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 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
| Unit | Type | Size | Rent |
|---|---|---|---|
| 56 UNITS | 1BD/1BA | 763 SF | $950 |
| 114 UNITS | 2BD/1.5BA (TH) | 1,012 SF | $1,215 |
| 16 UNITS | 2BD/1BA | 878 SF | $925 |
| 6 UNITS | 3BD/2.5BA (TH) | 1,407 SF | $1,300 |
| 16 UNITS | 3BR/2BA | 1,173 SF | $915 |
| 2 UNITS | STUDIO | 390 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 |
