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.