Portfolio of 33 lots

Vacant Land for Sale
Catylist Listing ID: 30742819
Property Subtypes: Mobile Home Park, Multi-Family, Residential (Single Family)
Gross Land Area: 16 Acres
Sale Price: $2,199,000
Unit Price: $137,437 Per Acre
Sale Terms: Cash to Seller, Other
Cap Rate: 7.6%
Last Updated: 9/1/2021

Overview / Comments

Excellent income producing investment that adjoins the Ness Creek portion of the Cape Fear River in the quickly developing Castle Hayne market. The property is subdivided into 33 individual lots, 17 of which have fully leased modular homes that generate in excess of $17,000 a month in revenue. The existing layout facilitates further horizontal residential development with the opportunity to grow revenue immediately. The subject property is located less than 5 miles from Downtown Wilmington with nearby access to US Hwy 421, US 74/76, US 1-140, and I-40. The location provides easy access to the New Hanover, Brunswick, and Pender County Beaches. The Castle Hayne/Wilmington market boasts one of the country's most robust residential growth markets, with residential developments selling at premium prices due to a regional shortage in available housing. Financials are available with an executed NDA. Multiple access options are available. (See Survey Attached)

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County
Tax ID/APN: R03310-007-003-000
Zoning: R-20
Property Visibility: Excellent
Legal Description: LOT 3R WIND SAIL SECTION 1
Largest Nearby Street: Castle Hayne Road
Highway Access: Easy access to MLK, 23rd street, and Kerr Ave.
Airports: Wilmington International Airport
Site Description: 33 individual lots with varying topography in centrally located Castle Hayne with River access.
Area Description: Parcels located 5 miles from downtown Wilmington with nearby access to US Hwy 421, US 74/76, and I-40
Zoning Description: R-20
Development Name: Carrol C
Topography: Gently Sloping
Soil Type: Sandy
Available Utilities: Water, Cable, Internet Access
Water Service: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,001 17,691 76,850
Median Age: 41.65 34.56 33.9
Households: 660 7,191 31,646


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