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Coastal Park – 72 Units

UNDER CONTRACT

1870 Weeksville Road


27909

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Property Id : 29108
acres: 20.77
Year Built: 1976
Units: 72
Floors No: 2

About this property

Waterstone Multi-Housing Advisors is pleased to present Coastal Park Townehomes, a 72-unit townhome style apartment community located in Elizabeth City, NC.   This property offers 55 3-BR/2.5 BA and 17 4-BR/2.5 BA large units with each unit also containing a “bonus room”.

Elizabeth City, located along the banks of the Albemarle Sound in Northeastern NC, is a recent member of the Port of Virginia Foreign Trade Zone (FTZ) and home to the largest US Coast Guard station in the entire nation. Elizabeth City has been named one the “100 Best Small Towns in America” and is ranked by Money Magazine as “one of the best places to live on the East Coast”.

Some of the major employers in Elizabeth City include: Sentara Albemarle Medical Center, DynCorp (Formerly DRS), Moneysworth, Hoffler Flow Controls, TCOM, Jones Lumber Company and Hockmeyer Equipment Corporation.

Coastal Park Townhomes previously was a Coast Guard base housing complex. The property was remodeled in 2017 and a variety of amenities were added. This property offers an investor a unique opportunity to acquire a stabilized asset with strong cash flow while also allowing the opportunity to raise rents with strategic capital improvements. The amenities include a large playground, a basketball court and a gazebo for picnics.  Each townhome also includes a storage shed, patio and a covered carport. Each tenant can add WiFi and CATV for an extra $50 per month.   Also of note, this is the only 100% gated community with 24/7 camera surveillance within a 60 mile radius.

This property is located one mile from Elizabeth City State University, two-and-a-half miles from downtown Elizabeth City, two-and-a-half miles from the airport and one mile from the US Coast Guard station.

Investment Highlights:

  • Below market rents with opportunity to immediately raise rent with strategic improvements
  • Assumable Freddie Mac loan in place for +/- $4,821,232.06 with 30 year Am and 20-year term at 5.02%.
  • Current Occupancy 92%
  • Unique 3 & 4 bedroom units

Amenities:

  • Fully-gated community
  • Video security system
  • Playground
  • Basketball Court
  • Gazebo with grilling station
  • Covered individual parking spots

 

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Amenities and Features

Other Features
Basketball Court
Carport
Gated Community
Picnic Area
Playground
Video Security
Washer/Dryer Connection

Map

John Bergin

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