1005 Raleigh Street Elizabeth City, NC 27909

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.