Seven unit apartment building for sale- Wilmington

Multi-Family for Sale
Catylist Listing ID: 30763571
Number of Units: 7 Units
Building Size (RSF): 5,990 SF
Gross Land Area: 0.25 Acres
Sale Price: $999,000
Unit Price: $142,714.29 Per Unit
Property Use Type: Investment
Usable Size (USF): 5,990 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/30/2021

Overview / Comments

Fully rented 7 unit apartment building in up and coming area of downtown Wilmington. New roof in 2016 - 30 year architectural shingles; HVAC's all good with one new in 2019 and two new in 2020. This heat and air conditioning system is efficient and inexpensive to run. A pump supplies water from a well for the heat and air conditioning. There are three 3 bedroom 1 bath units and four 2 bedroom 1 bath units. Almost 100% occupancy in the past 6 years. Long term tenants. Super easy to fill if there is a vacancy. Potential to raise the rent. Easily add a washer and dryer to the basement for additional income. This property is located across the street from Portia Mills Hines Park.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $4,024 (Annual)
Tax Value Land $57,200
Tax Value Improvements $413,100
Assessed Value - Total($) $470,300 (Annual)
Potential Rental Income $87,420 (Annual)
Gross Operating Income $87,420 (Annual)
Net Operating Income $74,301 (Annual)

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: RO4818-003-001-000
Zoning: R-5
Percent Occupied: 100%
Property Located Between: At the corner of Grace St. and 10th St.
Airports: ILM
Area Description: Up and coming area of Wilmington across the street from Portia Mills Hines Park.
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Year Built: 1956
Construction/Siding: Brick, Stucco, Wood Frame, Wood Siding
Exterior Description: Seven unit apartment building with on site and street parking. Sits on .25 acre lot.
Parking Type: Surface
Parking Description: Parking lot and drive for 5 cars. On street parking as well.
Total Parking Spaces: 5
Heat Type: Other
Heat Source: Central
Fuel: Other
Air Conditioning: Other
Interior Description: Three 3 bedroom 1 bath apartments and four 2 bedroom 1 bath apartments.
Zoning Description: R-5
Lot Frontage: 231"
Lot Depth: 66'
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: NWM 1 BLK 200

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,012 42,400 112,622
Median Age: 35.76 36.05 35.92
Households: 4,982 19,380 48,012
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