1014 S 7th Street, Wilmington, NC 28401
$10,600,000
Property Type:
Comm Sale or Lease
Square Footage:
84,340
Lot Size (sq. ft.):
3,372,312
Status:
Closed
Current Price:
$10,600,000
List Date:
8/03/2021
Last Modified:
3/09/2022
Overview
Description
Rare residential-rental investment opportunity available in Wilmington, North Carolina. Terra Property Portfolio is set up in separate LLCs. The sale will include each LLC, Terra Property Holdings, LLC and the individual properties. There are 78 properties consisting of 83 units available with-in close proximity to downtown Wilmington. The portfolio consists of a combination of 72 single-family homes, 3 duplex,1 Quadplex, 1 warehouse and one track of land.. Properties are in close proximity of one another and most have access to public transportation. Many of the homes are of historic nature and are within established neighborhoods. The current owner oversees all the management of all rental units. They have established a management and marketing program for the properties that can carry over to the new owner The current owner utilizes a number of rent assistance programs and has many market-based tenants. The Wilmington rental market is very active and the demand for rental housing is extreme. The current owner continues to see the value of the portfolio but has other opportunities that have opened up this great opportunity for another investor. The current owner is happy to work with the new owner for a smooth ownership transition. The income, the improvements, and the growth potential make this a great investment.
Listing Details MLS# 100284293
Contract Info
- Marketing Start Date
- 2021-08-03
- Sub-Type
- Multi Family
- Garage
- N/A
- Space
- No
- Sale/Lease
- Sale
- Auction
- No
- Listing Price
- 11475000
- List Price/SqFt
- 136.06
- Stipulation of Sale
- Standard
Location Information
- Street #
- 1014
- Pre Direction
- S
- Street Name
- 7th
- Street Suffix
- Street
- County
- New Hanover
- State/Province
- NC
- Zip Code
- 28401
- City Limits
- Yes
- Marketing City
- Wilmington
- Subdivision
- Not In Subdivision
- Secondary Subdivision
- N/A
Remarks and Showing
- Directions to Property
- Multiple sites, Directions upon request.
- Sign on Property
- No
Building Info
- New Construction
- No
BuildingExt Features
- SqFt - Heated (Primary)
- 84340
Legal and Taxes
- Tax Assessed Value
- 5222500
- Total City Real Estate Property Tax
- 51501
- Legal
- See exhibit A
- Broker Owner
- No
- PID
- See Attached
- Tax Identifier
- R05413-010-018-000
- Special Assessments
- None
- Tax Year
- 2020
- Year Built
- 1930
- Zoning
- R-3, R-5 and UM
- HOA
- No
- Cobra Zone
- No
- Federal Flood Ins Avlbl
- Yes
- Deed Book
- No
- Deed Page
- 0
- Plat Book
- No
- Plat Page
- No
More Information
Status Change Info
- Under Contract Date
- 2021-11-14
- Sold Date
- 2022-01-28
Miscellaneous
- Occupancy
- 94
Current Service Providers
- Electric Provider
- Duke Progress Energy
- Natural Gas Provider
- Piedmont Natural Gas Co.
- Sewer Provider
- Cape Fear Public Utility Authority
- Water Provider
- Cape Fear Public Utility Authority
Financial Info
- Financial Info
- Yes
Building/Ext Features
- Lot Acres
- 77.42
- Lot SqFt
- 3372312
- Lot Dimensions
- vary
- Location Type
- Mainland
Business Type
- Other
- Yes
HOA and Neigh Amenities
- See Remarks
- Yes
Attic
- None
- Yes
Basement
- None
- Yes
C & I Features
- See Remarks
- Yes
Construction
- See Remarks
- Yes
Lot Water Features
- None
- Yes
Exterior Finish
- See Remarks
- Yes
Terms
- 1031 Exchange
- Yes
- Cash
- Yes
- Conventional
- Yes
Foundation
- Crawl Space
- Yes
Flooring
- See Remarks
- Yes
Fuel Tank
- None
- Yes
Green Bldg Features
- None
- Yes
Parking Features
- Off Street
- Yes
- Paved
- Yes
- Street Only
- Yes
Sale/Lease Includes
- Buildings
- Yes
- Business
- Yes
- See Remarks
- Yes
Roof
- See Remarks
- Yes
Lot Description
- Other
- Yes
Road Type/Frontage
- Public (City/Cty/St)
- Yes
Road/Trans Access
- Airport
- Less than 5 Miles
- County Highway
- Less than 5 Miles
- Interstate
- Less than 5 Miles
- Port
- Less than 5 Miles
- Rail
- Less than 5 Miles
- State Highway
- Less than 5 Miles
Cooling
- Other
- Yes
Location
- See Remarks
- Yes
Heating
- Other
- Yes
Water Heater
- See Remarks
- Yes
Utilities
- Water Available
- Yes
- See Remarks
- Yes
Water Source
- Municipal Water
- Yes
Sewer
- Municipal Sewer
- Yes
Lease Types
- See Remarks
- Yes
Property Features
Business Type:
Other
HOA and Neigh Amenities:
See Remarks
Attic:
None
Basement:
None
Construction:
See Remarks
Exterior Finish:
See Remarks
Flooring:
See Remarks
Foundation:
Crawl Space
Fuel Tank:
None
Green Bldg Features:
None
Parking Features:
Off Street; Paved; Street Only
Roof:
See Remarks
Lot Description:
Other
Location:
See Remarks
Lot Water Features:
None
Cooling:
Other
Heating:
Other
Water Heater:
See Remarks
Utilities:
Water Available; See Remarks
Sewer:
Municipal Sewer
Water Source:
Municipal Water
Terms:
1031 Exchange; Cash; Conventional
Lease Types:
See Remarks
Listing Office:
Intracoastal Realty Corp
IDX
Last Updated: March - 09 - 2022
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