6703 13th Avenue & Island Drive, North Topsail Beach, NC 28460

$486,000
4
BD
2
BA
List Price
$486,000
Status
ACTIVE
MLS#
100268498
Days on Market
11
Year Built
1977
Levels
1st Floor, 2nd Floor
Bedrooms
4
Bathrooms
2
Acres
0.12
Neighborhood
Seahaven Beach

Property 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.

Additional Information

Taxes
$2,323
Interior Features
Blinds/Shades, Ceiling Fan(s), Wash/Dry Connect
Dining Description
Combination
Cooling
Wall/Window Unit(s)
Heating
Electric
Water Heater
Electric
Floors
Carpet, Laminate
Foundation
Slab
Roof
Shingle
Exterior Finish
Vinyl Siding
Exterior Features
Ocean View, Sound View, Water Access Comm, Water View, Waterfront Comm
Lot Water Features
Ocean View, Sound View, Water Access Comm, Water View, Waterfront Comm
Sewer
Municipal Sewer, Municipal Water
Elementary School
Dixon
Middle School
Dixon
High School
Dixon

Mortgage Calculator

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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Wicker Properties Of The Carolinas, Inc..

Listings provided by North Carolina Regional MLS/

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