For Sale
$639,000

713 Chestnut StWilmington, NC 28401

Prime location, high occupancy, strong income.

Overview

Added:
Dec 11, 2024
Days on market:
113
This charming 2-story, 2,811 square foot apartment building at 713 Chestnut Street in Wilmington, NC, presents a compelling investment opportunity. Built in 1870 and extensively renovated in 2022, this Class B property boasts three units: two two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit. Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $46,600, and a projected NOI of $38,893, this property offers a 6.00% cap rate. The asking price is $639,000. Situated on a 0.08-acre lot in the Historic District, near downtown and the Soda Pop District, this property offers convenient access to local amenities. The building features 1,956 square feet of net rentable space and includes two off-street parking spaces. Each unit has its own electric and gas meter, simplifying utility management. The property is zoned HD-R and offers potential for future rent increases. This multifamily property presents a strong income-producing investment or the possibility of conversion back to a single-family residence. The property's APN is R04817-011-009-000 and is owned by Scott W Woehr LLC.

Highlights

  • Prime location near downtown and the Soda Pop District.
  • Significant rental upside potential.
  • Ample off-street parking available.
  • Individual utility meters for each unit.
  • Proven income-generating property.

Property Details for 713 Chestnut St

Property type
Apartment buildings
Square Feet
2,811 SF
Class
B
Year Built/Renovated
1870/2022
Buildings
1
Stories
2
Lot Size (sq. ft)
3,485 SF
Units
3

Location Insight

City
Wilmington
County
New Hanover
State
North Carolina
Latitude
34.2384382
Longitude
-77.940378
713 Chestnut St, Wilmington, North Carolina

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713 Chestnut St
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