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    656 Dr Martin Luther King Jr Blvd Kinston, NC 28501

    For Sale
    $689,500

    MULTI_FAMILY - Kinston, NC

    Property size:
    7,056 SF
    Lot size:
    0.28 Acres
    Days on Market:
    79
    Last Refresh:
    Dec 5 at 6:06 pm

    Property Features for 656 Dr Martin Luther King Jr Blvd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    I1
    APN
    452511651249
    Parking features
    Parking Lot, Off Street
    Size
    7,056 SF
    Lot size
    0.28 Acres

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    1921
    Number of units
    10
    Building materials
    Brick

    Fathom Realty NC, LLC Cary (877) 661-1977

    Listing agent Steven David Elliot (919) 830-7540 License #272510

    Listing date Sep 18, 2025

    Copyright © 2025 Hive MLS / Topsail Island Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Kinston Multifamily Investment Opportunity

    This 7,056 square foot, 10-unit multifamily investment property is located in Kinston, North Carolina. The property features nine 2-bedroom units and one 1-bedroom unit. Renovations include updated flooring, modern countertops, and stainless steel appliances in units. The previous owner installed a newer metal roof. HVAC systems are being replaced as new tenants are secured. Tenants are responsible for all utilities except landscaping. The property is professionally managed with a focus on tenant retention and long-term stability. It is located approximately one hour from Raleigh and 30 minutes from Goldsboro and Seymour Johnson Air Force Base. The property is also located minutes from Downtown Kinston and Grainger Stadium. The property offers a 10% cap rate potential with continued leasing progress and ongoing lease-up provides both current income and upside opportunity. This property is located in a growing rental corridor and may appeal to both seasoned and emerging investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Kinston
    County
    Lenoir
    State
    North Carolina
    Longitude
    -77.572288
    Latitude
    35.267338

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    FAQs

    What type of property is this?
    Apartment building - Established 10-unit multifamily property with value-add potential in Kinston.
    Where is this apartment building located?
    The property is located at 656 Dr Martin Luther King Jr Blvd Kinston, NC.
    What is the asking price?
    The asking price for this property is $689,500.
    What are key features of this property?
    This property features: - High 10% Cap Rate Potential: Delivers a solid return on investment; - Turnkey Renovations: Updated flooring, modern countertops, and stainless steel appliances; - Strong Rental Demand: Proximity to Seymour Johnson Air Force Base and other employment centers
    (919) 830-7540
    Request Owner's contact information
    656 Dr Martin Luther King Jr Blvd Kinston, NC 28501
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    Kinston, NC 28501
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    656 Dr Martin Luther King Jr Blvd Kinston, NC 28501
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