$169,000 $882 est/mo Sourced by Back At You

402 S Water Street,Elizabeth City, NC 27909

Elizabeth City NC, 27909

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Unique opportunity to own and redevelop the Historic former Elizabeth City Milling Company Building near the waterfront of Downtown Elizabeth City, NC. Built in 1915, this two story building has a footprint of 4400 sq ft per floor and an additional 2000 sq ft of land in the front for parking and/or landscaping. Building is built over the Pasquotank River and currently consists of the four exterior walls, an internal wall, and floor joists. No floors or roof are currently on the building. Sellers have two concept pro forma's showing the first and second floor layouts of 8 apartment units consisting of 6 2 bed 2 bath units and 2 1 bed 1 bath units ranging from 571.45 - 1123.49 sq ft with 7100 sq ft of living space and the remainder being common area. The two pro forma's differ in the access being from the front or side. Estimated construction costs are $120,000 per unit and the 1br's should bring $1200/mo and the 2br's should bring $1400/mo for $10,800/mo or $129,600/yr making the year one return on investment projected at 11.4%.


Listing TypeFor Sale
StyleTown House
Days On Site104
Listing Provided ByRich Company | Alex Rich



Market Activity 27909

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Learn More About This Property

CityElizabeth City
Zip Code27909
Community NameN/A
Listing VS Median (in N/A)
low | high
12.721893491124% of Average
On Site:
low | high
100% of Average
Sourced by Back At You
Listing Updated: May 23, 2024 at 2:01:38 PM PDT
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