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    Address Not Published

    Wilmington, NC 28401
    • $9,890,000
    • STATUS: Closed
    • ON SITE: 244 days
    • MLS #: 100196310
    Sold - 07/29/2020
    $9,890,000
    SOLD - 07/29/2020
    • 0
      BEDS
    • 8.85
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 89,246
      SQFT
    • $111
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1930
    County:
    Area:

    School Ratings & Info

    Description

    Rare residential-rental investment opportunity available in Wilmington, North Carolina. Eighty-two (82) properties consisting of Ninety-two (92) rental units available within close proximity to downtown Wilmington. The portfolio consists of a combination of single-family homes, duplex, Triplexes and Quadplexes. The portfolio generates approximate rental income of close to $1.1 Million with definite room for financial growth. Properties are in close proximity of one another and most have access to public transportation. Many of the homes are of historic nature and are within established neighborhoods. The current owner oversees all the management of all Ninety-two (92) rental units. They have established a management and marketing program for the properties that keeps them at about 95%+ occupancy. Three of the current vacant units are in the process of being renovated or working toward finalizing improvements.The current owner utilizes a number of rent assistance programs and has many market-based tenants. The Wilmington rental market is very active and the demand for rental housing is extreme. The current owner continues to see the value of the portfolio but has other opportunities that have opened up this great opportunity for another investor. The current owner is happy to work with the new owner for a smooth ownership transition. Since their purchase, the current owner has invested close to $600,000 in the improvements and updates to the properties. The income, the improvements, and the growth potential make this a great investment. Contact listing agent for current rent rolls, financials and detailed property information.

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    © 2020 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS. Data last updated 2020-08-14T08:58:11.96.
    www.century21sweyer.com/homes/101699460
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    Address Not Published Wilmington, NC 28401

    • Price: $11,500,000
    • Status: Closed
    • Updated: 38 min ago
    • MLS #: 100196310
    0
    Beds
    0
    Baths
    0
    ½ Baths
    8.85
    Acres
    89,246
    SQFT
    $111
    $/SQFT
    1930
    Built
    Neighborhood:
    Not In Subdivision
    County:
    New Hanover
    Area:
    Wilmington
    Property Description
    Rare residential-rental investment opportunity available in Wilmington, North Carolina. Eighty-two (82) properties consisting of Ninety-two (92) rental units available within close proximity to downtown Wilmington. The portfolio consists of a combination of single-family homes, duplex, Triplexes and Quadplexes. The portfolio generates approximate rental income of close to $1.1 Million with definite room for financial growth. Properties are in close proximity of one another and most have access to public transportation. Many of the homes are of historic nature and are within established neighborhoods. The current owner oversees all the management of all Ninety-two (92) rental units. They have established a management and marketing program for the properties that keeps them at about 95%+ occupancy. Three of the current vacant units are in the process of being renovated or working toward finalizing improvements.The current owner utilizes a number of rent assistance programs and has many market-based tenants. The Wilmington rental market is very active and the demand for rental housing is extreme. The current owner continues to see the value of the portfolio but has other opportunities that have opened up this great opportunity for another investor. The current owner is happy to work with the new owner for a smooth ownership transition. Since their purchase, the current owner has invested close to $600,000 in the improvements and updates to the properties. The income, the improvements, and the growth potential make this a great investment. Contact listing agent for current rent rolls, financials and detailed property information.
    Exterior Features

    Construction See Remarks Exterior Finish See Remarks Location See Remarks Location Type Mainland Lot Description See Others Lot Dimensions Vary Lot Water Features None Roof See Remarks

    Interior Features

    Cooling System See Remarks Flooring See Remarks Heating System Other-See Remarks Water Heater See Remarks

    Property Features

    Airport Less Than 5 Miles Auction No City Limits Yes Cobra Zone No Commercial Features See Remarks Commercial Sub Type Other County Highway Less Than 5 Miles County Taxes 55014.76 Electric Provider Duke Progress Energy Financial Info Yes Hoa Amenities See Remarks Hoa YN No Interstate Less Than 5 Miles Lease Types See Remarks New Construction No Port Less Than 5 Miles Possession At Closing Property Taxes 55014.76 Rail Less Than 5 Miles Sale Lease Includes BuildingsBusinessSee Remarks Sale Or Lease Sale Secondary Subdivision N/A Sewer Provider Cape Fear Public Utility Authority State Highway Less Than 5 Miles Stipulation Of Sale None Tax Year 2018 Terms CashConventional Water Provider Cape Fear Public Utility Authority Water Sewer See Remarks Zoning R-3R-5 And Um



    Listing information © 2020 NCRMLS
    Listing provided courtesy of Jeffrey G Hovis of Intracoastal Realty Corp.


    © 2020 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS. Data last updated 2020-08-14T08:58:11.96.
     
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    CENTURY 21 Sweyer & Associates
    1612 Military Cutoff Road - Ste. 200
    Wilmington NC, 28403