Coastal Park Townehomes – 72 Units

UNDER CONTRACT

Waterstone Multi-Family Group is pleased to present the Coastal Park Townehomes, a 72-unit complex located in Elizabeth City, NC.

Elizabeth City, located along the banks of the Albemarle Sound in Northeastern NC, is a new member of the Port of Virginia Foreign Trade Zone [FTZ], and home to the largest US Coast Guard station in the entire nation. Recent economic notes:

  • December 2016 – Elizabeth City (and Pauquotank County) were included in the expansion of the Port of Virginia FTZ, which allow for deferred/reduced/eliminated US Customs duties on imported products, and economic generator in related industries such as shipping, manufacturing, distribution, transportation.
  • Early 2017 – Amazon Wind Farm US East, in partnership with Iberdrola Renewables – NC’s first wind farm, and one of the first utility-scale wind farms in the SouthEast – a 104-turbine facility generating 208 megawatts (enough to power 60,000 homes), reached full commercial operating capacity
  • February 2017 – Eastern Shore Communications signs 5-year deal with Elizabeth City to establish and service the Elizabeth City Broadband Network for fiber internet.

 

Coastal Park townhomes is a previous Coast Guard base housing complex that has been completely remodeled with premier amenities under new ownership in 2017. The property is located one mile from Elizabeth City State University, two-and-a-half miles from downtown Elizabeth City, two-and-a-half miles from the airport, and one mile from the US Coast Guard station.

Amenities include:

  • Fully-gated community
  • Video security system installed
  • Basketball Court
  • Picnic area
  • Tennis Court
  • All units are 3 & 4 bedrooms, averaging over 1500-sqft

 

The property is still being brought up to full operating capacity, post-CapEx (see latest PL’s). This Offering Memorandum has been written to provide any interested buyer with the expected income and expenses consistent with a stabilized property, and consistent with current lending standards.

CLICK HERE TO DOWNLOAD OFFERING MATERIALS

Other

  • Address: 1870 Weeksville Road Elizabeth City, North Carolina 
  • Area: Elizabeth City 
  • Number of Units: 72 
  • Year Built: 1976