• 910-346-8218 | Jacksonville NC and the greater Eastern North Carolina area

    910-346-8218 | Jacksonville NC and the greater Eastern North Carolina area
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Investment Property in Onslow County

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Price: $169,000
MLS Number: 100427114
Year Built: 1915
Acres: 0.15
Listing Date: Feb 12, 2024
Sale or Lease: Sale
Pages: 1
1
402 S Water Street, Elizabeth City
$169,000
MLS Number:
100427114
Built:
1915
Listing Date:
Feb 12, 2024
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%.
Address: 402 S Water Street
City: Elizabeth City
State: NC
Zip: 27909
Area: N/A
Lot Size: 0.15 acres
Property Type: Commercial
Sub Type: Bed and Breakfast,Mixed Use,Retail
Sale or Lease: Sale
Heating: None
Cooling: None
Listing Office: Rich Company

Investment Property in Onslow County

Ray Properties is located in Jacksonville, North Carolina and is known for its outstanding service and high level of professionalism in the local commercial market. For more than 20 years, our company has been the preferred choice for people seeking investment property in Onslow County and other parts of coastal North Carolina.

With our vast knowledge of the local real estate industry, our real estate firm has earned an excellent standing and success in the area.

Investment Property In Onslow County

Ray Properties’ Expertise

When it comes to finding investment property in coastal North Carolina, there are few real estate firms that can match the knowledge and expertise of Ray Properties. We have spent over two decades developing and refining our skills in commercial property, and this devotion has paid off. The company is now recognized as a premier real estate firm in the region. One of the things that distinguishes our company from all other real estate firms in the area is our focus on identifying properties with immense upside. Ray Properties are experts at locating properties that meet specific criteria such as high growth potential, appealing locations, robust local economies, and properties with attractive financing options. The company’s extensive knowledge of the coastal region and real estate market is a significant factor in our success.

Our company understands that coastal North Carolina is in constant transition as a result of many people moving to the area annually. As the population grows, so does the real estate industry. Consequently, the company has kept up with this demand as we have been able to meet the needs of businesses looking to move into the area to provied the goods and services that the swelling population requires. Ray Properties’ entrepreneurial nature and custom solutions have enabled Ray Properties to create outstanding value while meeting the needs of our clients.

With the increasing exposure to environmental conservation, many firms are looking to lease or buy commercial properties that have sustainable and eco-friendly features. Ray Properties is at the forefront of these eco-friendly projects, as we help clients find green and sustainable properties to fit their needs. This is a crucial factor that has made Ray Properties an industry leader.

 

Successful Commercial Projects

Ray Properties has been involved in several successful real estate projects in coastal North Carolina. For example, Ray Properties assisted in the development of a thriving mall located in Wilmington, which has numerous businesses, including Harris Teeter, Sephora, T.J.Maxx, and Kohl’s, to mention a few. With Ray Properties’ keen eye for potential, the mall was transformed to a new level and is now an optimal hub for retail businesses.

Another successful project that Ray Properties helped create was the Logistics Park in Brunswick County. This prime location is suitable for industrial companies, warehouses, and other logistics-oriented enterprises due to its 273 acres. Ray Properties ensured that the infrastructure is excellent including accessible rail and shipping access.

Investment Property In Onslow County

You Can Rely On Ray Properties

Ray Properties’ experience in managing investment property in Onslow County has facilitated several companies to relocate and capitalize on the area’s growing business environment. The firm’s devotion to building solid relationships with organizations and interested parties has aided in cultivating trust and assuring reliability in the real estate industry of the region.

With an in-depth understanding of the local property scenario, Ray Properties remains helpful companies in search of the optimal property for company’s business investment.

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