713 Chestnut StWilmington, NC 28401
- Residential income properties
- 2,811 SF
Property Details for 713 Chestnut St
- Year built
- 1870
- Lot size
- 0.08 AC
- Property size (Sq ft)
- 2,811 SF
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
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.
Location Insight
- City
- Wilmington
- County
- New Hanover
- State
- North Carolina
- Latitude
- 34.2384
- Longitude
- -77.9404
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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