Topsail Island Duplex Revenue Machine

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30726056
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 2 Units
Building Size (RSF): 1,632 SF
Gross Land Area: 0.12 Acres
Sale Price: $486,000
Unit Price: $243,000 Per Unit
Property Use Type: Investment
Usable Size (USF): 1,832 SF
Sale Terms: Cash to Seller
Cap Rate: 7.8%
Average Occupancy Rate: 66
Vacation Rental Income: Yes
Last Updated: 5/11/2021

Overview / Comments

***PENDING****

Income producing duplex or House Hacking opportunity. Large corner lot and dedicated public beach access 300ft away. 7.8% Cap or 15.8% on a conventional levered return.

Duplex is comprised of a top and bottom unit with separate entrances, separate outdoor showers and each unit has a 2 bed 1 bath set up. New Roof in 2018 and New 200 sqft top deck built in 2021 with sound and beach views. 
Buyer can self-manage or continue to utilize the property management firm; Carolina Stays, Inc. Whom continually produces and returns more and more revenues to the owner every year.

FINANCIALS: 2020 Gross Revenue: $62,336
-Tax: $2,323yr
-Flood: $2,247yr
-Wind/hail, fire, rent loss, liability: $1,538yr
-Utilities: $4,245yr

**last year had 3 lost months of short term revenue due to COVID. Replaced short term tenants with 90 day renters at $2,600/month. Short term loss of rent approximately $5-$8K during the same period.

Currently booking and projecting rentals for the summer months in exceedance of the previous year. Nearby military installation allows for consistent volume of tenants even in the off season, or if one desires a long-term rental pro-forma. 

Additional Details

Nearest MSA: Jacksonville
County: Onslow
Taxing Authority: Onslow County
Tax ID/APN: 425616947661
Zoning: MHR-MHR
Percent Occupied: 69%
Property Located Between: Surf City US 50 Fixed Bridge and N. Topsail 210 Fixed Bridge
Highway Access: HWY 210 or HWY 172
Airports: ILM
Site Description: Corner lot, all grass, views of Beach and Sound
Area Description: Eastern North Carolina Beach Community at Topsail Island
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1977
Year Renovated: 2018
Construction/Siding: Vinyl Siding
Exterior Description: Topsail Island Duplex
Parking Type: Surface
Parking Description: Gravel
Total Parking Spaces: 4
Laundry: In Each Unit
Heat Type: Electricity
Heat Source: Wall Units
Fuel: Electric
Air Conditioning: Package Unit, Other
Internet Access: Cable
Interior Description: Full home furnishings for Short Term Renters
Zoning Description: Medium High Residential Zone (12 units an Acre)
In Flood Plain?: Yes
Lot Frontage: 50
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Legal Description L7 S6 BA SEAHAVEN BEACH Township 114 - STUMP SOUND City Code 26 - NORTH TOPSAIL BEACH Jurisdiction 1426 - STUMP SOUND NORTH TOPSAIL BEACH Plat Book-Page/Subd # 03-089 Fire District NT - NORTH TOPSAIL

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 1,035 4,757
Median Age: 46.18 38.83
Households: 542 2,056
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