1005 Raleigh ST, Elizabeth City, NC 27909
1005 Raleigh ST, Elizabeth City, NC 27909
1005 Raleigh ST, Elizabeth City, NC 27909
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$2,695,827
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21,500 SqFt
Active

1005 Raleigh ST Elizabeth City, NC 27909

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Matt Jones

Matt Jones

+1(336) 504-4078

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Key Details

Property Type Multi-Family, Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 21,500 sqft

Price per Sqft $125

MLS Listing ID 100552609

Style Wood Frame

HOA Y/N No

Year Built 1990

Lot Size 2.862 Acres

Acres 2.86

Lot Dimensions Irregular

Property Sub-Type Multi Family

Source Hive MLS

Property Description

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 St. (892309261179), 1110 Park St. (892309260112), and 0000 Park St. (892309261032). This portfolio includes 24 units, each ranging approx. 800-900 sqft, with a combined building square footage of approx. 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 St. consists of four quadplex buildings. 1005 Raleigh St. includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,250/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $309,600 in gross annual income, with projected gross income of $324,600 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 St., 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 District (AD) zoning, which may allow for additional units to be constructed with site plan and planning approval by the City. The additional residual parcel, 0000 Park St. (Tract 3, DB 1284, DP 477), is zoned R-8 residential and is subject to a restrictive covenant prohibiting the construction of any building or structure the lifetime of the previous owners and 21 years thereafter.

Location

State NC

County Pasquotank

Zoning AD and R-8

Direction Turn on Park Street from Southern Ave. and 1110 Park Street will be on your left as you approach the intersection of Park and Raleigh Street. To access the Raleigh Street property, turn left at the intersection of Raleigh and Park Street, and the driveway will be the third property on your left.

Location Details Mainland

Rooms

Basement None

Interior

Heating Electric, Forced Air, Heat Pump

Cooling Central Air

Flooring Carpet, Vinyl

Exterior

Parking Features Parking Lot, Asphalt, Off Street, On Site, Paved

Utilities Available Electricity Connected, Sewer Connected, Water Connected

Roof Type Shingle

Garage No

Building

Foundation Block, Slab

Water Public

New Construction No

Others

Tax ID 892309261179

Acceptable Financing 1031 Exchange, Cash, Conventional

Listing Terms 1031 Exchange, Cash, Conventional

Special Listing Condition Standard

Hive MLS / Savannah / Classic / (NCRMLS) / Cape Fear Realtors
Listed by Rich Company
Nearby Locations

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Matt Jones

Matt Jones

Team Leader/Managing Broker | License ID: 280510

+1(336) 504-4078

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1005 Raleigh ST