305 Church St Elizabeth City, NC 27909-4849

This 20-unit apartment building in Elizabeth City, NC, presents a compelling redevelopment opportunity. Located in a Qualified Opportunity Zone, this three-story, 1900-built property offers significant potential for value-add. The current configuration includes sixteen one-bedroom/one-bath units and four two-bedroom/one-and-a-half-bath units, averaging $2.41 per square foot in rent. Sitting on a 0.46-acre lot at 305 E Church St, the property boasts a strong NOI of $199,540 and an 8.77% cap rate, with an asking price of $595,000 ($29,750 per unit). Elizabeth City's revitalized downtown area, proximity to major employers (Coast Guard, Sentara Albemarle Medical Center, Elizabeth City State University), and its location less than 45 minutes from the Hampton Roads VA MSA and an hour from the Outer Banks, contribute to a promising investment outlook. The property's location within walking distance of restaurants, retailers, and entertainment venues further enhances its appeal. This project offers investors the chance to capitalize on the growing Elizabeth City market and benefit from Opportunity Zone tax advantages while providing residents with updated, modern living spaces in a historic setting. The property's strong current NOI and the potential for significant rent increases after redevelopment make this a highly attractive investment.