Wilmington, NC 28401 | 100196310 | Intracoastal Realty
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Wilmington, NC 28401

Pending

$11,500,000

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  • 89,246 sq. ft.
  • Commercial Sale
  • MLS# 100196310
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Views: 387 Days On Market: 117

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Property Details

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.

  • General Features
    • Year Built 1930
    • Subdivision Not In Subdivision
    • Square feet 89,246
    • New Construction No
    • Cobra Zone No
    • Lot Acres 8.85
    • City Limits Yes
    • County New Hanover
    • Hoa Amenities See Remarks
    • HOA No
    • Stipulation of Sale None
  • Building Features
    • Flooring See Remarks
    • Roof See Remarks
    • Water Heater See Remarks
    • Cooling System See Remarks
    • Exterior Finish See Remarks
    • Construction See Remarks
  • Property Features
    • Lot Water Features None

Contact

Jeff Hovis

Broker/REALTOR®

Lumina Station - Wilmington

Office: 910-509-1967

Neighborhood

28401 (Wilmington) Demographics

38 Median Age
961 Population Density (per sq. mile)
32% College Educated
$29,467 Estimated Median Income
3,511 Estimated Total Home Owners
6,610 Estimated Total Renters
35% / 65% Estimated Owner / Renter Divide
3 Estimated Average Household Size
23,203 Total Population
Community data courtesy of LiveBy, Inc.

Market Last 30 Days In This Postal Code

$222,000 Median Sales Price
48 Homes Sold
51 New On Market

Average Days on Market

    Properties for Sale

      Property History

      Date Event Price Percent Change
      -- Current Price Source New Value: $11,500,000
      1/16/2020 2:35:28 PM Status Changed Source New Value: Pending
      12/13/2019 10:35:00 AM New in Database Source

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      Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.