$2,695,827
Elizabeth City, NC 27909
MLS# 100552609
21500 sqft
1 / 34
Property Description
Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh St. (892309261179), 1110 Park St. (892309260112), and 0000 Park St. (892309261032). This portfolio includes 24 units, each ranging approx. 800-900 sqft, with a combined building square footage of approx. 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park St. consists of four quadplex buildings. 1005 Raleigh St. includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,250/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $309,600 in gross annual income, with projected gross income of $324,600 at full occupancy based on current rental rates. Significant capital improvements have been completed since the current owners acquired the property in 2017, including, replacement of 3 roofs within the past 3-4 years, with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St., along with the addition of dehumidifiers, 14 HVAC units replaced (7 since 2017 and 7 additional units replaced in 2016 prior to acquisition) and ongoing interior upgrades, including new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, which may allow for additional units to be constructed with site plan and planning approval by the City. The additional residual parcel, 0000 Park St. (Tract 3, DB 1284, DP 477), is zoned R-8 residential and is subject to a restrictive covenant prohibiting the construction of any building or structure the lifetime of the previous owners and 21 years thereafter.
Details
Maps
Contract Info
Status: Active
Delayed Marketing?: No
Marketing Start Date: 2026-02-03
Sub-Type: Multi Family
Garage: N/A
Sale/Lease: Sale
Listing Price: 2695827
Current Price: $2,695,827
List Price/SqFt: 125.39
Stipulation of Sale: Standard
Location Information
Street #: 1005
Street Name: Raleigh
Street Suffix: Street
County: Pasquotank
State/Province: NC
Zip Code: 27909
City Limits: Yes
Marketing City: Elizabeth City
Subdivision: N/A
Geo Lat: 36.290495
Geo Lon: -76.209361
Remarks and Showing
Directions to Property: Turn on Park Street from Southern Ave. and 1110 Park Street will be on your left as you approach the intersection of Park and Raleigh Street. To access the Raleigh Street property, turn left at the intersection of Raleigh and Park Street, and the driveway will be the third property on your left.
Sign on Property: Yes
Building Info
New Construction: No
BuildingExt Features
SqFt - Heated (Primary): 21500
Legal and Taxes
Tax Assessed Value: 1236000
Deed Book: 1284
Deed Page: 472
Legal: Raleigh Park Rentals, LLC
Broker Owner: No
PID: 892309261179
Tax Identifier: 892309261179
Plat Book: DB 480, DP 957 and DB 514, DP 475
Plat Page: DB 480, DP 957 and DB 514, DP 475
Total Real Estate Property Taxes: 14955.6
Special Assessments: N/A
Tax Year: 2026
Year Built: 1990
Zoning: AD and R-8
HOA: No
Cobra Zone: No
Federal Flood Ins Avlbl: Yes
Financial Info
Gross Income: 309600
Cap Rate %: 9
Real Estate Taxes: 14955.6
Insurance Expense: 27000
Management Fee: 30960
Property Features
Business Type: Other
Basement: None
Construction: Wood Frame
Exterior Finish: Brick; Vinyl Siding; Cedar
Flooring: Carpet; Vinyl
Foundation: Block; Slab
Fuel Tank: None
Parking Features: Asphalt; Off Street; On Site; Parking Lot; Paved
Roof: Shingle
Current Use: Multi-Family; Residential
Location: Residential
Cooling: Central Air
Heating: Forced Air; Heat Pump
Heating System Fuel Source: Electric
Water Heater: Electric
Utilities: Electricity Connected; Sewer Connected; Water Connected
Sewer: Municipal Sewer
Water Source: Municipal Water
Terms: 1031 Exchange; Cash; Conventional
Lease Types: Gross
Listing Office: Rich Company
Last Updated: March - 13 - 2026
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