$486,000

6703 13th Avenue & Island Drive

North Topsail Beach NC, 28460

Description

Income producing duplex or House Hacking opportunity. Large corner lot and dedicated public beach access300ft away. 7% Cap or 15.2% on a conventional levered return. Duplex is comprised of top and bottom unit with separate entrances, separate outdoor showers and each unit has a 2 bed 1 bath set up. New Roof in 2018 and New 200 sqft top deck built in 2021 with sound and beach views. . Buyer can self-manage or continue to utilize the property management firm; Carolina Stays, Inc. Whom continually produces and returns more andmore revenues to the owner every year. FINANCIALS:. 2020 Gross Revenue: $62,336. Escrows are currently $509 a month or TOTAL: $6,108 yr. . -Tax: $2,323yr. -Flood: $2,247yr. -Wind/hail, fire, rent loss, liability: $1,538yr. All Utilities: $353.75 Month or $4,245yr. Occupancy Tax: $6,931yr. Mgmt Fee: $10,585yr. TOTAL EXPENSES: $27,869yr. TOTAL NOI: $39,028 Year!. (loan assumption 30yr @ 3% rate; 20% down payment [$1,641M or $19,692yr Debt service]. $34,440-$19,692=$14,748yr(free cash flow) /$97,000=15.2% cash on cash return. Past years performance is no guarantee of future performance. Currently booking and projecting rentals for the summer months in excedance of the previous year. Nearby military installation allows for consistent volume of tenants even in the off season or if desire a long-term rental pro forma. **Last year had 3 lost months of short term revenue due to COVID. Replaced short term tenants with 90 day renters at $2,600/month. Short term loss of rent approximately $5-$8K during the same period.

Details

MLS#100268498
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1977
Days On Site12

Features

Units2
Building(s)1
Property ViewYes
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Area Information
StateNC
CountyOnslow
CityNorth Topsail Beach
Zip Code28460
AreaOnslow
Listing VS Median (in 28460)
Price:
$486,000
low | high
Med:
$275,000
93.415637860082% of Average
On Site:
12
low | high
Med:
191
6.282722513089% of Average
Sourced by Back At You
Listing Updated: May 4, 2021 8:52:20 PM PDT
James A Wicker LogoMLS Number: 100268498
Listing Provided By:
James A Wicker  of  Wicker Properties of the Carolinas Inc.
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