942 Bonham AveWilmington, NC 28403

Property Details for 942 Bonham Ave

Year built

1991

Construction

WOOD FRAME

Lot size

0.64 AC

Property size (Sq ft)

5,796 SF

Zone code

MF-M,MULTI FAM MED DEN

Property type

Garden apartment buildings

APN

R05514-001-024-000

APU

R05514001024000

Description

This exceptional 11-unit apartment building, located at 942-944 Bonham Avenue in Wilmington, North Carolina, presents a compelling investment opportunity. The property boasts 11,534 square feet across two, two-story buildings, situated on a 0.65-acre lot. Built in 1991 and extensively renovated in 2019 and 2021, this Class B multifamily complex offers 11 townhome units, each approximately 1,000 square feet with two bedrooms, two full bathrooms, a powder room, private entry, outdoor patio, and off-street parking. Currently operating at 100% occupancy (as of January 26, 2024), the property generates a substantial net operating income (NOI) of $149,690, yielding a 6.00% capitalization rate. The asking price is $2,495,000, translating to $216.32 per square foot and $226,818.18 per unit. The property benefits from 25 parking spaces and is zoned MF-M, offering potential for future development. Its prime location in Wilmington's midtown area provides easy access to downtown Wilmington, UNCW, CFCC, shopping, entertainment, medical services, public transportation, and beaches. The property is professionally managed, ensuring a turnkey experience for the new owner. Rents are currently stabilized, presenting opportunities for future rent increases. Financial details are available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $1,988,920

  6.5%

  $1,835,920

  7%

  $1,704,790

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,795,160

  Geo Method

  $1,556,580

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $3,177,740

  Retail / Commercial

  $1,573,910

  Mixed-Use / Specialty

  $1,524,470

  Hospitality / Lodging

  $1,061,390

  Office

  $1,469,760

  Institutional / Educational

  $1,569,170

  Multifamily

  $2,444,900

  Automotive / Energy

  $1,345,000

  Parking / Income-Based Land

  $507,447

  Restaurant / Food Service

  $699,344

  Healthcare / Senior Housing

  $1,608,260

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.2204

Longitude

-77.894

CBSA code

48900

CBSA name

WILMINGTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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