House Therapy Property Portfolio

Hospitality for Sale
Sale Pending
Also listed as Multi-Family, Business Opportunity
Catylist Listing ID: 30582869
Property Subtypes: Bed & Breakfast, Extended Stay, Inn, Recreation Cabins, Vacation Rental(s), Other
Status: Pending
Number of Units: 2 Units
Building Size (RSF): 7,793 SF
Gross Building Area: See Agent
Gross Land Area: 15,725 SF
Sale Price: $1,945,000
Unit Price: $972,500 Per Unit
Property Use Type: Investment, Business
Building Name: Harrison and 118 S 4th Street B& B House Therapy LLC
Name of Establishment: Housetherapy
Sale Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing
Cap Rate: Undisclosed
Last Updated: 6/14/2021

Overview / Comments

ILM Unique Investment, also known as Housetherapy LLC is a combination of two individual property within one portfolio. Included with this property portfolio is the management and marketing well known for service. This grouping includes a single family home located in Sunset Park that is a very profitable Air B & B property and a Historic Bed and Breakfast with 7 optional bedrooms located in the heart of Wilmington, North Carolina Historic District in Wilmington, North Carolina. This diverse property portfolio enables an owner a very profitable rental income scenario. The ability to maximize income with the option of long-term, mid-term or short-term for each property, enables an investor flexibility in today's ever changing residential and hospitality market. . In addition to the properties, furnishings, marketing plan, they will also offer transitional coaching and consulting.

The Historic Bed and Breakfast located at 118 S 4th Street has been transitioned into one of the most contemporary accommodation in downtown Wilmington. This 4,446 square foot property has four permitted Bed and Breakfast suites. This property comes fully furnished. This grand location has an attached accessory unit that can serves as a long-term rental. The flexibility of some additional rooms, enables the innkeeper to provide a quick turnaround to accommodate their guest. The level of detail can be seen in the beautifully landscaped gardens and throughout the renovated home. This property enjoys Five (5) star ratings on TripAdvisor, Yelp and Google review. This is an incredible property to add to anyone’s portfolio.

2048 Harrison Street is located in the quaint Sunset Park Neighborhood that is right outside of downtown Wilmington. This comfortable bungalow, also known as “Drift Away” is a licensed Air B and B rental. This property just recently went under a complete renovation. The property enjoys an open common area with two bedrooms and has a unique and stylish upstairs loft to accommodate guests. This property’s gardens and private back yard make it a favorite of it guests. This property comes fully furnished.

The two properties combined for a very profitable investment. 118 S 4th and 2048 Harrison Street come fully furnished. There is multiple diversity in operations that enable flexibility and opens up potential. Current combined sales are $308,778. The advanced bookings, management program, websites and marketing plan are all available to the next lucky owner.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $11,277 (Annual)
Tax Value Land $196,900
Tax Value Improvements $873,700
Tax Value Personal Property $85,000
Assessed Value - Total($) $2,100,000 (Annual)
Potential Rental Income $362,000 (Annual)
Gross Operating Income $362,000 (Annual)
Net Operating Income $215,768 (Annual)
Actual or Proforma Year Proforma
Lender Name n/a

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R05405-003-004-000/ See additional in comments
Zoning: HD-R AND R-5
Retail Clientele: Family, Business, Traveler, Tourist
Property Located Between: multiple locations
Property Visibility: Excellent
Largest Nearby Street: varies
Site Description: Three separate properties
Area Description: Historic Downtown, Sunset Park and Oleander/College cooridor.
Total Number of Buildings: 5
Property Condition: Excellent
Year Built: 1890
Year Renovated: 2019
Exterior Description: Mixed exteriors
Parking Type: Surface
Parking Description: varies from site to site
Heat Type: Electricity, Natural Gas
Heat Source: Central, Wall Units, Heat Pump
Air Conditioning: Engineered System, Package Unit
Interior Description: 118 S 4th Street and 2048 Harrison Street have both been fully renovated and come fully furnished.
Zoning Description: Multiple Zoning
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Housetherapy LLC
Legal Description: 118 S 4th Street, Wilmington, NC 28401 R05405-003-004-000 Book: 6185 Page: 2444 SE 4E 5 WILMINGTON BLK 141 2048 Harrison Street, Wilmington, NC 28401 R05916-002-023-000 Book: 6168 Page: 805 LOT 15 SUNSET PARK BLK 37

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,254 46,640 119,714
Median Age: 40.65 40.21 36.51
Households: 2,172 21,651 51,853

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