1031/Investment Opportunity - Multifamily

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30734930
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 20 Units
Building Size (RSF): 10,947 SF
Gross Building Area: See Agent
Gross Land Area: 0.45 Acres
Sale Price: $2,950,000
Unit Price: $147,500 Per Unit
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Undisclosed
Last Updated: 7/27/2021

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

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington
Tax ID/APN: R04813-030-001-000 AND R04716-007-008-000
Zoning: CBD
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
Property Condition: Good
Number of Stories: 3
Year Built: 1998
Year Renovated: 2021
Roof Type: Gable
Construction/Siding: Vinyl Siding
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
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
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Riverview Common Area (M 3/4/5/PT 2 BLK 233)

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,788 40,325 102,236
Median Age: 35.41 36.7 35.85
Households: 3,130 18,279 43,944
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