942 Bonham Ave Wilmington, NC 28403
- Garden apartment buildings
- 5,796 SF
- 0.64 lot acres
Current Use by Public Records
- Susan G. Novello, LPC / Counselor
Property Details for 942 Bonham Ave
- Year built
- 1991
- Construction
- WOOD FRAME
- Lot size
- 0.64 lot acres
- Property size
- 5,796 SF
- Zone code
- MF-M,MULTI FAM MED DEN
- Property type
- Garden apartment buildings
- APN
- R05514-001-024-000
- APU
- R05514001024000
Description
This exceptional 11-unit apartment building, located at 942-944 Bonham Avenue in Wilmington, North Carolina, presents a compelling investment opportunity. The property boasts 11,534 square feet across two, two-story buildings, situated on a 0.65-acre lot. Built in 1991 and extensively renovated in 2019 and 2021, this Class B multifamily complex offers 11 townhome units, each approximately 1,000 square feet with two bedrooms, two full bathrooms, a powder room, private entry, outdoor patio, and off-street parking. Currently operating at 100% occupancy (as of January 26, 2024), the property generates a substantial net operating income (NOI) of $149,690, yielding a 6.00% capitalization rate. The asking price is $2,495,000, translating to $216.32 per square foot and $226,818.18 per unit. The property benefits from 25 parking spaces and is zoned MF-M, offering potential for future development. Its prime location in Wilmington's midtown area provides easy access to downtown Wilmington, UNCW, CFCC, shopping, entertainment, medical services, public transportation, and beaches. The property is professionally managed, ensuring a turnkey experience for the new owner. Rents are currently stabilized, presenting opportunities for future rent increases. Financial details are available upon request.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,455,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,975,000
- 6.5%
- $1,855,000
- 7%
- $2,065,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,265,000
- Geo Method
- $2,045,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,010,000
- Retail
- $1,720,000
- Mixed-Use
- $1,960,000
- Hospitality
- $1,855,000
- Educational
- $2,035,000
- Residential Income
- $1,935,000
- Energy
- $1,830,000
- Income-Based Land
- $1,685,000
- Food Service
- $1,710,000
Location Insight
- Map
- Local Demand
- City
- Wilmington
- County
- New Hanover
- State
- North Carolina
- Longitude
- -77.894
- Latitude
- 34.2204
- CBSA code
- 48900
- CBSA name
- WILMINGTON, NC METROPOLITAN STATISTICAL AREA
