HAVELOCK, NC PORTFOLIO – 112 UNITS

PRICE:
$ 10,000,000
STATUS:
Off Market
ADDRESS:
25 Mustang Ct, Havelock, NC 28532, USA
OVERVIEW:

Deaton Investment Real Estate is pleased to offer for sale a 112-unit portfolio in Havelock, NC as the exclusive listing broker. The Croatan Forest Apartments are a collection of 92 units built in 1987 and 1993. Christopher Downs Apartments are 20 units built in 2001. Located in the coastal region of eastern North Carolina, Havelock is situated along the Neuse River between New Bern to the west and the beach towns of the Crystal Coast to the east.

Havelock is the home of Marine Corps Air Station Cherry Point, the world’s largest Marine Corps air station. In addition to the military employment and supporting services, Havelock also provides an affordable housing price point to those commuting to the tourist driven economies of New Bern and the Crystal Coast. With construction of the new I-42 highway project projected to complete in 2024, these commute times will decrease and further improve Havelock’s economic and geographic position.

The properties have been well maintained and are managed by Management Services of New Bern. The offering represents an opportunity to acquire stabilized assets, in a supply-constrained market, with organic and value-add upside. Current average rents are 10% below the in-place, asking rents. This equates to more than $100,000 in annual rental income upside.

UNIT INFORMATION
Unit Type Size Rent
CROATAN 1987 - 2 UNITS 2 BD / 1 BA 1100 SF $853 AVG
CROATAN 1987 - 32 UNITS 2 BD / 1 BA 850 SF $739 AVG
CROATAN 1993 - 58 UNITS 2 BD / 1 BA 845 - 875 SF $810 AVG
CHRISTOPHER 2001 - 20 UNITS 2 BD / 2 BA 930 SF $953 AVG
PROPERTY INFORMATION
PIN SEE TAX RECORDS EXHIBIT
Tax Value CROATAN $5,522,550 / CHRISTOPHER $1,654,400
Taxes CROATAN $67,637.63 / CHRISTOPHER $19,808.69
Lot Size CROATAN 6.944 ACRES / CHRISTOPHER .25 ACRES (CONDO BUILDINGS)
Year Built CROATAN 1987-1993 / CHRISTOPHER 2001
Exterior CROATAN 1987 BRICK/VINYL & 1993, VINYL / CHRISTOPHER VINYL
Floors CARPET, VINYL
Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP
Utilities TENANTS PAY WATER AND ELECTRICITY
Legal Description SEE TAX RECORDS EXHIBIT
Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS

Location Map

HAVELOCK, NC PORTFOLIO – 112 UNITS
Address: 25 Mustang Ct, Havelock, NC 28532, USA Price: $ 10,000,000 Unit: 112