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1555-1557 W King St
Boone, NC 28607

$4,885,000

Apartments For Sale  •  27,072 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 27,072 Sq Ft
  • Lot Size 1.99 ac
  • Building Class C
  • Year Built 2003
  • Cap Rate 6.25 %
0 Transit Score
18 Walk Score

Description

RTP Capital Advisors is pleased to present Trapper’s Keep 3, a 57-bedroom student housing asset located on King Street, the main entertainment and restaurant corridor within walking distance to Appalachian State University in Boone, North Carolina. Trapper’s Keep 3’s historic 100% occupancy and strong rent growth illustrate the strength of this asset in a tight market.

Offering over 150 degree programs and employing over 1,200 faculty, Appalachian State University is the backbone of the bustling Boone. The university enrolls over 19,000 students with on-campus housing capacity for only 5,600. The student population doubles the town’s population creating one of the strongest student housing markets in the Southeast.

In addition to Trapper’s Keep 3’s prime location along King Street, the property’s recent renovations include high-end finishes such as granite countertops, tile, new bathroom and kitchen fixtures and faucets, new lighting fixtures throughout, luxury vinyl plank flooring, stainless steel appliances, and washers and dryers.  Also, rare for a location this close to the campus, the property has a parking space for each bedroom giving students the ability to park their cars at their unit. 

Trapper’s Keep 3 represents an opportunity to acquire a 57-bedroom student housing asset within walking distance to Appalachian State University. The asset is an excellent choice for investors looking for a high-quality investment in a university town. We are pleased to offer this investment opportunity for $4,885,000 at a 6.25% cap rate.

Highlights

High-Quality Student Housing Walking Distance to Campus
King Street Location: Main Restaurant and Entertainment Corridor
High Barriers to Entry Market with Growing University
19,000+ Students with Housing for Only 5,600 Students on Campus

Financial Summary

Cap Rate: 6.25 %
Kyle Harper 919-808-2801 RTP Capital Advisors
Kyle Harper 919-808-2801 RTP Capital Advisors