1405 Corbett Street A, Wilmington, NC 28401

$5,200,000
Property Type: Comm Sale or Lease Square Footage: 18,576 Lot Size (sq. ft.): 70,132 Status: Closed
Current Price: $5,200,000 List Date: 10/12/2023 Last Modified: 4/12/2024

Description

Rare opportunity! 6 BRAND NEW Duplexes in downtown Wilmington next to a new home development in Love Grove. You can really see the time and effort the developer/builder/owner put into making and creating this perfect portfolio compound of major cash flow! 6 Duplexes which breaks down to be 12, 4 bedroom 2 bath units with 1,548 Sqft per unit for a total of 18,576 sqft, 48 bedrooms, 24 bathrooms. All 6 duplexes are side by side and all in a row on the same street. Each duplex is on its own parcel. Every unit has their own driveway and fenced in backyard. There is also a storage unit in the back of every unit. Granite counter tops, stainless steel appliances water proof flooring and so many great features. Floor plans reads 1 bedroom down stairs and 3 upstairs. Floor plans and specs are attached to the mls or can be provided upon request. Before closing all properties will be fully occupied with all brand new leases. Each tenant has been handpicked by the owner with long history and track records. Every lease is government backed and guaranteed though Sec8 program. Each tenant had to meet criteria of no previous evictions, no felonies, strong reference from past landlords and wanted to stay at the property for many years after initial lease period. Currently total rental income a month is about 30k or 360k a year! Sec8 has already determined that each lease will have a rent increase going into year 2. This opportunity gives you the chance to own 6 brand new multifamily properties in a fantastic area in one of the fastest growing cities in the country with a even better return. Easy to manage, fully occupied and brand new! Reach out for a private tour or for more information.

More Information MLS# 100399637

Building/Ext Features

Lot Acres: 1.61 Lot SqFt: 0 Lot Dimensions: Irregular Location Type: Mainland

Contract Info

Available Date: 2023-08-12 Delayed Marketing?: No Garage: N/A Auction: No List Price/SqFt: 225.78 Stipulation of Sale: Standard Status: Closed Marketing Start Date: 2023-08-12 Listing Price: 4194000 Current Price: $5,200,000

Location Information

Unit #: A City Limits: Yes Marketing City: Wilmington Secondary Subdivision: N/A Street #: 1405 Street Name: Corbett Street Suffix: Street County: New Hanover State/Province: NC Zip Code: 28401 Subdivision: Love Grove Geo Lat: 34.25328 Geo Lon: -77.932007

Remarks and Showing

Sign on Property: No Directions to Property: From Hwy 17 N to Wilmington. Take the exit toward Ilm Int'l Airport from US-74 E/Martin Luther King Jr Pkwy. Follow One Tree Hill Way and Love Grove Memorial Bridge to Creekfront Dr

Building Info

New Construction: Yes Presale: No Est. Complete Date: 2023-08-14

Legal and Taxes

Tax Assessed Value: 129700 Deed Book: 6576 Deed Page: 801 Legal: Lot 2 Blk 10 Love Grove Broker Owner: No PID: R04806-006-012-000 Tax Identifier: R04806-006-012-000 Plat Book: 0 Plat Page: 0 Total Real Estate Property Taxes: 1102.45 Special Assessments: none Tax Year: 2022 Zoning: R-3 Cobra Zone: No Year Built: 2023

Status Change Info

Is Construction Complete?: Yes Under Contract Date: 2023-12-21 Sold Price: $5,200,000 Sold Date: 2024-04-12

Sale/Lease Includes

Buildings: 1

Heating System Fuel Source

Electric: 1

BuildingExt Features

SqFt - Heated (Primary): 18576

Property Features

Heating System Fuel Source: Electric
Listing Office: Keller Williams Innovate-Wilmington
IDX
Last Updated: April - 12 - 2024
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