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Hello,
We are from CA looking to move to RTP area in 5 years (waiting for my youngest to finish school)
Meanwhile, we are buying a TH to rent out with local realtor.
Looking at a place in 27606 zip code, at Western blvd and 440. Targeting young professionals as renters, but not students. What do you think? How is the neighborhood?
Thank you!
Last edited by DigitalSquirrel; 10-10-2017 at 11:11 AM..
That's right at the edge of State's campus....not sure how many people would want to rent there aside from recent State grads (but that may be all you need!)
Western Blvd & 440 townhomes probably puts you right beside a decaying Kmart shopping center and a discount movie theater. Not ideal for the demo you are targeting, IMO.
you can get grad students and some young professionals. But if you want to make sure it's just young professionals, then look elsewhere. FWIW, that area of Raleigh is going to be a hot mess soon when they expand 440 through there.
Western Blvd & 440 townhomes probably puts you right beside a decaying Kmart shopping center and a discount movie theater. Not ideal for the demo you are targeting, IMO.
Drove by there over the weekend and it got me wondering how long until that giant piece of land where the K-Mart sits is redeveloped? Seems to be a prime spot.
The area over there is a little strange at the moment with a mix of run down older properties and some new construction (not sure of these were tear downs or fill ins/divided up lots or what). Location-wise, I can see some appeal for a young professional that wants to play downtown often but might work in RTP and needs\ easier access to the Beltline and I-40.
OP, are you able to tour the property in person or are you trying to buy remotely? I would not buy in that area without seeing the property and neighboring properties in person.
Hello,
We are from CA looking to move to RTP area in 5 years (waiting for my youngest to finish school)
Meanwhile, we are buying a TH to rent out with local realtor.
Looking at a place in 27606 zip code, at Western blvd and 440. Targeting young professionals as renters, but not students. What do you think? How is the neighborhood?
Thank you!
27606 is a large area. Get away from Western Blvd and don't bear the cost of Cary Go south down US 1 and Tryon Road runs along the south of Raleigh for a very long run. A very desirable area with a small % of students. I live in 27606 in an acre lot private home with 2,800 sq ft. in 27606.
there is a great set of townhomes further up Avent Ferry road near the corner of Avent Ferry and Tryon that I lived in for a few years that are wonderful. It's not far from that location you're looking at and it is still in 27606, very close to the lake. I think it was called Meadowood...
I used to be of the mind that there were good investment locations and bad investment locations in Raleigh. Now, I think that almost all Raleigh addresses are good long term investments as the city grows. This is especially true for those addresses nearer the city center. The desire to be nearer the city center will only make an area more valuable over time.
For example, as Dire Wolf says, the land where the K-Mart sits is RIPE for redevelopment as it's close to the city center and the university. That will happen, sooner rather than later. However, it would foolish to think that the investment as a rental won't be affected by the university. As the state's largest university, NC State dominates that section of Raleigh, especially along Western Blvd. This would likely remain the largest pool of renters in the area for some time to come.
I'm in 27606, on Lake Johnson. If you consider apartments in this area, send me a private message and I can give you specific info on my complex.
I'd also suggest reading reviews on apartmentratings.com and consider some complexes give people credits on their rent for writing a favorable review. You can usually see a pattern with those though.
I just moved here 2 months ago so if I can help with anything, let me know.
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