ILM Property Investment Portfoliio

Multi-Family for Sale
Sale Pending
Also listed as Business Opportunity
Catylist Listing ID: 30539885
Status: Pending
Number of Units: 93 Units
Building Size (RSF): 385,619 SF
Gross Building Area: See Agent
Sale Price: $11,500,000
Unit Price: $123,655.91 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 7/4/2020

Overview / Comments

Rare residential-rental investment opportunity available in Wilmington, North Carolina. Eighty-two (82) properties consisting of Ninety-two (92) rental units available with in close proximately to downtown Wilmington. The portfolio consists of a combination of single-family homes, duplex, Triplexes and Quadplexes. The portfolio generates approximate rental income of close to $1.1 Million with definite room for financial growth. Properties are in close proximity of one another and most have access to public transportation.
Many of the homes are of historic nature and are within established neighborhoods. The current owner oversees all the management of all Ninety-two (92) rental units. They have established a management and marketing program for the properties that keeps them at about 95%+ occupancy. Three of the current vacant units are in the process of being renovated or working toward finalizing improvements.
The current owner utilizes a number of rent assistance programs and has many market-based tenants. The Wilmington rental market is very active and the demand for rental housing is extreme. The current owner continues to see the value of the portfolio but has other opportunities that have opened up this great opportunity for another investor. The current owner is happy to work with the new owner for a smooth ownership transition.
Since their purchase, the current owner has invested close to $600,000 in the improvements and updates to the properties. The income, the improvements, and the growth potential make this a great investment. Contact Jeff Hovis of Intracoastal for current rent rolls, financials and detailed property information. Jeff can be reached at 910-512-2205 or email him at jhovis@intracoastalrealty.com. Information available at www.ilminvestmentportfolio.com.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: See Attachement
Zoning: R-3, R-5 AND UMX
Percent Occupied: 95%
Property Located Between: City of Wilmington
Highway Access: Multiple access points
Airports: ILM
Site Description: Residential neighborhoods falling in zoning areas of UMX, R-15, R-3, R-5 and R-7
Area Description: City of Wilmington. See property map
Total Number of Buildings: 82
Property Condition: Average
Number of Stories: 2
Roof Type: Other
Exterior Description: See property website www.ilminvestmentportfolio.com
Parking Type: Other
Parking Description: Combination of off and on street parking. Varies per property
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity, Natural Gas, Other
Heat Source: Baseboard, Central, Heat Pump, Other
Air Conditioning: Engineered System, Other
Interior Description: Residential interior. Ranging from studio apartment, one, two, three, four bedroom single family and some duplex/triplex/Quadplex layouts
Zoning Description: Zoning varies, R-3, R-5, R15, CB and UMX
Lot Frontage: varies
Lot Depth: varies
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: varies by property. Check register of deed to confirm
Land Ownership: TJ Real Estate Holdings, LLC
Legal Description: Tax ID Owner Address R04818-003-008-000 TJ REAL ESTATE HOLDINGS LLC 1003 CHESTNUT ST R05414-002-001-000 TJ REAL ESTATE HOLDINGS LLC 1005 10TH ST S R04818-003-009-000 TJ REAL ESTATE HOLDINGS LLC 1005 CHESTNUT ST R05413-013-021-000 TJ REAL ESTATE HOLDINGS LLC 1006 4TH ST S R05406-003-009-000 TJ REAL ESTATE HOLDINGS LLC 1009 ORANGE ST R05413-010-018-000 TJ REAL ESTATE HOLDINGS LLC 1014 7TH ST S R04818-016-012-000 TJ REAL ESTATE HOLDINGS LLC 1017 PRINCESS ST R04818-014-013-000 TJ REAL ESTATE HOLDINGS LLC 107 13TH ST N R04909-001-003-000 TJ REAL ESTATE HOLDINGS LLC 1102 EMORY ST R04812-001-006-000 TJ REAL ESTATE HOLDINGS LLC 1103 EMORY ST R05414-008-019-000 TJ REAL ESTATE HOLDINGS LLC 1106 10TH ST S R05413-022-003-000 TJ REAL ESTATE HOLDINGS LLC 1107 6TH ST S R04818-040-019-000 TJ REAL ESTATE HOLDINGS LLC 111 12TH ST S R04905-003-008-000 TJ REAL ESTATE HOLDINGS LLC 1111 30TH ST N