Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30751711
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 4 Units
Building Size (RSF): 1,944 SF
Gross Land Area: 6,621 SF
Sale Price: $392,750
Unit Price: $98,187.50 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/19/2021

Overview / Comments

Fully Leased. Currently owner has two of his maintenance vendor living in two units at a reduced rental rate in exchange for maintenance services. This property was previously being marketed in a larger portfolio. One water/sewer meter and has separate electric meters per unit. Current projected income for 2021 is $36,726. Market rents for area are $800/unit.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04818-005-004-000
Zoning: R-5
Percent Occupied: 100%
Property Located Between: Chestnut and Grace
Highway Access: I-40
Airports: ILM
Site Description: Residential area near commercial zoned spaces
Area Description: R-5 zone, mix of single and multi-family housing
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Year Built: 1930
Year Renovated: 2000
Exterior Description: Vinyl siding and wood trim
Parking Type: Other
Parking Description: on-street. There is alley access for parking in back
Sprinklers: None
Heat Type: Electricity, Other
Heat Source: Other
Air Conditioning: Window Unit
Interior Description: One bedroom and one bathroom layout-residential
Zoning Description: Sec. 18-181. R-5, Residential District. (a) Purpose. This district is established for moderate to high density residential development and other compatible uses located in and near the 1945 corporate limits. Maintenance and improvement of areas of moderate to high density urban residential development is encouraged to protect the property values of the existing housing stock and to provide a suitable living environment for people who live in or near the 1945 corporate limits. Protection and rehabilitation of viable neighborhoods within this district shall be encouraged to ensure their continued existence as a major housing resource. (b) Uses permitted by right. The following uses are permitted by right in the R-5 District, provided that they meet all requirements of this section and all other applicable requirements established in these regulations: (1) Single-family, detached. (2) Duplex, triplex, quadraplex. (3) Reserved. (4) Golf courses, private or public, with related services, including pro shop. (5) Parks and recreation areas, municipal. (6) Recreation, neighborhood. (c) Uses permitted under prescribed conditions. The following uses are permitted provided that they meet all requirements of this section and all other applicable requirements established in these regulations. (1) Bed and breakfast—in the Hemenway Residential Area only. (2) Government uses outside public rights-of-way, except offices. (3) Group home supportive, medium. (4) Group home supportive, small. (5) Libraries. (6) Religious institutions. (7) Telecommunication facility, unattended. (8) Single-family courtyard developments. (9) Utility stations and plants outside public rights-of-way (public and private) including lift stations, substations, pump stations, etc. (10) Family care home. (11) Homestay lodging. (12) Whole-house lodging. (13) Domestic violence shelter. (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) Historic mixed-use buildings. (4) Recreation facility, private. (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-5 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):(b) Detached: 5,000. Duplex: 7,500. Triplex: 12,500. Quadraplex: 17,500. b. Reserved. c. Minimum lot width (feet): 50. d. Maximum lot coverage (%): 50%. e. Minimum front setback (feet): 20. f. Minimum rear setback (feet): 15. g. Minimum interior side setback (feet): 7(a) . h. Minimum corner side setback (feet): 10.5. i. Maximum height (feet): 35. Notes: (a) For a lot of record existing at the adoption of this chapter, 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. (b) 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
Lot Frontage: 40
Lot Depth: 165
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Terra 22, LLC
Legal Description: Sw 2 Nw 1/4 3 Blk 215

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,012 46,162 116,189
Median Age: 35.76 35.32 35.91
Households: 4,982 21,230 49,367


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