1834 Wilmington Hwy, Unit 100 Jacksonville, NC 28540-3383

Property Details for 1834 Wilmington Hwy

Year built

1988

Lot size

4.45 lot acres

Property size

1,800 SF

Zone code

CC

Property type

Commercial real estate

APN

1440

APU

1440

Description

Osprey Cove South, a 228-unit apartment building in Jacksonville, North Carolina, presents a compelling value-add investment opportunity. Built in 1970, this two-story complex boasts a total of 165,544 square feet. Located at 1834 Wilmington Hwy, Jacksonville, NC 28540, the property benefits from its proximity to major employers and retail corridors, ensuring strong occupancy potential. Current ownership has invested approximately $2 million in capital expenditures since acquisition, resulting in a well-maintained property with minimal deferred maintenance. A significant value-add program is already underway, with over 85% of the units remaining to be renovated, allowing for substantial rent growth. The current renovation program is already achieving premiums exceeding $225 per unit over comparable units. This presents a rare chance to capitalize on a proven value-add strategy in a thriving market, with significant upside potential for rental income. The property's strong in-place cash flow provides a solid foundation for future growth and return on investment. This is an exceptional opportunity for investors seeking a well-positioned asset with significant upside potential.