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1405 Corbett Street A, Wilmington, NC 28401

$5,200,000
Property Type: Comm Sale or Lease Square Footage: 18,576 Lot Size (sq. ft.): 70,132 Status: Closed
Current Price: $5,200,000 List Date: 10/12/2023 Last Modified: 4/12/2024

Overview

Description

Rare opportunity! 6 BRAND NEW Duplexes in downtown Wilmington next to a new home development in Love Grove. You can really see the time and effort the developer/builder/owner put into making and creating this perfect portfolio compound of major cash flow! 6 Duplexes which breaks down to be 12, 4 bedroom 2 bath units with 1,548 Sqft per unit for a total of 18,576 sqft, 48 bedrooms, 24 bathrooms. All 6 duplexes are side by side and all in a row on the same street. Each duplex is on its own parcel. Every unit has their own driveway and fenced in backyard. There is also a storage unit in the back of every unit. Granite counter tops, stainless steel appliances water proof flooring and so many great features. Floor plans reads 1 bedroom down stairs and 3 upstairs. Floor plans and specs are attached to the mls or can be provided upon request. Before closing all properties will be fully occupied with all brand new leases. Each tenant has been handpicked by the owner with long history and track records. Every lease is government backed and guaranteed though Sec8 program. Each tenant had to meet criteria of no previous evictions, no felonies, strong reference from past landlords and wanted to stay at the property for many years after initial lease period. Currently total rental income a month is about 30k or 360k a year! Sec8 has already determined that each lease will have a rent increase going into year 2. This opportunity gives you the chance to own 6 brand new multifamily properties in a fantastic area in one of the fastest growing cities in the country with a even better return. Easy to manage, fully occupied and brand new! Reach out for a private tour or for more information.

Listing Details MLS# 100399637

Contract Info

Available Date
2023-08-12
Delayed Marketing?
No
Marketing Start Date
2023-08-12
Garage
N/A
Auction
No
Listing Price
4194000
List Price/SqFt
225.78
Stipulation of Sale
Standard

Location Information

Street #
1405
Street Name
Corbett
Street Suffix
Street
Unit #
A
County
New Hanover
State/Province
NC
Zip Code
28401
City Limits
Yes
Marketing City
Wilmington
Subdivision
Love Grove
Secondary Subdivision
N/A

Remarks and Showing

Directions to Property
From Hwy 17 N to Wilmington. Take the exit toward Ilm Int'l Airport from US-74 E/Martin Luther King Jr Pkwy. Follow One Tree Hill Way and Love Grove Memorial Bridge to Creekfront Dr
Sign on Property
No

Building Info

New Construction
Yes
Presale
No
Est. Complete Date
2023-08-14

BuildingExt Features

SqFt - Heated (Primary)
18576

Legal and Taxes

Tax Assessed Value
129700
Deed Book
6576
Deed Page
801
Legal
Lot 2 Blk 10 Love Grove
Broker Owner
No
PID
R04806-006-012-000
Tax Identifier
R04806-006-012-000
Total Real Estate Property Taxes
1102.45
Special Assessments
none
Tax Year
2022
Year Built
2023
Zoning
R-3
Cobra Zone
No
Plat Book
No
Plat Page
No

More Information

Status Change Info

Under Contract Date
2023-12-21
Sold Date
2024-04-12
Is Construction Complete?
Yes

Building/Ext Features

Lot Acres
1.61
Lot SqFt
0
Lot Dimensions
Irregular
Location Type
Mainland

Sale/Lease Includes

Buildings
Yes

Heating System Fuel Source

Electric
Yes

Property Features

Heating System Fuel Source: Electric
Listing Office: Keller Williams Innovate-Wilmington
IDX
Last Updated: April - 12 - 2024
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