RIVERWINDS – 33 UNITS IN ELIZABETH CITY, N.C.

Price:

$2,100,000

Status:

Available

Address:

1213 Riverside Ave, Elizabeth City, NC 27909, USA

Overview:

Located in the affluent Riverside neighborhood of Elizabeth City, Riverwinds Apartments are situated on a point lot that boasts unparalleled views of the Pasquotank River. The building at 1213 Riverside Avenue was originally constructed as a hospital, but now features 21 apartments. The neighboring building at 1212 Carolina Avenue once served as the nurses’ quarters and features twelve apartments.

The history, location and waterfront scenery makes this one of the more unique multifamily assets in North Carolina. The property offers an investor the opportunity to acquire a stabilized asset with strong cash flow and the opportunity to add value and raise rents with strategic improvements. Additionally, there is a storage room and a penthouse that could be up-fitted to add two additional units. The Elizabeth City multifamily market currently has a historically low vacancy rate of 2.2% and experienced a 4.3% growth in rental rates over the last year (source: CoStar). No multifamily projects have delivered over the last three years and no developments are currently planned.

Known as the “Harbor of Hospitality,” Elizabeth City is well known for being home to one of the largest Coast Guard command centers in America. However, the area has experienced a tremendous amount of growth in recent years as a bedroom community to the Tidwater Region of Virginia due to the proximity to the Port of Virginia. This strategic position has fostered manufacturing and transportation job expansion. Additionally, Elizabeth City is home to Mid-Atlantic Christian University, College of The Albemarle, and Elizabeth City State University which is growing and just received a gift of $15 million.

Unit Information

UnitTypeRent
12 UNITS1 BD/1 BA$713 AVG
10 UNITS1 BD/1 BA$780 AVG
2 UNITS2 BD/1 BA$1,187 AVG
3 UNITS2 BD/2 BA$1,275 AVG
6 UNITS3 BD/2 BA$1,317 AVG
33 UNITS $30,089 CURRENT TOTAL

Property Information

PIN 892310363979 Tax Value $1,653,700
Taxes $28,866.02 Lot Size TBD (pending recombination)
Year Built UNKNOWN Exterior BRICK, HARDBOARD, VINYL
Floors CARPET, VINYL, LVT, HARDWOOD Foundation CRAWL, BASEMENT
HVAC CENTRAL A/C, GAS BOILER, WINDOW A/C Owner Financing NONE
Utilities PAID BY OWNER Appliances RANGE, REFRIGERATOR, DISHWASHER
Legal Description TBD Zoning CITY AD