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  • 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.

    KEY DETAILS
    • Price:
    • $11,500,000
    • Bedrooms:
    • 0
    • Full Baths:
    • 0
    • Square Footage:
    • 89,246
    • Acreage:
    • 8.85
    • Year Built:
    • 1930
    • MLS #:
    • 100196310
    • Street Address:
    • City:
    • Wilmington
    • State:
    • NC
    • Postal Code:
    • 28401
    • County:
    • New Hanover
    • Subdivision:
    • Not In Subdivision
    • Listing Status:
    • For Sale - Pending

    Building

    • Construction Description:
    • See Remarks
    • Flooring:
    • See Remarks
    • Siding:
    • See Remarks
    • Total Building Square Footage:
    • 89246
    • Type Of Roof:
    • See Remarks
    • Year Built:
    • 1930

    Land

    • Conforms To Zoning:
    • R-3, R-5 And Um
    • Lot Description:
    • See Others
    • Lot Square Footage:
    • 385619.00

    Listing

    • For Sale Or Lease?:
    • Sale
    • Terms:
    • Cash, Conventional

    Money

    • Hoa Fee Includes:
    • See Remarks
    • Price Per Square Foot:
    • 128.86
    • Property Taxes:
    • $55,014
    • Tax Year:
    • 2018

    Systems

    • Cooling System:
    • See Remarks
    • Heating:
    • Other-See Remarks
    • Water Heater:
    • See Remarks

    Source

    • Listing Provided By: Intracoastal Realty Corp

      NCREGIONAL
    REQUEST SHOWING
    NOTES

    No notes have been added for this home.

    CONTACT AN AGENT

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