Income Producing Property-Carolina Beach

Multi-Family for Sale
Catylist Listing ID: 29981174
Property Subtypes: Low-Rise/Garden, Mid-Rise, Other
Number of Units: 5 Units
Building Size (RSF): 5,416 SF
Gross Land Area: 0.14 Acres
Sale Price: $669,000
Unit Price: $133,800 Per Unit
Property Use Type: Investment
Usable Size (USF): 3,416 SF
Sale Terms: Cash to Seller
Cap Rate: 7.75%
Last Updated: 9/20/2018

Overview / Comments

The Easiest Investment Money You've Ever Made! One look and you'll be convinced that this is the investment property you've been waiting for. Perfectly located on the second row at Carolina Beach, this steady income-producing property consists of one three-bedroom apartment; one two-bedroom apartment; and three one-bedroom apartments-including one ground level, handicap accessible unit. The current long-term tenants stay because the quaint private decks and patio spaces offer great ocean views and instant beach access. Your future tenants will love the ample storage areas and the parking large enough to store a boat. You'll appreciate the maintenance free exterior. Recent updates include vinyl windows, carpet, hardwoods and appliances. You'll love knowing that the property is 100% occupied with annual leases in place. Talk about stability....one tenant has occupied the same apartment for 10 years. This beachside property is near the vintage/new Carolina Beach Boardwalk. Marina, shops, restaurants and bars are close by. There's no sign on the property and a 24 hour notice is needed to show. OWNER FINANCING AVAILABLE.

Directions: US 421 South. Left on Carl Winner Drive. Left on Canal Drive. Right onto Starfish Lane. Left onto Carolina Beach Avenue N. Property on the left.

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $3,429 (Annual)
Gross Operating Income $47,340 (Annual)
Finance Data Year 2015
Gross Operating Income $58,125 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County/Carolina Beach
Tax ID/APN: R08811-006-012-001
Zoning: R-1
Property Located Between: Starfish Lane and Carolina Beach Ave N
Highway Access: Hwy 421
Airports: ILM-Wilmington International Airport
Site Description: Well Maintained
Area Description: Carolina Beach
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1977
Year Renovated: 2015
Roof Type: Hip
Construction/Siding: Concrete, Vinyl Siding, Wood Frame
Exterior Description: Lots of decks and patios, storage room, storage area
Parking Ratio: 12 (per 1000 SF)
Parking Type: Structure
Parking Description: Designated parking
Total Parking Spaces: 12
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Wall Units, Heat Pump
Fuel: Electric
Air Conditioning: Window Unit, Other
Internet Access: Cable, DSL, Satellite
Zoning Description: R-1
Lot Frontage: 50
Lot Depth: 125 feet
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,101 15,882 23,942
Median Age: 45.84 45.38 43.01
Households: 1,028 6,901 10,179
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