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Partially Renovated 56-unit Apartment Complex - Vacant Kinston, NC

Property Location MAP

1313 Morningside Dr
Kinston, NC 28501

Property #: FX1992

Contact Agent

Linda Terry
Tranzon Fox

804-354-9090 lterry@tranzon.com
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.

NCAF4953

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Linda Terry

Linda Terry: Tranzon Fox

804-354-9090 lterry@tranzon.com

All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the Frequently Asked Questions.

Print Terms and Conditions

  • Buyer's Premium: 10% Buyers Premium based on the high bid.
  • Closing: 45-Day closing, sold in As-Is condition, no contingencies.
  • Deposit Amount: High bidder is required to execute a Contract for Sale and Purchase of Real Estate and remit to Tranzon by close of business the day of the auction. A 10% deposit is due within 48 hours of being notified that you are the successful high bidder.
  • Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.
  • Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
  • Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.

Online Bidding Instructions:

See terms and conditions in the property information package.

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