Located in the quaint North Carolina beach town of Beaufort is Beaufort Village Condominiums… a luxury apartment/condominium community made up of 28 high end townhomes situated less than a half mile from the Atlantic Ocean by way of Turkey Creek and Shackleford Slue . The neighborhood features 24 two bedroom, one-and-a-half-bath units and 4 three bedroom, three-and-a-half-bath units. While the community is currently owned in its entirety by an individual and managed as an apartment complex, all units are individually tax parceled and can be sold as individual condominiums. Based on current data provided by the top producing residential real estate firm in Carteret county, Mary Cheatham King Real Estate, selling each unit individually would afford a gross sale price of $5,420,000 on the low end and $6,220,000 on the high end. With a minimum purchase price of $3,000,000, acquiring Beaufort Village should be viewed as a short term equity growth play. Please see the due diligence document entitled “Market Sales Price Estimate” for additional detail and contact information for Mary Cheatham King Real Estate. Improved collections and minor adjustments to the current expense model should produce a 7% stabilized Cap Rate in the short term.
RENOVATION HISTORY
In 2007 all 24 of the late 70’s built 2 bedroom townhomes were completely gut renovated with:
Granite Countertops
Stainless Steel Appliances
Upgraded Cabinetry
Hardwood Flooring On First Floor
Tile Flooring In All Baths
Fireplace
Washer/Dryer
Also in 2007, 4 new three bedroom, three-and-a-half bath townhomes were constructed (in the form of two duplexes) bringing the site unit total to 28. In addition to the upgraded feature package listed above, the bedrooms are larger and include a kitchen island, whirlpool garden tub, outdoor decks, and a one car garage per unit.
