Catylist ID: #30734930
1031/Investment Opportunity - Multifamily
Multi-Family for Sale
|Catylist Listing ID:||30734930|
|Number of Units:||20 Units|
|Building Size (RSF):||10,947 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||0.45 Acres|
|Unit Price:||$147,500 Per Unit|
|Property Use Type:||Net Leased Investment (NNN), Investment|
Overview / Comments
This 20 unit condo building is within walking distance to Cape Fear Community College, the Wilson Center for the Arts, Wilmington Convention Center, the new riverfront entertainment park and the vibrant restaurant/brewery/bar scene.
This is a unique investment opportunity with significant upsides.
The property is already condominiumized but being run like a typical apartment building. Individual condos could be sold, providing upside and an easy exit strategy if a buyer wanted to pursue.
The CBD zoning provides for the widest variety of uses within the city limits. Immediate, stable income makes for the perfect 1031 Exchange. See highlights of property below:
- Zoned CBD
- Studios, 1 and 2 bedroom units
- Below market rents
- Verified Value Add: 5 units recently renovated with LVP flooring,
stainless steel appliances and new counter tops. All 5 units leased with
increase in rents.
- New gable roof in 2018
- Short term rental approved by-right in CBD
- Potential to develop lot; This parcel can go up 150' by right; 240' max with
approvals if there are 'public benefits' that warrant the additional height.
- Plenty of off-street parking; could lease spaces for additional revenue.
- Potential to sever air rights and sell
- Peek-a-boo views of Cape Fear River
Further details and financials available with signed CA
Attachments & Media
|Taxing Authority:||City of Wilmington|
|Tax ID/APN:||R04813-030-001-000 AND R04716-007-008-000|
|Property Located Between:||North 2nd and 3rd Streets|
|Highway Access:||Just minutes away from US 74, US 421, I-140 and I-40|
|Airports:||Wilmington International Airport|
|Total Number of Buildings:||1|
|Number of Stories:||3|
|Air Conditioning:||Package Unit|
|Internet Access:||Cable, Satellite|
|Zoning Description:||Central Business District: https://library.municode.com/nc/wilmington/codes/code_of_ordinances?nodeId=PTIIITECO_CH18LADECO_ART5ZODIRE_DIVIIDIRE_S18-196CBCEBUDI|
|Legal Description:||Riverview Common Area (M 3/4/5/PT 2 BLK 233)|
|Proximity:||1 mile||3 miles||5 miles|
Anne AdamsColdwell Banker Commercial Sun Coast Partners, LLC NCCMLS Member
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