16 unit 4 Multifamily Properties Offered at $2,400,000 in Havelock, NC

Rare opportunity to own four quadplexes (16 units) one mile from the world's largest Marine Aire Base. Craven county and the city of Havelock NC is home to Cherry Point Marine Air base, Craven County Community College and NC State Engerineering School. The Havelock area has a 49,000 base related population including military, military contractors and retired military. This is a great central location just minutes from New Bern, Morehead City and Atlantic Beach. Eastern NC is experiencing high growth rates from coastal migration, mild winter weather, low taxes and low energy prices. There are massive infrastructure improvements taking place between New Bern and Havelock. In addition, state highway 70 is being replaced by highway 42, cutting the travel time from Raliegh from 2 1/2 hours to 2 hours.
Executive Summary: Huge rental demand from Cherry Point Marine Air base. Zero vacancy / 100% occupancy. These are well maintained and highly upgraded buildings. Three of four buildings have new Vinal windows and electrical panel boxes. All carpet has been removed and replaced with LVP flooring. All ceilings have been scrapped, no popcorn. Each building entrance has an awning and solar motion lights. Major asphalt renewal, striping and seal coat was done in 2024. Privacy panels have been installed between ground floor patios. New light fixtures and hardware installed. Bedrooms have ceiling fans. All units have washer dryer hook up in the units.
Financial Summary: Asking sale price $2,400,000 Gross rent $145,000 100% occupancy. Actual rents are between $875 and $900 per month. All rents going to $900 per month min. PSF $200, Price per door $150k. Price per building $600k Assessed at $225k for taxes per building.
Property Facts: 4 buildings. Each is exactly the same. 4 units, two stories. each apartment is approx. 700sf Each building is 3324sf Each apartment is 2 bedrooms and 1 bath w washer dryer hook ups in the unit. Each apartment has a balcony or a patio with a separate rear door. All apartments are light and bright with two windows in the living area, one window in each bedroom and kitchen. In addition, each apartment has a glass door going to the balcony or patio. Most HVAC have been replaced. 6 parking spaces per building min. Built in 1980. Vinal siding with brick front. Property has professional property management @ 9% of rent.