656 Dr Martin Luther King Jr Blvd - Apartments FOR SALE


Kinston, NC 28501
$719,000 USD
919-366-6263
656 Dr Martin Luther King Jr Blvd, Kinston, NC for Sale
$719,000 USD
Apartments - FOR SALE
1/11
null | Request Cap Rate

656 Dr Martin Luther King Jr Blvd
Kinston, NC 28501


HIGHLIGHTS

  • Prime Investment Opportunity – 10-unit multifamily property in Kinston, ideal for investors seeking stable rental income.
  • Updated Interiors – Recent renovations include new countertops, flooring, and stainless steel appliances, enhancing tenant appeal.
  • Diverse Unit Mix – Features nine 2-bedroom units and one 1-bedroom unit, catering to a broad range of renters.
  • Capital Improvements – New roof installed, with HVAC replacements scheduled as tenants move in, reducing future maintenance costs.
  • Low Operating Expenses – Tenants cover all utilities except landscaping, ensuring cost efficiency for investors.
  • Strategic Location – Close to Downtown Kinston and Grainger Stadium, offering strong rental demand and long-term growth potential.

OVERVIEW

Well-positioned in Kinston, this 10-unit multifamily property offers a strong investment opportunity. The 7,056 SF building consists of nine 2-bedroom units and one 1-bedroom unit, with major renovations completed, including new countertops, flooring, and stainless steel appliances. Additional capital improvements include a new roof, and HVAC replacements are scheduled as tenants move in. The property is actively managed, with a focus on securing long-term leases to ensure stable income. Tenants cover all utilities except landscaping, keeping operating expenses low. Conveniently located near Downtown Kinston and Grainger Stadium, this property is well-positioned for future growth. Leasing efforts are underway to enhance returns, making this a prime opportunity for investors seeking a turnkey, value-add, or long-term hold asset.

FOR SALE DETAILS

PRICE

$719,000 USD

PRICE/SF

$102 USD /SF

# OF UNITS

10

PRICE/UNIT

$71,900

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1901

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

11,980 SF

ZONING

I-1

APN/PARCEL ID

452511651249

ASK ABOUT THIS PROPERTY

Billy GonzalezAlluvium Elite RealtyMore Info
919-366-6263

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Billy GonzalezAlluvium Elite RealtyMore Info
919-366-6263

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.