Catylist ID:
#30499961
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 Power:$11,596.88 Water Sewer: $6,993.35 Taxes: $2,846.99+$2,250.03= $5097.02 Insurance 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 |
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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