TERRA Property Holdings, LLC

Undisclosed Address, Wilmington, NC 28401
Multi-Family for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30705019
Number of Units: 92 Units
Building Size (RSF): 385,619 SF
Gross Building Area: See Agent
Sale Price: $13,250,000
Unit Price: $144,021.74 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Terra Property Portfolio 24 LLC Group
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 2/10/2021

Overview / Comments

Rare residential-rental investment opportunity available in Wilmington, North Carolina. Terra Property Portfolio is set up in 24 separate LLCs. The sale will include each LLC, Terra Property Holdings, LLC and the individual properties. There are 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. 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 can carry over to the new owner 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.
The income, the improvements, and the growth potential make this a great investment.

Additional Details

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: Various building styles, wood and vinyl siding, brick veneer. Roofs range from metal to shingle. Complete photo gallery at https://www.terraportfolio.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: SEE ATTACHED PROPERTY EXHIBIT

Contact

© 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.