R05413-022-004-001 TJ REAL ESTATE HOLDINGS LLC 1111 6TH ST S R05410-016-022-000 TJ REAL ESTATE HOLDINGS LLC 1112 QUEEN ST R04913-016-027-000 TJ REAL ESTATE HOLDINGS LLC 12 MONTGOMERY AVE R05406-007-004-000 TJ REAL ESTATE HOLDINGS LLC 1205 ORANGE ST R05410-008-011-000 TJ REAL ESTATE HOLDINGS LLC 1205 QUEEN ST R05413-024-005-000 TJ REAL ESTATE HOLDINGS LLC 1211 7TH ST S R05406-008-003-000 TJ REAL ESTATE HOLDINGS LLC 123 13TH ST S R05406-034-018-000 TJ REAL ESTATE HOLDINGS LLC 1306 CHURCH ST R05406-034-017-000 TJ REAL ESTATE HOLDINGS LLC 1308 CHURCH ST R05413-038-005-000 TJ REAL ESTATE HOLDINGS LLC 1309 4TH ST S R05406-034-006-000 TJ REAL ESTATE HOLDINGS LLC 1309 GLENN ST R05406-038-004-000 TJ REAL ESTATE HOLDINGS LLC 1315 CASTLE ST R05406-033-015-000 TJ REAL ESTATE HOLDINGS LLC 1315 CHURCH ST R05413-038-004-000 TJ REAL ESTATE HOLDINGS LLC 1316 HOOPER ST R04818-041-008-000 TJ REAL ESTATE HOLDINGS LLC 1318 DOCK ST R05406-035-012-000 TJ REAL ESTATE HOLDINGS LLC 1418 CHURCH ST R05407-029-009-000 TJ REAL ESTATE HOLDINGS LLC 1611 CASTLE ST R04818-005-004-000 TJ REAL ESTATE HOLDINGS LLC 208 12TH ST N R05406-014-005-000 TJ REAL ESTATE HOLDINGS LLC 209 13TH ST S R05406-012-020-000 TJ REAL ESTATE HOLDINGS LLC 212 15TH ST S R04818-003-020-000 TJ REAL ESTATE HOLDINGS LLC 215 11TH ST N R04808-006-007-000 TJ REAL ESTATE HOLDINGS LLC 2803 SPAULDING DR R05514-014-013-000 TJ REAL ESTATE HOLDINGS LLC 3806 WRIGHTSVILLE AVE R05413-030-001-000 TJ REAL ESTATE HOLDINGS LLC 402 MARSTELLAR ST R04813-037-002-000 TJ REAL ESTATE HOLDINGS LLC 416 MCRAE ST R04909-010-013-000 TJ REAL ESTATE HOLDINGS LLC 430 CLAY ST R04909-011-005-000 TJ REAL ESTATE HOLDINGS LLC 433 CLAY ST R04909-011-018-000 TJ REAL ESTATE HOLDINGS LLC 435 CLAY ST R04909-007-010-000 TJ REAL ESTATE HOLDINGS LLC 446 MANLY AVE R04814-013-004-000 TJ REAL ESTATE HOLDINGS LLC 507 10TH ST N R04809-039-029-000 TJ REAL ESTATE HOLDINGS LLC 514 HARNETT ST R04909-003-014-000 TJ REAL ESTATE HOLDINGS LLC 514 MAIDES AVE R04814-013-007-000 TJ REAL ESTATE HOLDINGS LLC 515 10TH ST N R04909-005-003-000 TJ REAL ESTATE HOLDINGS LLC 526 MANLY AVE R04909-003-029-000 TJ REAL ESTATE HOLDINGS LLC 533 MANLY AVE R04909-003-033-000 TJ REAL ESTATE HOLDINGS LLC 545 MANLY AVE R05409-021-027-000 TJ REAL ESTATE HOLDINGS LLC 604 QUEEN ST R04813-021-007-000 TJ REAL ESTATE HOLDINGS LLC 606 ANDERSON ST R04809-021-010-000 TJ REAL ESTATE HOLDINGS LLC 609 SWANN ST R05410-008-006-000 TJ REAL ESTATE HOLDINGS LLC 611 12TH ST S R04813-019-002-000 TJ REAL ESTATE HOLDINGS LLC 614 8TH ST N R04814-010-017-000 TJ REAL ESTATE HOLDINGS LLC 619 11TH ST N R05411-008-016-000 TJ REAL ESTATE HOLDINGS LLC 701 19TH ST S R04809-042-040-000 TJ REAL ESTATE HOLDINGS LLC 706 HARNETT ST R04809-042-014-000 TJ REAL ESTATE HOLDINGS LLC 709 BLADEN ST R04813-010-016-000 TJ REAL ESTATE HOLDINGS LLC 709 MCRAE ST R05410-015-023-000 TJ REAL ESTATE HOLDINGS LLC 710 13TH ST S R05409-022-004-000 TJ REAL ESTATE HOLDINGS LLC 711 7TH ST S R05410-016-014-000 TJ REAL ESTATE HOLDINGS LLC 712 12TH ST S R05410-016-013-000 TJ REAL ESTATE HOLDINGS LLC 716 12TH ST S R05409-022-027-000 TJ REAL ESTATE HOLDINGS LLC 716 QUEEN ST R05409-023-009-000 TJ REAL ESTATE HOLDINGS LLC 717 8TH ST S R05409-022-016-000 TJ REAL ESTATE HOLDINGS LLC 717 WOOSTER ST R04813-025-016-000 TJ REAL ESTATE HOLDINGS LLC 719 RED CROSS ST R05409-022-017-000 TJ REAL ESTATE HOLDINGS LLC 719 WOOSTER ST R05410-018-018-000 TJ REAL ESTATE HOLDINGS LLC 720 10TH ST S R04814-006-002-000 TJ REAL ESTATE HOLDINGS LLC 724 11TH ST N R05410-021-009-000 TJ REAL ESTATE HOLDINGS LLC 808 10TH ST S R05410-021-008-000 TJ REAL ESTATE HOLDINGS LLC 810 10TH ST S R05411-012-002-000 TJ REAL ESTATE HOLDINGS LLC 810 16TH ST S R05409-025-019-000 TJ REAL ESTATE HOLDINGS LLC 814 8TH ST S R04813-022-010-000 TJ REAL ESTATE HOLDINGS LLC 907 RANKIN ST R04809-043-008-000 TJ REAL ESTATE HOLDINGS LLC 908 8TH ST N R04813-022-011-000 TJ REAL ESTATE HOLDINGS LLC 909 RANKIN ST R04813-022-014-000 TJ REAL ESTATE HOLDINGS LLC 909 RANKIN ST R05409-037-005-000 TJ REAL ESTATE HOLDINGS LLC 913 7TH ST S R05409-037-006-000 TJ REAL ESTATE HOLDINGS LLC 915 7TH ST S R05413-004-013-000 TJ REAL ESTATE HOLDINGS LLC 916 4TH ST S

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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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