COOPERS LANDING – 36 UNITS IN NEW BERN, NC

SOLD 2/25/2022 FOR $1,700,000
$47,222 per unit

Deaton Investment Real Estate was the exclusive listing broker for the seller and was the sole broker on this transaction. Coopers Landing Apartments are located in a residential neighborhood of New Bern, just one mile northwest of Carolina East Medical Center and three miles from the Downtown New Bern Riverwalk. Built between 1972 and 1974 the property features 36 units, with a mix of 32, townhome-style, two-bedroom apartments and four, one-story, three-bedroom apartments.

For two decades the current owner has operated the property with a strategy of providing basic housing at below-average rental rates to a renter-by-necessity customer base. As a result, the property has many long-term tenants and strong trailing occupancy, but also offers a heavy value-add opportunity to the investor wanting to renovate and raise rents. The property is located in a flood hazard area and experienced some flooding damage in 2018 from Hurricane Florence. After the storm, the first floor of every unit received renovated flooring, cabinets, fixtures, and more.