Multifamily Apartment
For Sale
$2,695,827
1005 Raleigh Street, Elizabeth City, NC 27909
Commercial Sale, Elizabeth City, NC
Property Size21,500 SF
Lot Size2.86 Acres
Price / SF$125.39
Days on Market208
Property Features for 1005 Raleigh Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
AD and R-8
Parking
46
Parking features
Off Street, Parking Lot
Directions
Turn on Park Street from Southern Ave. and 1110 Park Street will be on your left as you approach the intersection of Park and Raleigh Street. To access the Raleigh Street property, turn left at the intersection of Raleigh and Park Street, and the driveway will be the third property on your left.
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
Legal Description
Raleigh Park Rentals, LLC
Utilities
Heating system
Electric (Heating), Heat Pump (Heating), Forced Air
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 Agency:
Rich Company
(252) 338-5432
Listed By:
Kellen Long · License #362488
(252) 562-8889
Added: Feb 3
Changed: Aug 20
Last Checked: Aug 30 at 2:06AM
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 24-unit apartment portfolio spans three properties totaling approximately 21,500 square feet on 2.86 acres. Units are configured with two bedrooms and one or 1.5 bathrooms, with a mix of one-story accessible layouts and two-story apartments. The property includes four quadplex buildings, a duplex, and a six-unit building. Construction includes cedar, brick, vinyl siding, and wood-frame components, with vinyl and carpet flooring, central air, heat pumps, and electric heating.
Ownership has completed substantial capital work, including three roof replacements within the past 3–4 years, encapsulation and dehumidifier installation at the quadplexes, and replacement of 14 HVAC units. Interior updates include flooring, paint, and appliances. Occupancy is 95.8%, and the property carries a 9% cap rate. The apartment buildings are zoned AD, while an additional parcel is zoned R-8 and subject to a restrictive covenant limiting construction. Public water serves the property.
Ownership has completed substantial capital work, including three roof replacements within the past 3–4 years, encapsulation and dehumidifier installation at the quadplexes, and replacement of 14 HVAC units. Interior updates include flooring, paint, and appliances. Occupancy is 95.8%, and the property carries a 9% cap rate. The apartment buildings are zoned AD, while an additional parcel is zoned R-8 and subject to a restrictive covenant limiting construction. Public water serves the property.
Key Highlights
- 24‑unit apartment portfolio across three properties
- Approximately 21,500 square feet on 2.86 acres
- 95.8% occupied with a 9% cap rate
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
95.8%
Occupancy
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 27909, NC
40,606
Population
17,591
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
90%
High-School Grad
226.9 sq mi
ZIP Area
179
Density / Sq Mi
$64,039
Median Household Income
$40,399
Median Earnings
$1,146
Median Rent
$223,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained apartment portfolio with updated building systems, varied floor plans, and strong 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 apartment portfolio across three properties; Approximately 21,500 square feet on 2.86 acres; 95.8% occupied with a 9% cap rate
