This property on the New Bern Avenue corridor offers an excellent opportunity for an affordable housing conversion. With permitted uses for multi-unit residential development, it is ideally suited for creating studio apartments. Significant capital improvements were completed in 2023, including $700,000 spent on upgrades such as showers, flooring, paint, and furniture, fixtures, and equipment (FFE), ensuring a modern and refreshed foundation. Minimal additional expenses are required to complete the studio apartment conversion, making this a turnkey opportunity for investors or developers.