Ad #7213643
MLS #100552609
Unique investment opportunity to acquire a well-maintained
1005 Raleigh St, Elizabeth City, NC 27909
$2,695,827
--Beds
--Baths
21,500Sqft
2.86Acres
About this property
Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh St. (892309261179), 1110 Park St. (892309260112), and 0000 Park St. (892309261032). This portfolio includes 24 units, each ranging approx. 800-900 sqft, with a combined building square footage of approx. 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park St. consists of four quadplex buildings. 1005 Raleigh St. includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,250/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $309,600 in gross annual income, with projected gross income of $324,600 at full occupancy based on current rental rates. Significant capital improvements have been completed since the current owners acquired the property in 2017, including, replacement of 3 roofs within the past 3-4 years, with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St., along with the addition of dehumidifiers, 14 HVAC units replaced (7 since 2017 and 7 additional units replaced in 2016 prior to acquisition) and ongoing interior upgrades, including new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, which may allow for additional units to be constructed with site plan and planning approval by the City. The additional residual parcel, 0000 Park St. (Tract 3, DB 1284, DP 477), is zoned R-8 residential and is subject to a restrictive covenant prohibiting the construction of any building or structure the lifetime of the previous owners and 21 years thereafter.
Property Features
0 Beds
0 Baths
21,500 Sqft
Built in 1990
2.86 Acres
Parking Lot, Off Street
Siding: Cedar, Brick, Vinyl Siding, Wood Frame
Shingle Roof
Electric (Heating), Forced Air, Heat Pump (Heating)
$19,899 / yr property tax
Pasquotank County
Additional Photos
Contact Information
Kellen Long
Rich Company
252-562-8889
Location
Listing Agent: Kellen Long (License #: 362488) 252-562-8889
Broker: Rich Company 252-338-5432 Listing Site
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: Rich Company 252-338-5432 Listing Site
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
BeachHouse.com
Printed Aug 12, 2026
Photo Gallery
$2,695,827
--
Beds
--
Baths
21,500
Sqft
1005 Raleigh St, Elizabeth City, NC 27909
By contacting this agent you agree to these Terms and Conditions.
MLS# 100552609
Unique investment opportunity to acquire a well-maintained
$2,695,827
1005 Raleigh St, Elizabeth City, NC 27909
--
Beds
--
Baths
21,500
Sqft
2.86
Acres
$2,695,827
1005 Raleigh St, Elizabeth City, NC 27909
-- Beds
-- Baths
21,500 Sqft
2.86 Acres
Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh St. (892309261179), 1110 Park St. (892309260112), and 0000 Park St. (892309261032). This portfolio includes 24 units, each ranging approx. 800-900 sqft, with a combined building square footage of approx. 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park St. consists of four quadplex buildings. 1005 Raleigh St. includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,250/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $309,600 in gross annual income, with projected gross income of $324,600 at full occupancy based on current rental rates. Significant capital improvements have been completed since the current owners acquired the property in 2017, including, replacement of 3 roofs within the past 3-4 years, with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St., along with the addition of dehumidifiers, 14 HVAC units replaced (7 since 2017 and 7 additional units replaced in 2016 prior to acquisition) and ongoing interior upgrades, including new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, which may allow for additional units to be constructed with site plan and planning approval by the City. The additional residual parcel, 0000 Park St. (Tract 3, DB 1284, DP 477), is zoned R-8 residential and is subject to a restrictive covenant prohibiting the construction of any building or structure the lifetime of the previous owners and 21 years thereafter.
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Property Details
HOME DETAILS
0 Beds
0 Baths
21,500 Sqft
Built in 1990
2.86 Acres
EXTERIOR
Parking Lot, Off Street
Siding: Cedar, Brick, Vinyl Siding, Wood Frame
Shingle Roof
INTERIOR
Electric (Heating), Forced Air, Heat Pump (Heating)
FINANCIAL & COMMUNITY
$19,899 / yr property tax
Pasquotank County
See More Details
Location
Mortgage Calculator
Ad Statistics
Ad Number
7213643
Viewed
206 times
Listing Status
Active
Added
Feb 03, 2026
Last Refreshed
Jul 03, 2026 06:17:28 PM
Listing Information
Data Source
Hive MLS
Source Property ID
100552609
Listing Agent: Kellen Long (License #: 362488) 252-562-8889
Broker: Rich Company 252-338-5432 Listing Site
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: Rich Company 252-338-5432 Listing Site
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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