Turnkey 20-Unit Apartment
For Sale
$2,950,000
2322 Indian Drive, Jacksonville, NC 28546
Turnkey 20-unit complex with multiple new HVAC systems and a roof about 4 years old, with rents being raised.
Property Size13,040 SF
Price / SF$226.23
Days on Market169
Property Features for 2322 Indian Drive
General Information
Standard status
Active
Size
13,040 SF
Property subtype
Commercial
Zoning
Rmf-Hd
Additional Details
Cap Rate
10%
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$12,312
Amenities
No
Yes
0.83
Irregular
13040.0
Building Details
Year Built
1985
Listing Agency:
Munroe Properties
(843) 301-0013
Listed By:
Laurie King
(434) 282-4433
Source:
Baystreetrealtygroup
Added: Apr 24
Changed: Oct 6
Last Checked: Oct 7 at 9:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Munroe Properties
Investment Insights
Based on property information with market context.
A turnkey 20-unit apartment complex at 2322 Indian Drive in Jacksonville, NC, offered for sale with income already in place. The property is described as well-maintained and updated, including many new HVAC systems and a newer roof that is about 4 years old. Units are reported to have spacious layouts with full kitchens, appliances, and in-unit washers and dryers.
The current rent plan is being adjusted upward to $1,100–$1,250 per unit, with 7 units already leased at the new rates. The seller projects approximately $280,000 per year in income once all leases are adjusted.
As presented in the materials, the complex is intended for straightforward operation, with a professional management team already in place, and the option to manage it yourself to reduce management fees. The remarks also indicate expected cap-rate performance in the 9–10% range as positioned, with additional room for rent increases described as the local market continues to grow.
The current rent plan is being adjusted upward to $1,100–$1,250 per unit, with 7 units already leased at the new rates. The seller projects approximately $280,000 per year in income once all leases are adjusted.
As presented in the materials, the complex is intended for straightforward operation, with a professional management team already in place, and the option to manage it yourself to reduce management fees. The remarks also indicate expected cap-rate performance in the 9–10% range as positioned, with additional room for rent increases described as the local market continues to grow.
Key Highlights
- 20‑unit apartment complex built in 1985 in Jacksonville, NC
- Rents being raised to $1,100–$1,250 per unit; 7 units are already leased at the new rates
- Roof is about 4 years old; property has multiple new HVAC systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$118,553
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,371,060
$2.4M
Cap Rate 7%
$1,693,614
$1.7M
Cap Rate 9%
$1,317,256
$1.3M
Market Conditions
NOI Build-Up for 13,040 SF
Gross rent
$226.9K $17.40/SF
− Vacancy
−$11.3K −$0.87/SF
EGI
$215.6K $16.53/SF
− OpEx
−$97.0K −$7.44/SF
NOI
$118.6K $9.09/SF
Area
Onslow County, NC
Vacancy
5.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,371,060
Cap Rate 7%
$1,693,614
Cap Rate 9%
$1,317,256
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.98M
NOI $118,553 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,291 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
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Business Placement
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 20-unit complex with multiple new HVAC systems and a roof about 4 years old, with rents being raised.
Where is this apartment building located?
The property is located at 2322 Indian Drive Jacksonville, NC.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 20‑unit apartment complex built in 1985 in Jacksonville, NC; Rents being raised to $1,100–$1,250 per unit; 7 units are already leased at the new rates; Roof is about 4 years old; property has multiple new HVAC systems
