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
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.
More Information MLS# 100284293
Contract Info
Sub-Type: Multi Family
Garage: N/A
Space: No
Sale/Lease: Sale
Auction: No
List Price/SqFt: 136.06
Stipulation of Sale: Standard
Status: Closed
Marketing Start Date: 2021-08-03
Listing Price: 11475000
Current Price: $10,600,000
Location Information
City Limits: Yes
Marketing City: Wilmington
Secondary Subdivision: N/A
Street #: 1014
Pre Direction: S
Street Name: 7th
Street Suffix: Street
County: New Hanover
State/Province: NC
Zip Code: 28401
Subdivision: Not In Subdivision
Geo Lat: 34.222658
Geo Lon: -77.939458
Remarks and Showing
Sign on Property: No
Directions to Property: Multiple sites, Directions upon request.
Building Info
New Construction: No
Building/Ext Features
Lot Acres: 77.42
Lot SqFt: 3372312
Lot Dimensions: vary
Location Type: Mainland
Legal and Taxes
Tax Assessed Value: 5222500
Total City Real Estate Property Tax: 51501
Deed Book: 0
Deed Page: 0
Legal: See exhibit A
Broker Owner: No
PID: See Attached
Tax Identifier: R05413-010-018-000
Plat Book: 0
Plat Page: 0
Special Assessments: None
Tax Year: 2020
Zoning: R-3, R-5 and UM
HOA: No
Cobra Zone: No
Federal Flood Ins Avlbl: Yes
Year Built: 1930
Business Type
Other: 1
Miscellaneous
Occupancy: 94
HOA and Neigh Amenities
See Remarks: 1
Attic
None: 1
Basement
None: 1
C & I Features
See Remarks: 1
Construction
See Remarks: 1
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
Exterior Finish
See Remarks: 1
Terms
1031 Exchange: 1
Cash: 1
Conventional: 1
Foundation
Crawl Space: 1
Flooring
See Remarks: 1
Fuel Tank
None: 1
Green Bldg Features
None: 1
Parking Features
Off Street: 1
Paved: 1
Street Only: 1
Sale/Lease Includes
Buildings: 1
Business: 1
See Remarks: 1
Roof
See Remarks: 1
Lot Description
Other: 1
Road Type/Frontage
Public (City/Cty/St): 1
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
Lot Water Features
None: 1
Cooling
Other: 1
Location
See Remarks: 1
Heating
Other: 1
Water Heater
See Remarks: 1
Utilities
Water Available: 1
See Remarks: 1
Water Source
Municipal Water: 1
Sewer
Municipal Sewer: 1
Financial Info
Financial Info: Yes
Lease Types
See Remarks: 1
BuildingExt Features
SqFt - Heated (Primary): 84340
Status Change Info
Under Contract Date: 2021-11-14
Sold Price: $10,600,000
Sold Date: 2022-01-28
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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