620 13Th StWilmington, NC 28401

Property Details for 620 13Th St

Year built

1938

Lot size

0.28 AC

Property size (Sq ft)

1,012 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a three-unit single-family rental portfolio ideally situated in Wilmington, North Carolina. The portfolio comprises three separate buildings, each a single-story structure, totaling 1,012 square feet on a 0.28-acre lot. Built in 1938, the properties are classified as Class C and offer a compelling value proposition with an asking price of $785,450, translating to a price per square foot of $776.14 and a price per unit of $261,816.67. The portfolio currently boasts 100% occupancy, generating a substantial annual rental income of $49,200, resulting in a strong 6.00% capitalization rate. The properties are zoned R-5 and located at 620 S 13th St, Wilmington, NC 28401, in close proximity to downtown Wilmington. The unit mix includes one 3-bedroom/2-bathroom unit and two 2-bedroom units (one with 2 baths, one with 1 bath). This portfolio presents a unique chance for investors to acquire a well-performing rental property with significant potential for increased profitability through renovations and strategic remarketing. The property's location and existing rental income stream make it an attractive investment opportunity in a growing market. The APN is R05410-008-017-000.

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.228

Longitude

-77.932

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