CYPRESS GROVE – 210 UNITS IN WILMINGTON, NC

Price:

$36,000,000

Status:

Sold

Address:

2 Cypress Grove Dr, Wilmington, NC 28401, USA

Overview:

SOLD 6/30/2022 FOR $36,000,000
$171,429 per unit

Deaton Investment Real Estate represented the buyer and was the sole broker in this off-market transaction. Located in Wilmington, N.C., Cypress Grove is a 210-unit, garden-style property situated across 15.7 acres. Built in 1970, Cypress Grove features a mix of one-, two, and three-bedroom floorplans. This asset offers the opportunity to increase income through operational and strategic value-add improvements.

Unit Information

UnitTypeSizeRent
56 UNITS 1BD/1BA 763 SF$950
114 UNITS 2BD/1.5BA (TH)1,012 SF$1,215
16 UNITS2BD/1BA878 SF$925
6 UNITS3BD/2.5BA (TH)1,407 SF$1,300
16 UNITS3BR/2BA1,173 SF$915
2 UNITSSTUDIO390 SF$600

Property Information

PIN 06010-005-001-000 Tax Value $12,760,300
Taxes $82,933 Lot Size 15.73 ACRES
Year Built 1970 Exterior HARDBOARD, BRICK
Floors CARPET, VINYL, LVP Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities TENANTS PAY UTILITIES Appliances RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS IN SELECT UNITS
Legal Description ADJ COMMUNITY DR BLK 2 N 80 Zoning MF-M-MULTI FAMILY MED DEN
Sold Date 06/30/2022