Pier View Cottages and Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30499961
Status: Pending
Number of Units: 9 Units
Building Size (RSF): 4,040 SF
Gross Building Area: See Agent
Sale Price: $1,500,000
Unit Price: $166,666.67 Per Unit
Property Use Type: Investment
Building Name: Pier View Cottages and Apartments
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Vacation Rental Income: Yes
Last Updated: 4/1/2021

Overview / Comments

Beach Cottages and apartments, solid income, New Roofs, Apartments completely brand new inside, new vinyl siding on the cottages. Large cottage average 2400 a month, small cottage 1700 a month x 3, apartments 1200 a month x 5.

Current Expenses
Internet: $938.84
TV: $1,880.79
Water Sewer: $6,993.35
Taxes: $2,846.99+$2,250.03= $5097.02

Based off full time rental potential gross income is 162k a year, with vacation rental income can greatly increase. But with a fair 25% expense ratio You will have 7.5 cap rate

B1 Zoning
Banks/loan/finance company; bus terminal (S); place of worship;
eating/drinking establishment; service station (S); food store; hotel/motel;
parking lot (S); professional office; barber/beauty/personal service shop;
public building/facility; retail store; arcade (S); theatre (S); dance hall; home
occupation; Dwelling constructed in conjunction w/ permitted uses above- if
integral part of main building (S); real estate; Accessory uses clearly incidental
to permitted use that doesn’t create nuisance or hazard

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R09213-015-002-000
Zoning: B1
Total Number of Buildings: 5
Property Condition: Excellent

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,481 5,877 10,051
Median Age: 53.53 46.26 45.28
Households: 666 2,685 4,484
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