Rankin/Rehder Alley/10th Street 4 properties

Multi-Family for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30458289
Property Subtypes: Duplex/Fourplex, Other
Number of Units: 4 Units
Building Size (RSF): 3,789 SF
Gross Building Area: See Agent
Gross Land Area: 10,653 SF
Sale Price: $440,000
Unit Price: $110,000 Per Unit
Property Use Type: Investment
Building Name: Rehder Alley/Rankin/N 10th Street 4 rental properties
Sale Terms: Cash to Seller, Purchase Money Mortgage, Other
Cap Rate: Undisclosed
Average Occupancy Rate: 90
Last Updated: 9/19/2019

Overview / Comments

Four single family rental homes location closely together in downtown Wilmington-Northend. The portfolio consists of:
907 Rankin St R04813-022-010-000 5bed/2bath Annual Rent $16,800
901 Rehder Alley R04813-022-018-000 1bed/1bath Annual Rent $8,400
903 Rehder Alley R04813-022-017-000 1bed/1bath Annual Rent $8,400
515 N 10th St R04814-013-007-000 3bed.1batg Annual Rent $14,400
All tenant pay all utilities and are responsible for ground maintenance. All current tenants are on month to month leases. The Rankin and Rehder Ally properties are front and back and there is more potential space for development opportunities.

There are 5 other properties being marketed separately and these 4 units are also in a 9 unit portfolio for sale. Contact Jeff Hovis 910-512-2205

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $1,903 (Annual)
Tax Value Land $183,403
Potential Rental Income $19,400 (Annual)

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County and City of Wilmington
Tax ID/APN: R04813-022-018-000 and see attached summary
Zoning: R-3
Percent Occupied: 90%
Property Located Between: Rankin Street and N 10th
Highway Access: MLK, 421, 74/76 I40 Hwy 17
Airports: ILM
Site Description: Urban setting, sidewalks, street parking. Many mature trees.
Area Description: Falls in the North side of Wilmington's downtown area. Close to many services and bus line.
Total Number of Buildings: 4
Number of Stories: 2
Roof Type: Gable
Construction/Siding: Wood Siding
Exterior Description: All single family with a continuation of work, block/brick/vinyl siding.
Parking Type: Other
Parking Description: Street and Ally Parking. Some shared driveways exist
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central, Wall Units
Fuel: Gas, Electric
Air Conditioning: Engineered System, Window Unit
Internet Access: Other
Interior Description: Residential layout. Most units have wood and tile floors. All walls are a mix of plaster an drywall.
Zoning Description: Sec. 18-182. - R-3, Central City Residential District. (a)  Purpose. This district is established for high density residential development and other compatible uses. It is intended to recognize areas of high urban residential development in the 1945 corporate limits and encourage the protection, rehabilitation and maintenance of the housing stock within the district. Recognition of the 1945 corporate limits residential district serves as a positive force in efforts to preserve the character of established neighborhoods within it and thereby safeguard the property values of the inner city's housing resources. (b)  Uses permitted by right. The following uses are permitted by right in the R-3 District, provided that they meet all requirements of this section and all other applicable requirements established in these regulations: (1)  Single-family, detached. (2)  Reserved. (3)  Duplex, triplex, quadraplex. (4)  Golf courses, private or public, with related services, including pro shop. (5)  Recreation facility, neighborhood. (6)  Parks and recreation areas, municipal. (c)  Uses permitted under prescribed conditions. The following uses are permitted provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Group home supportive, small. (2)  Group home supportive, medium. (3)  Government uses outside public rights-of-way, except offices. (4)  Libraries. (5)  Religious institutions. (6)  Telecommunication facility, unattended. (7)  Utility stations and plants outside public rights-of-way (public and private) including lift stations, substations, pump stations, etc. (8)  Family care home. (9)  Single-family courtyard developments. (10)  Homestay lodging. (11)  Whole-house lodging. (d)  Permitted by special use permit. The following uses are permitted subject to the issuance of a special use permit and provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations: (1)  Community center. (2)  Day care, adult or child. (3)  Recreation facility, private. (4)  Historic mixed-use buildings. (5)  Planned unit development. (6)  Schools, primary and secondary. (e)  Permitted accessory uses and structures. Accessory uses and structures clearly incidental and subordinate to the principal use and structures including the following uses, are permitted provided that they meet all requirements of this section, the requirements of Article 6 and all other applicable requirements established in these regulations. (1)  Accessory apartment, detached. (2)  Community boating facility. (3)  Home occupation. (4)  Kennel, private. (5)  Swimming pool. (f)  Development standards. All uses and structures permitted in the R-3 District shall meet the applicable development standards established in this section and all other applicable requirements of these regulations. (1)  Dimensional requirements: a.  Minimum lot area (square feet): (a), (c) Detached: 0. Duplex: 4,500. Triplex: 7,500. Quadraplex: 10,500. b.  Reserved. c.  Minimum lot width (feet): 33. d.  Maximum lot coverage (%): 50. e.  Minimum front setback (feet): 15. f.  Minimum rear setback (feet): 15. g.  Minimum interior side setback (feet): 5 (b) . h.  Minimum corner side setback (feet): 5. i.  Maximum height (feet): 35. Notes: (a)  The minimum lot area required to construct an "accessory apartment, detached" on a parcel containing one (1) single-family detached structure shall be four thousand, five hundred (4,500) square feet. (b)  For properties that are located within the city's 1945 corporate limits, the minimum interior side yard requirement shall be equal to ten (10) percent of the average width of the lot, or the otherwise noted minimum interior side yard required, whichever is less (also see Section 18-174(a)(6)). (c)  New construction must meet minimum lot area requirements. Conversion of a structure existing at the adoption of this chapter is allowed without additional land area required per unit, except when needed to comply with off-street parking requirements. (Ord. No. O-2006-95, § 1, 10-3-06; Ord. No. O-2008-25, 4-8-08; Ord. No. O-2009-60, § 1, 7-7-2009; Ord. No. O-2010-75, §§ 11, 12, 10-5-10; Ord. No. O-2012-85, Exh. A, § 3, 12-4-12; Ord. No. O-2015-69, § 6, 9-1-15; Ord. No. O-2018-47, § 6, 6-19-18, eff. 3-1-2019; Ord. No. O-2019-6, § 6, 2-5-19)
Lot Frontage: vary
Lot Depth: vary
Water Service: Municipal
Easements: Other
Land Ownership: TJ Real Estate Holdings, LLC
Legal Description: See attachment

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,012 41,425 112,493
Median Age: 35.76 36.26 35.82
Households: 4,982 18,955 47,859

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