Partially Renovated 56-unit Apartment Complex - Vacant
Sturdy Concrete, Block & Brick 14 buildings 4 units per
Each apartment 2 bedroom/1 bath +/- 780 SF, individual electric meters
New roofs 2018
Large local demand for affordable housing
This well-constructed concrete, block and brick apartment complex was built in 1968. A total of 56 units, each +/-780 SF with 2 bedrooms and 1 bath. There are 14 buildings, 2 levels each with 4 units per building. Breezeway design allows for dry, covered access into each apartment with ample parking just outside. Well-located in a neighborhood close to main shopping streets and amenities.
* The complex is currently vacant and partially renovated
* Opportunity to finish out the rehab project; there is high demand for affordable housing in Kinston; the City Affordable Housing administrator says they have over 500 names waitlisted
* All buildings have new roofs as of 2018
* 4 buildings (16 units) are roughed-in and have new- plumbing, wiring, ductwork, drywall, kitchen cabinets, with counter tops to be installed mid-November
* Finish out the 16 units and start your cash flow while completing the renovations
* 8 new dishwashers currently in storage convey
* Concrete floors
* Separate electric meters
* Currently set up with 4 water meters to serve the entire complex, but that can be changed
* Ample parking
* 2 laundry buildings, each 364 SF
* +/- 3.63 ac
* Zoning RA-6
* Sec 8 voucher housing range starts at $747/mo for these units, annual gross rent roll $502k
Download the Property information package for Affordable Housing letter, Insurance info, tax cards/record/bill.
Please be sure to download the Property Information Package by clicking on the words above under “DOCUMENTS.” By downloading this package you will alert Tranzon to your interest in this property and you will receive emails with any updates on this auction. The package contains information needed to participate in bidding at auction. A signed Confidentiality Agreement is required to download.