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Multifamily

The Perry Apartments

305 E Church St, Elizabeth City, NC 27909

Listing Price: $595,000

Cap Rate
8.77%
Number of Units
20
GRM
1.78
Price/Unit
$29,750
Price/Gross SF
$29.63
Gross SF
20,081

Investment Overview

Marcus & Millichap is pleased to present The Perry Apartments in Elizabeth City, North Carolina. Located in the heart of downtown Elizabeth City, the property offers an investor the opportunity to redevelop an existing historic building into 20 multifamily units. Current floor plans for the property include sixteen, one-bedroom, one-bath units and four, two-bedroom, one and one-half bath units. Once completed, redevelopment of the property will be uniquely positioned to offer residents modern, upgraded interior finishes combined with the vintage appeal of a historic downtown property. The property is also located in a Qualified Opportunity Zone, providing an investor preferential tax treatment for long-term capital gains generated by the asset.

Situated less than 45 minutes from the Hampton Roads VA MSA and less than an hour from the Outer Banks Beaches of NC, Elizabeth City is the County Seat of Pasquotank County, NC. The area has seen significant growth over the last several years, driven by expansion of the Coast Guard, Sentara Albemarle Medical Center, Elizabeth City State University, a revitalized downtown area, and new defense contractor partnerships. The Perry Apartments provides an investor the unique opportunity of performing a heavy, value-add to a property with Opportunity Zone designation, while offering residents attractive, modern floor plans, all within walkability of Elizabeth City’s growing downtown district.

Investment Highlights

  • The Perry Apartments provides an investor a significant value-add opportunity to redevelop an existing building in the heart of downtown Elizabeth City, North Carolina.
  • Elizabeth City's downtown district has experienced a rejuvenation over the last several years, offering residents a variety of restaurants, retailers, cultural and entertainment offerings, all within
  • The property is located is within a designated Opportunity Zone, offering an investor the potential for significant long-term tax benefits.

Exclusively Listed By

  • Jim Davis

    First Vice President Investments

    (336) 554-9021

    Email Jim

    License(s): NC: 187177, SC: 81764

    Greensboro

  • Nate McDaniel

    Senior Vice President Investments

    (704) 831-4638

    Email Nate

    License(s): SC: 96405, NC: LC539

    Charlotte Uptown

Financing By

Multifamily

The Perry Apartments

Listing Price: $595,000

Cap Rate
8.77%
Number of Units
20
GRM
1.78
Price/Unit
$29,750
Price/Gross SF
$29.63
Gross SF
20,081

Investment Highlights

  • The Perry Apartments provides an investor a significant value-add opportunity to redevelop an existing building in the heart of downtown Elizabeth City, North Carolina.
  • Elizabeth City's downtown district has experienced a rejuvenation over the last several years, offering residents a variety of restaurants, retailers, cultural and entertainment offerings, all within
  • The property is located is within a designated Opportunity Zone, offering an investor the potential for significant long-term tax benefits.

Investment Overview

Marcus & Millichap is pleased to present The Perry Apartments in Elizabeth City, North Carolina. Located in the heart of downtown Elizabeth City, the property offers an investor the opportunity to redevelop an existing historic building into 20 multifamily units. Current floor plans for the property include sixteen, one-bedroom, one-bath units and four, two-bedroom, one and one-half bath units. Once completed, redevelopment of the property will be uniquely positioned to offer residents modern, upgraded interior finishes combined with the vintage appeal of a historic downtown property. The property is also located in a Qualified Opportunity Zone, providing an investor preferential tax treatment for long-term capital gains generated by the asset. Situated less than 45 minutes from the Hampton Roads VA MSA and less than an hour from the Outer Banks Beaches of NC, Elizabeth City is the County Seat of Pasquotank County, NC. The area has seen significant growth over the last several years, driven by expansion of the Coast Guard, Sentara Albemarle Medical Center, Elizabeth City State University, a revitalized downtown area, and new defense contractor partnerships. The Perry Apartments provides an investor the unique opportunity of performing a heavy, value-add to a property with Opportunity Zone designation, while offering residents attractive, modern floor plans, all within walkability of Elizabeth City’s growing downtown district.

Exclusively Listed By

  • Jim Davis

    First Vice President Investments

    (336) 554-9021

    Email Jim

    License(s): NC: 187177, SC: 81764

    Greensboro

  • Nate McDaniel

    Senior Vice President Investments

    (704) 831-4638

    Email Nate

    License(s): SC: 96405, NC: LC539

    Charlotte Uptown

Financing By

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