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    Elizabeth City Multifamily Investment Opportunity

    1005 Raleigh Street Elizabeth City, NC 27909

    1005 Raleigh Street, Elizabeth City, NC, 27909
    $2,695,827
    For Sale
    Claim this Listing
    $2,695,827

    MULTI_FAMILY - Elizabeth City, NC

    Property Size21,500 SF
    Lot Size2.86 Acres
    Price / SF$125.39
    AddedFeb 3
    Days on Market163
    Last RefreshJul 16 at 1:06 am

    Property Features for 1005 Raleigh Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    AD and R-8
    Parking
    46
    Parking features
    Parking Lot, Off Street
    Standard status
    Active
    APN
    892309261179
    Size
    21,500 SF
    Lot size
    2.86 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    Raleigh Park Rentals, LLC
    Tax Annual Amount
    19899

    Utilities

    Heating system
    Electric (Heating), Forced Air, Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1990
    Number of units
    24
    Flooring type
    Vinyl, Carpet
    Building materials
    Cedar, Brick, Vinyl Siding, Wood Frame
    Roof type
    Shingle

    Listing agent Kellen Long License #362488

    Listing office Rich Company 204 S Poindexter St., Elizabeth City, NC

    Listing date Feb 3, 2026

    MLS# 100552609

    Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Investment Insights

    Based on property information with market context.

    This multi-family apartment complex presents a unique investment opportunity, boasting a 9% cap rate. At full occupancy, the Net Operating Income (NOI) is $243,704.40. The complex comprises three properties: 1005 Raleigh St., 1110 Park St., and 0000 Park St., totaling 24 units. Each unit ranges from approximately 800 to 900 square feet, with a combined building area of approximately 21,500 square feet. All units feature 2 bedrooms and either 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. The property at 1110 Park St. includes four quadplex buildings, while 1005 Raleigh St. features one duplex and one six-unit building. The complex is currently 95.8% occupied, with one vacant unit actively marketed at $1,250 per month. Current rents range from $1,000 to $1,300 per month. The property generates approximately $309,600 in gross annual income at current occupancy, with a projected gross income of $324,600 at full occupancy based on current rental rates. Significant capital improvements have been completed since 2017, including the replacement of 3 roofs within the past 3-4 years with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St. with the addition of dehumidifiers, and the replacement of 14 HVAC units (7 since 2017 and 7 in 2016). Ongoing interior upgrades include new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, potentially allowing for additional units with site plan and planning approval. The residual parcel at 0000 Park St. is zoned R-8 residential and is subject to a restrictive covenant.

    Key Highlights

    • 24‑unit multi‑family portfolio with approx. 21,500 sq ft total building area across 1005 Raleigh St., 1110 Park St., and 0000 Park St.
    • Unit mix: all units have 2 bedrooms; 1 or 1.5 bathrooms; several one‑story units offer handicap accessibility.
    • Current occupancy is 95.8% (1 vacant unit); vacant unit is listed at $1,250/month; current rents range from $1,000-$1,300/month.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Building Supply Bakery (Bike/Boat/Book/etc) Store Garden Center Big Box & Wholesale Store Computer & Electronic Repair Electrical Service Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained apartment complex with 24 units and high occupancy.
    Where is this apartment building located?
    The property is located at 1005 Raleigh Street Elizabeth City, NC.
    What is the asking price?
    The asking price for this property is $2,695,827.
    What are key features of this property?
    This property features: 24‑unit multi‑family portfolio with approx. 21,500 sq ft total building area across 1005 Raleigh St., 1110 Park St., and 0000 Park St.; Unit mix: all units have 2 bedrooms; 1 or 1.5 bathrooms; several one‑story units offer handicap accessibility.; Current occupancy is 95.8% (1 vacant unit); vacant unit is listed at $1,250/month; current rents range from $1,000-$1,300/month.
    Contact an agent
    (252) 562-8889
    We can help!
    Contact an agent
    Kellen Long
    Real Estate License ID: 362488
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