Elizabeth City Multifamily Investment
1005 Raleigh Street, Elizabeth City, NC 27909
MULTI_FAMILY - Elizabeth City, NC
Property size:
21,500 SFLot size:
2.86 AcresPrice / SF:
$125/SF- Added:
- Feb 3, 2026
- Days on Market:
- 108
- Last Refresh:
- May 22 at 5:06 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
- 14956
Utilities
- Heating system
- Heat Pump (Heating), Forced Air, Electric (Heating)
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1990
- Number of units
- 24
- Flooring type
- Carpet, Vinyl
- Building materials
- Cedar, Brick, Vinyl Siding
- Roof type
- Shingle
Listing agent Kellen Long License #362488 (252) 562-8889
Listing office Rich Company 204 S Poindexter St., Elizabeth City, NC (252) 338-5432
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.
HighLights
- High 9% Cap Rate: Provides a strong return on investment.
- Significant Capital Improvements: Recent roof replacements, encapsulation, HVAC upgrades, and interior renovations minimize immediate maintenance concerns.
- High Occupancy Rate: Currently 95.8% occupied, indicating strong tenant demand and consistent income.
- Strong Income Potential: Generates approximately $309,600 in gross annual income, with projected gross income of $324,600 at full occupancy.
- Multi‑Family Portfolio: Includes 24 units across three properties, offering diversification and scale.
- Zoning Allows for Expansion: Apartment District (AD) zoning potentially allows for the construction of additional units with city approval.
Overview
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Elizabeth City
- County
- Pasquotank
- State
- North Carolina
- Longitude
- -76.209361
- Latitude
- 36.290495
Nearby Similar for Sale
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: High 9% Cap Rate: Provides a strong return on investment.; Significant Capital Improvements: Recent roof replacements, encapsulation, HVAC upgrades, and interior renovations minimize immediate maintenance concerns.; High Occupancy Rate: Currently 95.8% occupied, indicating strong tenant demand and consistent income.
