opportunity zones. totaling one-half acre of downtown real To incentivize investors to participate in estate that is also a Qualified Opportunity QOZs, the program allows for the deferral Zone and eligible for the New Markets Tax and elimination of certain capital gains Credit. taxes. Essentially, any tax on capital gains can be deferred by reinvesting the gains The properties included in this offering are into a Qualified Opportunity Zone fund, and three 3BR/2BA single family homes, and the capital gain achieved from the QOZ two duplexes, for a total of four 1BR/1BA investment itself is not subject to any taxes multifamily units. at all. The properties have recently been The Qualified Opportunity Zone program renovated and boast 10 foot ceilings, eat in also eliminates taxes on capital gains kitchens and hardwood floors throughout. earned from the actual QOZ investment, if held for 10 or more years, which can Downtown at Gilbert Street represents a significantly reduce the investor’s total tax strong long-term investment opportunity. liability. NEW MARKETS TAX CREDIT ELIGIBLE NMTC investors provide capital to community development entities (CDEs), and in exchange are awarded credits against their federal tax obligations. Investors can claim their allotted tax credits in as little as seven years—5 percent of the investment for each of the first three years and 6 percent of the project for the remaining four years—for a total of 39 percent of the NMTC project. A CDE can be its own investor or find an outside investor. The NMTC program is flexible regarding project type and purpose. QALICBs can be used to finance equipment, operations, or real estate. Real estate financing can purchase or rehabilitate retail, manufacturing, agriculture, community facilities, rental or for-sale housing, or combinations of these. The Urban Institute categorized NMTC project types. C A R O L I N A M O O N R E A L T Y OFFERING HIGHLIGHTS 3 2 3BR/2BA 1BR/1BA ACCESABILITY SINGLE FAMILY DUPLEX UNITS UNITS The property's central location and immediate access to I-85 enable residents to O F F E R I N G P R I C E P R I C E P E R S Q F T quickly access many major employment centers within 30 miles. This convenience 1.1M $2 expands the potential renter pool and promotes above average rent growth in N U M B E R O F P R I C E P E R S Q F T addition to driving high occupancy rates. U N I T S 7 $2 L O T S I Z E Y E A R B U I L T bike score transit score walk score 62 46 65 .5 1950 C A R O L I N A M O O N R E A L T Y MARKET OVERVIEW T O T A L M E D I A N H O M E INVESTMENT P O P U L A T I O N P R I C E HIGHLIGHTS 316.739 $232,600 Strong Rental Market: the Durham rental T O T A L A V E R A G E H O U S E H O L D S A S K I N G R E N T market has experienced consistent rent increases. Rent in-creased 3.4% in the past 120.936 $1,157 year. M E D I A N M O N T H L Y Superb Demographics: median household H O U S E H O L D H O U S I N G income for Durham is $56,393 and 48.8% of I N C O M E P A Y M E N T the population are college educated. $56,393 $1,293 Strategic Location: Duke University and its H O U S I N G U N I T S V A C A N C Y Q 4 affiliated medical system are among the primary demand drivers for the area. 138,954 6,58% Combined 52,000 students, university staff, and medical system employees O W N E R O C C U P I E D A F F O R D A B I L I T Y Proximity to Downtown: 5 minute drive H O U S I N G U N I T S G A P from downtown Durham’s top attractions In- cluding Durham’s Central Campus, 53.5% 138,954 American To-bacco Campus, Brightleaf Square, Durham Bulls Athletic Park, The Carolina Theatre, and Durham Performing Arts Center. C A R O L I N A M O O N R E A L T Y P A G E 1 LOCATION P The properties are located less A than one mile from downtown M Durham and Duke University. L A Downtown at Gilbert Street can N be accessed by I-85, I-40, NC147 O and US 70 West, the main I thoroughfares connecting G Durham to the Triangle Region. E Duke University, with R approximately 16,000 enrolled students, is located 0.7 miles from the subject property. P The Durham economy is A majorly supported by Duke University and Health Systems M with nearly 35,000 employees. L A Other employers in Durham C include IBM, Durham Public Schools, GlaxoSmithKline, Blue O Cross Blue Shield of NC, L Durham City Government, Fidelity Investments, Research Triangle Institute, Veteran Affairs Medical Center and US Environmental Protection Agency. Durham is home to a young, friendly, diverse, and educated population from the recent downtown urban redevelopment that led to an influx of new businesses and residents. Residents enjoy dining out in nationally recognized restaurants or grabbing a drink in one the region’s many microbreweries. Durham is also known for its beautiful green spaces, family- friendly museums, and a growing art scene enhanced by music festivals and gallery walks. C A R O L I N A M O O N R E A L T Y MARKET OVERVIEW CITY OF DURHAM ATTRACTIONS EVENTS AND PARKS AND SPORTS LEISURE RECREATION Carolina Theater Eno River State Park Durham Bulls Carolina Ballet West Point on the Eno Carolina Mudcats Durham Performing Arts Center American Village Park Carolina Hurricanes American Tobacco Little River Regional Park Duke Blue Devils Football AMF Durham Lanes & Natural Area Duke Blue Devils Basketball Duke University Chapel Farmers’ Market Golden Belt Durham Central Park Museum of Life & Science Sarah P. Duke Gardens Brightleaf Square Bull City Craft DefyGravity Durham Arts Council Clay Studio Durham Skate Park DURHAM "CITY OF MEDICINE" Durham has evolved into a global center for information technology, biotechnology, pharmaceuticals and medicine. Healthcare is a major industry including more than 300 medical and health related companies and medical practices with a combined payroll exceeding $1.5 billion annually. Nearly 1 in 3 people in Durham have a health related career. Employers include: Duke University Hospital & Medical Center Duke Children’s Hospital & McGovern-Davison Health Center Duke Regional Hospital Durham Veterans Administration (VA) Medical Center Lenox Baker Children’s Hospital North Carolina Specialty Hospital C A R O L I N A M O O N R E A L T Y 1 AREAS OF INTEREST RESEARCH TRIANGLE PARK DUKE UNIVERSITY Includes Duke University in Durham, Ranked 8th in U.S. News Best Colleges University of North Carolina in Chapel Hill 2019 Edition of Best Colleges National and North Carolina State University in Universities Raleigh. One of the most Prestigious Private Largest science park in the country and Universities in the World. one of the largest in the world. 15,892 Current Students. Houses approximately 200 global 8:1 Student Faculty Ratio. companies 50% of Undergraduates Participate in 7,000 Acres with 22.5 million sf of built Faculty Research. space. 52% of Student Population is Female. 50,000+ high tech employees. 70% of Classes have Fewer than 19 80% of employees work for multinational Students. companies. 97% Freshman Retention Rate. Combined annual payroll of $2.9 billion. 200+ Domestic and International Park Center, a 12 acre mixed use Learning Opportunities. development, in Research Triangle Park 11% of Applicants Admitted. will compliment the suburban office space Duke Basketball is 4th in All Time with completion expected in 2020. Wins of any NCAA Basketball Program. AMERICAN TOBACCO CAMPUS For decades, the American Tobacco Campus and the City of Durham were one of the busiest industrial centers in the country, shipping products around the world. The end of the tobacco industry in Durham put the Bull City in a position to re-invent itself. Working together, local government and private sector leaders re-made the former American Tobacco factory, developed the Durham Bulls Athletic Park and opened the stunning Durham Performing Arts Center (all located on the campus), rejuvenating this unique city and setting a new live-work-play standard.
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