605-609 Nixon ST Wilmington, NC 28401
36 Beds
12 Baths
12,000 SqFt
UPDATED:
10/14/2024 09:20 AM
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Pending
Purchase Type For Sale
Square Footage 12,000 sqft
Price per Sqft $199
Subdivision Downtown
MLS Listing ID 100443909
Style Wood Frame
Bedrooms 36
HOA Y/N No
Originating Board North Carolina Regional MLS
Year Built 1988
Lot Size 0.700 Acres
Acres 0.7
Lot Dimensions Irregular
Property Description
Rents on five of the units are subsidized with housing vouchers through the Wilmington Housing Authority. The Housing Authority recently approved a currently vacant unit for an 18% rent increase, the seller is in the process of having three others approved at the same rate. The opportunity for future similar increases on the remaining units at lease renewal and turnover provides a generous value add. The tenants are responsible for electric, water, sewer and cable.
The property is located adjacent to the popular Brooklyn Arts District in Downtown Wilmington, NC. The immediate area offers access to public parks, medical care, pharmacy, transportation, restaurants and entertainment. The Wilmington MSA is one of the fastest growing in North Carolina--encompassing New Hanover, Brunswick and Pender Counties. Demand for affordable housing is outpacing supply by a wide margin throughout the region, supporting this offering as a durable investment.
Location
State NC
County New Hanover
Community Downtown
Zoning R-3
Direction N 4th St to Nixon St, property on the left
Interior
Interior Features Wash/Dry Connect, Ceiling Fan(s)
Heating Electric, Forced Air, Heat Pump
Cooling Central Air
Fireplaces Type None
Fireplace No
Exterior
Exterior Feature Balcony
Garage Parking Lot, Lighted, Off Street, On Site, Paved
Waterfront No
Roof Type Architectural Shingle
Porch Patio
Building
Lot Description Corner Lot
Story 2
Entry Level Two
Foundation Slab
Structure Type Balcony
New Construction No
Schools
Elementary Schools Snipes
Middle Schools Williston
High Schools New Hanover
Others
Tax ID R04809-013-008-000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition None
