605-609 Nixon St, Wilmington, NC 28401
12 Unit Apartment Building | $2,490,000 ($207,500/Unit) | 6.33% Cap Rate | Wilmington, NC 28401
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,490,000
- Property Type
-
Multifamily
- Square Feet
- 12,000 SF
Listing Contacts
Eric Knight
Verified Profile
- Property Info
Property Overview
Presenting 605, 607 and 609 Nixon St. in Downtown Wilmington, consisting of 12 units across three quadruplex condominiums on +/- .70 acres. Each unit contains three bedrooms and one full bath, plus recent renovations including granite counter tops in the kitchens and bathrooms, laminate flooring throughout and tile flooring in the bathrooms. The downstairs units feature fenced patios with outdoor storage closets while the upstairs units have covered balconies with outdoor storage closets.
Rents on five of the units are subsidized with housing vouchers through the Wilmington Housing Authority. The Housing Authority recently approved a currently vacant unit for an 18% rent increase, the seller is in the process of having three others approved at the same rate. The opportunity for future similar increases on the remaining units at lease renewal and turnover provides a generous value add. The tenants are responsible for electric, water, sewer and cable.
The property is located adjacent to the popular Brooklyn Arts District in Downtown Wilmington, NC. The immediate area offers access to public parks, medical care, pharmacy, transportation, restaurants and entertainment. The Wilmington MSA is one of the fastest growing in North Carolina--encompassing New Hanover, Brunswick and Pender Counties. Demand for affordable housing is outpacing supply by a wide margin throughout the region, supporting this offering as a durable investment.
Rents on five of the units are subsidized with housing vouchers through the Wilmington Housing Authority. The Housing Authority recently approved a currently vacant unit for an 18% rent increase, the seller is in the process of having three others approved at the same rate. The opportunity for future similar increases on the remaining units at lease renewal and turnover provides a generous value add. The tenants are responsible for electric, water, sewer and cable.
The property is located adjacent to the popular Brooklyn Arts District in Downtown Wilmington, NC. The immediate area offers access to public parks, medical care, pharmacy, transportation, restaurants and entertainment. The Wilmington MSA is one of the fastest growing in North Carolina--encompassing New Hanover, Brunswick and Pender Counties. Demand for affordable housing is outpacing supply by a wide margin throughout the region, supporting this offering as a durable investment.
Property Details
- Class
- C
- Year Built/Renovated
- 1988/2021
- Stories
- 2
- Lot Size (sq. ft)
- 30,492 SF
- Units
- 12
Highlights
- Close to every Downtown Wilmington Amenity
- Robust Housing Authority Rent Increases
- Close to Transportation Hub
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