1109 Carolina Ave, Washington, NC 27889
27 Unit Apartment Building | $2,274,000 ($84,222/Unit) | 7.50% Cap Rate | Washington, NC 27889
For Sale
Active
Asking Price $2,274,000
- Property Type
-
Multifamily
- Square Feet
- 7,833 SF
Listing Contacts
Martin Tanski
Property Overview
Completely renovated motel to multifamily conversion located within an opportunity zone in Washington, NC. This property was just finished in early April 2024 and is 100% occupied and stabilized. The building consists of 27 total units, with 24 first floor efficiency units, 2 first floor ADA compliant units and 1 second floor 2 bedroom unit. The tenant base is primarily comprised of senior citizens. Ownership has invested over $1MM in the renovation which includes the following improvements:
- New electrical throughout the property
- New water lines throughout the property
- Hot water heater and recirculation pump
- Attic fire prevention, draft shopping, insulation and fire alarm system
- New 9000 BTU mini splits
- New Roof
- ADA compliant construction (2 dedicated ADA units)
- Exterior improvements
- New windows
- New doors
- New gutter system
- Resurfaced parking lot
- New appliances
- New signage
- Fresh paint throughout
This property is conveniently located on one of the main arteries of Washington with up to 19,000 vehicles per day passing by the property. Most retail, education and healthcare amenities are within a 5-8 minute drive time from the building. The community of Washington has seen significant growth and development over the past 5 years with the proximity to the water being the main draw for retirees and other demographics from around the country.
For more information or to request a showing, please contact listing agent Martin Tanski with The Overton Group at 919-368-2868 or [email protected].
- New electrical throughout the property
- New water lines throughout the property
- Hot water heater and recirculation pump
- Attic fire prevention, draft shopping, insulation and fire alarm system
- New 9000 BTU mini splits
- New Roof
- ADA compliant construction (2 dedicated ADA units)
- Exterior improvements
- New windows
- New doors
- New gutter system
- Resurfaced parking lot
- New appliances
- New signage
- Fresh paint throughout
This property is conveniently located on one of the main arteries of Washington with up to 19,000 vehicles per day passing by the property. Most retail, education and healthcare amenities are within a 5-8 minute drive time from the building. The community of Washington has seen significant growth and development over the past 5 years with the proximity to the water being the main draw for retirees and other demographics from around the country.
For more information or to request a showing, please contact listing agent Martin Tanski with The Overton Group at 919-368-2868 or [email protected].
Property Details
- Class
- C
- Year Built/Renovated
- 1954/2024
- Stories
- 1
- Lot Size (sq. ft)
- 45,302 SF
- Units
- 27
Highlights
- Centrally located
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