Cash Flowing Multifamily Machine; North Topsail Beach

Multi-Family for Sale
Catylist Listing ID: 30730903
Property Subtypes: Duplex/Fourplex, Mid-Rise
Number of Units: 5 Units
Building Size (RSF): 3,696 SF
Gross Building Area: See Agent
Sale Price: $2,400,000
Unit Price: $480,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Average Occupancy Rate: 80
Vacation Rental Income: Yes
Last Updated: 9/21/2021

Overview / Comments

Multi-unit building with Ocean/Beach views and direct beach access. Located on a quiet dead end street. Five separate kitchens in individual units; each unit comes with a storage unit. 10+ parking spaces. Coin operated laundry facility on-site. Many major renovations and transitioned to a professionally managed short-term rental and cash flowing asset. On track for $295k+ in 2021! Residential mortgage financing is potentially possible or great 1031. Federal Flood Zone availability.

Additional Details

Nearest MSA: Jacksonville
County: Onslow
Tax ID/APN: 425505072736
Zoning: R-10
Percent Occupied: 80%
Property Located Between: On Topsail Island between the two fixed federal bridges
Highway Access: HWY 210 and US 50
Airports: ILM and OAJ
Site Description: Mid rise multiplex with CAMA beach access directly across a quiet dead end street.
Area Description: Topsail Island
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1997
Year Renovated: 2020
Construction/Siding: Other
Exterior Description: Each unit has its own deck, private access and each unit has a ground floor secured storage space
Parking Type: Surface
Parking Description: surface lot with 2 per unit directly in front of building
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Modern beach decor. All units with new furnishings; equipped and ready for continued occupancy
Zoning Description: R-10
In Flood Plain?: Yes
Lot Frontage: 69
Lot Depth: 185
Water Service: Municipal
Sewer Type: Septic
Legal Description: L10 S6 OLD SETTLERS BEACH, 114- STUMP SOUND, 26- North Topsail Beach, Plat/ BOOk 12-030

View FullscreenMap

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 578 4,235
Median Age: 38.91 44.29
Households: 292 1,980
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Cape Fear REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.