Rare residential-rental investment opportunity available in Wilmington, North Carolina. Eighty-two (82) properties consisting of Ninety-two (92) rental units available within close proximity to downtown Wilmington. The portfolio consists of a combination of single-family homes, duplex, Triplexes and Quadplexes. The portfolio generates approximate rental income of close to $1.1 Million with definite room for financial growth. 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 keeps them at about 95%+ occupancy. Three of the current vacant units are in the process of being renovated or working toward finalizing improvements.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. Since their purchase, the current owner has invested close to $600,000 in the improvements and updates to the properties. The income, the improvements, and the growth potential make this a great investment. Contact listing agent for current rent rolls, financials and detailed property information.
|--||New Value: $11,500,000|
|1/16/2020 2:35:28 PM||New Value: Pending|
|12/13/2019 10:35:00 AM|