1005 Raleigh Street,Elizabeth City, NC 27909
Elizabeth City, NC 27909
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.
Details
| MLS # | 100552609 |
|---|---|
| Listing Type | For Sale |
| Style | Multi-Family |
| Sub-Type | Resale |
| Status | Active |
| Year | 1990 |
| Days On Site | 200 |
| Listing Provided By | Rich Company | Kellen Long |
Features
| SQ Feet | 21,500 |
|---|---|
| Units | 24 |
| Zoning | AD and R-8 |
| Acreage | 2.86 |
Interior
| Heating Yes / No | Yes |
|---|---|
| Cooling Yes / No | Yes |
| Cooling | Central Air |
Exterior
| Roof | Shingle |
|---|---|
| Foundation Details | Block, Slab |
| Construction Materials | Cedar, Brick, Vinyl Siding, Wood Frame |
Parking
| Attached Garage Yes / No | No |
|---|---|
| Garage Yes / No | No |
| Parking Features | Parking Lot, Asphalt, Off Street, On Site, Paved |
Utilities
| Utilities | Electricity Connected, Sewer Connected, Water Connected |
|---|
Taxes
| Tax Assessed Value | 1236000 |
|---|---|
| Tax Book Number | DB 480, DP 957 and DB 514 |
| Tax Legal Description | Raleigh Park Rentals, LLC |
| Tax Year | 2026 |
Area Information
| State | NC |
|---|---|
| County | Pasquotank |
| City | Elizabeth City |
| Zip Code | 27909 |
| Listing VS Median (in 27909) | |
Price: $2,695,827 low | high Med: $335,000 sqft: 21,500 low | high Med: 1,374 $ / sqft: $125 low | high Med: $245 On site: 200 low | high Med: 13 | |
Market Activity 27909
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Learn More About This Property
| State | NC |
|---|---|
| County | Pasquotank |
| City | Elizabeth City |
| Zip Code | 27909 |
| Listing VS Median (in 27909) | |
Price: $2,695,827 low | high Med: $335,000 sqft: 21,500 low | high Med: 1,374 $ / sqft: $125 low | high Med: $245 On site: 200 low | high Med: 13 | |