Elizabeth City - Beach Property For Sale #7213643

Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh Street (892309261179), 1110 Park Street (892309260112), and 0000 Park Street (892309261032). This portfolio includes 24 total units, each ranging approximately 800-900 sqft, with a combined building square footage of approximately 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park Street consists of four quadplex buildings. 1005 Raleigh Street includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,200/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $303,000 in gross annual income, with projected gross income of $317,400 at full occupancy based on current rental rates. Significant capital improvements have been completed since the current owners acquired the property in 2017, including, replacement of 3 roofs within the past 3-4 years, with 30-year architectural shingles., encapsulation of all quadplexes at 1110 Park Street, along with the addition of dehumidifiers, 14 HVAC units replaced (7 since 2017 and 7 additional units replaced in 2016 prior to acquisition) and ongoing interior upgrades, including new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment Zoning District, while the additional residual parcel, 0000 Park Street (Tract 3 in DB 1284, DP 477), is zoned, R-8 residential. The 6,902 sqft residual parcel is subject to a restrictive covenant prohibiting the construction of any building or structure for the lifetime of the previous owners and 21 years thereafter.