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Courtesy Village
Newport, NC
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Common Property Name: Courtesy Village
The site is located on the east and west side of Lincoln Drive,
approximately 100 yards south of its intersection with
Foxhall Road in Newport, Carteret County, North Carolina 28570.
Property Description: The property consists of a five-building, two-story garden apartment community containing 10 units on a 6.86 acre parcel of land. There are 4 add'l units built.
Each Unit 1350 Sq.Ft.3 bedrooms 2.5 baths. 400 Sq. Ft. Garage. Covered Front Porch & Rear Screened Porch. Public Water & Sewer. Excellent Equity Growth Value. Owner will sell part or all of the subdivision.
Each building has it's own PID tax #. Non-Disclosure required.
Click Here for a Directional Map
Duplex Building Specifications
All footings are 3000 lb. mix with 5/8 rebar continuous.
Foundation are 8" C.M.U.’s approximately 3 course’s tall with anchor bolts embedded in slab.
Concrete slab throughout will be 4" thick.
All waste lines will be PVC product and water supplies will be made of P.E.X. throughout the building.
All framing will be standard 2 x 4 double treated mud sill’s, 2 x 4 x 93" walls, OSB wall and roof sheeting. All walls and roof will be wrapped in 30# building paper.
Floor & truss’s will be engineered-see attached.
Roof shingles will be Timberline 30 year weatherwood with ridge vents.
Windows are MW brand single hung all vinyl insulated with grills & screens.
Doors are 6 panel steel in front door, garage door and a ½ glass steel door on rear. Each front & rear door will have deadbolts.
All vinyl siding will be Heartee premium vinyl siding with all vinyl soffits, ceilings and trim.
Drywall will be hung & finished to a smooth texture using primer and two top coats of Master Aide premium flat latex. All units are painted using the same color. All paints are Sherwin Williams products.
Electrical consist’s of a 200 amp service located on the front garage wall all underground utility’s.
Major electrical items - Refrigerator, Dishwasher, Hot Water Heater, Range Hood, Heat Pump, Garage Door Opener, Range, Washer & Dryer
Lighting fixture list:
3 Exterior Door Lights
3 Bedroom Fans with Lights
1 Living Room Fan with Lights
1 Dining Room Hanging Light
1 Surface Mount 4' Fluorescent Wrap Light
3 Surface Mount Vanity Globe Lights
2 Vent/Light Exhaust Fans
2 Hallway Lights Surface Mounts
1 2 Tube Open Fluorescent 8'
All fixtures are of Progress Products and fans are Harbor Breeze. All products are subject to change because of availability.
Cabinets are Mid-Continent flat panel oak throughout the kitchen and all bath vanities. Kitchen layout is according to plans and vanities are 30" with cultured marble vanity tops. The kitchen has Formica post formed tops colors will vary.
Plumbing fixtures:
2 60" tub/shower acrylic fiberglass units
3 Mansfield elongated toilets
1 Stainless steel kitchen sink
1 Dishwasher hookup
Washer box hookup
1 Outside hose bib
50 Gallon hot water heater
All vanity faucets are Delta single lever chrome
All shower valves are Delta single lever chrome with temperature control settings.
All toilets & showers are white in color
Ice maker hookups in all units
Appliances:
30" Free standing range model # TE5325MQ Whirlpool Estates Series
Dishwasher model # TUD4700HQ Whirlpool Estates Series
Range hood white
Refrigerator model # TT18DKXRQ Whirlpool Estates Series
The heating & cooling system consists of Bryant units with a indoor air handler of 3 tons and the outdoor unit is a 2 ½ ton system. Thermostats are digital with 10 KW heat strips installed. All venting and return air vents are proper to NC codes.
Insulation in the units are all inspected to NC codes which are R-15 in the walls and blown R-30 in the ceilings.
The rear patio is approximately 12' x 19' and the front porch is approximately 4' x 19' with post and railings all are poured 4"concrete.
The floor coverings are Mohawk Coastal Charm carpet throughout and vinyl sheet goods in the bathrooms, kitchen and dining area. The carpet is consistent in all units but the vinyl is color coordinated to match the Formica tops in the kitchen.
The garage doors are installed by Overhead Door Co. Of New Bern, NC and they are 8' x 7' steel doors with electric openers.
The landscaping consist of mainly 2 -3 gallon plants, ground cloth and mulch placed only in the front of the buildings. Sod will be laid in front and sides of buildings. All plants will remain consistent to what has already been planted.
The driveways will stay consistent with what has been placed on the ground to date along with a sidewalk to each front porch.
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Possible Scenario
Following is: 7 Duplex / 14 Unit Group Purchase:
14 Units @ $140,000 Each - Total Cost $ 1,960,000.
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| 14 Unit Group Purchase - Annual Estimated Income |
| Rent 14 Units @ $875 ea. x 12 months | $147,000 |
| Less 5% Vacancy Rate | -$7,350 |
| Less 6% Property Management | -$8,820 |
| Less Reserve Maint. & Repair ($300 Unit x 14) | -$4,200 |
| Estimated Income | $126,630 |
| Estimated Annual Expenses |
| Insurance @ $450 Unit x 14 Units | $6,300 |
| Tax County & Newport @ $711 Unit x 14 Units | $9,954 |
| Estimated Annual Expenses | $16,254 |
Estimated Future Potential Growth
Sell all 14 units in 5-6 years on average at $200,000 per unit
(60,000 x 14 units = $840,000 gross return)
Properties must be re-sold as a duplex (being 2 unit min.) |
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Note: For information details only. Figures stated not to be interpreted as legally accurate.
No stated information will be binding on buyers, sellers or agents unless incorporated into a purchase contract. Prices and mortgage rates subject to change without notice
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