$1000/month for 160 sq ft "micro apartment" in DT Raleigh? Maybe! (Hillsborough: apartments, condos)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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It's hard for me to imagine the demand for these prison-cell-sized "apartments: on Hillsborough Street but would be interesting to see how that plan pans out if the project comes to fruition...
It's hard for me to imagine the demand for these prison-cell-sized "apartments: on Hillsborough Street but would be interesting to see how that plan pans out if the project comes to fruition...
Perhaps the idea came frome the micro-apartments that young adults live in in Tokyo. They are as small as 65 square feet. They do not not cook or entertain in these spaces. They bring home carry-out food and out to cafes to meet friends.
To be fair, think about how much your college dorm room costs - at NC State, a dorm room will cost on average $4,097/semester next year. That's not that far off from your $1000/month cost. I imagine those rooms will also include furniture and utilities so for an international student or someone from out of state who wants somewhere all-inclusive to live with little hassle, there could be a market for that (don't have to find furniture, don't have to get kicked out at the end of the semester or over breaks etc...)
To be fair, think about how much your college dorm room costs - at NC State, a dorm room will cost on average $4,097/semester next year. That's not that far off from your $1000/month cost.
And then there's University Woods, amongst others:
I mean we're clearly not the target audience here haha but being walking distance to campus, I think there's some people who do have money (thinking international students mainly) who might be interested in such an arrangement.
I mean we're clearly not the target audience here haha but being walking distance to campus, I think there's some people who do have money (thinking international students mainly) who might be interested in such an arrangement.
I showed some of the condos years ago. I had a tenant who used to live there. He told me to tell my investors, "If you buy on the 3rd or 4th level, you will have less vandalism. The vandals won't climb all the steps."
And, Moms and Pops bought those condos, figuring their little geniuses would do better than in the dorms, and they might make some money.
They were the original Air BNBs. Flexible tenancy, maybe paid, maybe a favor. And, Mom and Pop usually figured out it was a bum deal.
We scheduled 10 units to see on a Saturday morning. The investor saw 4 or 5 and said, "I don't need to see any more. I'm an alumni advisor to my frat at Applachian, and I have never seen anything like this."
It is amazing the squalor young people will tolerate, inside and out. EVERYTHING smelled like stale beer and rotten food.
I imagine Preiss has a slightly tighter rein on things.
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