3 Fully Leased Rental Houses Kinston, NC

Multi-Family for Sale
Catylist Listing ID: 30317752
Number of Units: 3 Units
Building Size (RSF): 3,368 SF
Sale Price: $179,000
Unit Price: $59,666.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 9.02%
Last Updated: 12/6/2018

Overview / Comments

Great investment opportunity for someone looking for a fully leased turnkey investment.

Three single family residential homes that have recently been renovated with tenants and management in place in Kinston, NC. There is a shortage of solid rentals in this market and these are ready to go.

Properties are located at 1114 Harper Drive, 1504 Howard St and 207 Pierce Dr. Kinston, NC.

Current owner has spent almost $27,000 in capital improvements to these properties in 2017 and 2018.

Properties are fully leased and generating approximately $16,140 in annual NOI, providing a very attractive cash on cash return.

Redidential property disclosures and mineral rights disclosures available, see listing agent for details.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $2,192 (Annual)
Potential Rental Income $24,540 (Annual)
Gross Operating Income $22,086 (Annual)
Net Operating Income $16,140 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Kinston
County: Lenoir
Taxing Authority: Lenoir County
Tax ID/APN: 4525-28-6918 4536-00-6490 4526-41-2482
Zoning: RA6
Percent Occupied: 100%
Property Condition: Average
Year Renovated: 2017

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,094 22,322 32,496
Median Age: 43.88 42.89 42.26
Households: 4,779 9,558 13,628
The information presented herein is provided as is, without warranty of any kind. Neither Cape Fear REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.