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402 S Water Street

Elizabeth City, NC 27909
  • $169,000
  • STATUS: Active
  • ON SITE: 99 Days
  • MLS #: 100427114
UPDATED: 83 min ago
$169,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
N/A
Type:
Commercial
Built:
1915
County:

School Ratings & Info

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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Mid Carolina MLS logo© 2024 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS. Data last updated 2024-05-22T18:58:47.983.
www.yourcoastalnchome.com/homes/147559051
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402 S Water Street Elizabeth City, NC 27909

  • Price: $169,000
  • Status: Active
  • On Site: 99 Days
  • Updated: 83 min ago
  • MLS #: 100427114
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1915
Built
Neighborhood:
N/A
County:
Pasquotank
Area:
Elizabeth City
Property 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%.
Exterior Features

Construction Brick/Stone Exterior Finish Brick Location Cent Business DistrictHistoric District Location Type Mainland Lot Dimensions 50' w by 180' l Lot Water Features Second Row Parking Driveway Additional ParkingAttachedParking Lot Road Type Frontage 2 - 3 LanesPublic (City/Cty/St) Roof See Remarks

Interior Features

Cooling System None Heating System None Sq Ft Apx Total 4400.00 Sq Ft Total Available 8800.00 Sq Ft Warehouse 4400.00

Property Features

Airport Less than 5 Miles City Limits Yes Cobra Zone Yes Commercial Sub Type Bed and BreakfastMixed UseRetail County Highway Less than 5 Miles County Taxes 974.09 Current Use1 Vacant Federal Flood Ins Avlbl Yes Frontage Type ICW FrontRiver Front Hoa YN No Interstate 11 - 15 Miles New Construction No Port 16+ Miles Possession At Closing Property Taxes 1997.71 Rail Less than 5 Miles Real Estate Taxes 1997.71 Sale Lease Includes BuildingsLand Sale Or Lease Sale State Highway Less than 5 Miles Stipulation Of Sale None Tax Year 2022 Terms 1031 ExchangeCashConventional Water Sewer Community Sewer AvailableCommunity Water Available Zoning CB



Mid Carolina MLS logo Listing information © 2024 NCRMLS
Listing courtesy of Alex Rich of Rich Company: (252) 338-5432.


Mid Carolina MLS logo© 2024 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS. Data last updated 2024-05-22T18:58:47.983.
 
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110 Dungannon Blvd, Suite 100
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