713 Chestnut StWilmington, NC 28401

Property Details for 713 Chestnut St

Year built

1870

Lot size

0.08 AC

Property size (Sq ft)

2,811 SF

Property type

Apartment buildings

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

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