92 UNITS – HAVELOCK, NC

Price:

$4,600,000

Status:

Sold

Address:

25 Mustang Ct, Havelock, NC 28532, USA

Overview:

SOLD 2/28/19 FOR $4,625,000
Price included $175,000 in deferred maintenance credit

The Croatan Forest Apartments in Havelock, NC are a collection of 92 units built between 1987 and 1993. Located along the Neuse River between New Bern and Morehead City, Havelock is the home of Marine Corps Air Station Cherry Point, the world’s largest Marine Corps air station.

Historically operated at 90 percent occupancy, there are 90, 2 BD/1 BA floorplans of approximately 850 SF with current monthly rents ranging from $550 to $645. Two apartments are 1100 SF, 2 BD/1 BA units that currently rent for $700 per month.

The property has been well maintained and is professionally managed by Management Services of New Bern.

Unit Information

UnitTypeSizeRent
1987 BUILD - 2 UNITS2 BD / 1 BA1100 SF$700
1987 BUILD - 32 UNITS2 BD / 1 BA850 SF$551 - $645
1993 BUILD - 26 UNITS2 BD / 1 BA845 SF$567 - $645
1993 BUILD - 32 UNITS2 BD / 1 BA875 SF$567 - $645

Property Information

PIN SEE TAX RECORDS EXHIBIT Tax Value $3,841,900 (COMBINED)
Taxes $46,702.39 (2017) / INSURANCE = $51,266 (2017) Lot Size 6.944 (COMBINED)
Year Built 1987 - 1993 Exterior 1987, BRICK/VINYL / 1993, VINYL
Floors CARPET, VINYL Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing N/A
Utilities TENANTS PAY WATER AND ELECTRICITY Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS
Sold Date 02/28/2019