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
Status: Closed
Effective Date: 2021-08-03
Delayed Marketing Date (DM): 2021-08-03
Sub-Type: Multi-Family
Garage: N/A
Space: No
Sale/Lease: Sale
Auction: No
Listing Price: 11475000
Current Price: $10,600,000
List Price/SqFt: 136.06
Sub Agent Comm $/%: %
Buyer Agent Comm: 1
Buyer Agent Comm $/%: %
Variable Comm: No
Stipulation of Sale: None
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
Geo Lat: 34.222658
Geo Lon: -77.939458
Remarks and Showing
Directions to Property: Multiple sites, Directions upon request.
Sign on Property: No
Building Info
New Construction: No
Building/Ext Features
Lot Acres: 77.42
Lot SqFt: 3372312
Lot Dimensions: vary
SqFt - Heated (Primary): 84340
Location Type: Mainland
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
Status Change Info
Under Contract Date: 2021-11-14
Sold Price: $10,600,000
Sold Date: 2022-01-28
Miscellaneous
Occupancy: 94
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
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
Property Features
Sub-Type: Other
HOA and Neigh Amenities: See Remarks
Attic: None
Basement: None
C & I Features: See Remarks
Construction: See Remarks
Exterior Finish: See Remarks
Flooring: See Remarks
Foundation: Crawl Space
Fuel Tank: None
Green Bldg Features: None
Sale/Lease Includes: Buildings; Business; See Remarks
Parking Features: Off Street; Paved; Street Only
Road Type/Frontage: Public (City/Cty/St)
Roof: See Remarks
Lot Description: See Others
Location: See Remarks
Lot Water Features: None
Cooling: See Remarks
Heating: Other-See Remarks
Water Heater: See Remarks
Utilities: Municipal Sewer; Municipal Water; See Remarks
Terms: 1031 Exchange; Cash; Conventional
Lease Types: See Remarks
Listing Office: Intracoastal Realty Corp
Last Updated: March - 09 - 2022
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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