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WATER ELIZABETH CITY, NC 27909
- Commercial / Rental
Property Details for WATER St, ELIZABETH CITY, NC 27909
Features
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- Construction Type : View Details
- Exterior Walls : View Details
Facts
- Year Built : View Details
- Property ID : View Details
- MLS Number : View Details
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- Property Type : View Details
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Sale Type
This property is offered for rent and/or lease directly by its owner. If you are interested in purchasing this property then you should contact the owner directly.
Description
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%.
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Property Brokerage:
Rich Company
204 S. Poindexter St.
Elizabeth City
NC
27909
Copyright © 2024 NCRMLS/ Albemarle Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
All information provided is deemed reliable, but is not guaranteed and should be independently verified.