656 Dr Martin Luther King Jr Boulevard Active Save Request In-Person Tour Request Virtual Tour
Kinston,NC 28501
Key Details
Property Type Townhouse
Sub Type Townhouse
Listing Status Active
Purchase Type For Sale
Square Footage 7,056 sqft
Price per Sqft $97
Subdivision Not In A Subdivision
MLS Listing ID 10120359
Style Multi Family,Townhouse
Bedrooms 19
Full Baths 10
Year Built 1901
Annual Tax Amount $1,331
Lot Size 0.280 Acres
Property Sub-Type Townhouse
Property Description
Where else within an hour of Raleigh can you find an established multi-family property delivering a solid 10% cap rate?
This well-positioned 10-unit multifamily investment property in the heart of Kinston offers a rare combination of stability, turnkey renovations, and value-add potential. The building spans 7,056 square feet and features nine spacious 2-bedroom units and one 1-bedroom unit.
Renovations & Capital Improvements:
• Updated flooring, modern countertops, and stainless steel appliances in units
• Newer metal roof installed by previous owner
• HVAC systems being replaced as new tenants are secured
• Durable finishes designed to attract and retain quality tenants
Investment Highlights:
• 10% cap rate potential with continued leasing progress
• Professionally managed with focus on tenant retention & long-term stability
• Tenants pay all utilities except landscaping → predictable operating costs
• Ongoing lease-up provides both current income and upside opportunity
Location Advantages:
• Just 1 hour from Raleigh, offering Triangle-area proximity without Triangle pricing
• Only 30 minutes to Goldsboro and Seymour Johnson Air Force Base, creating strong rental demand from military personnel, contractors, and workforce tenants
• Minutes from Downtown Kinston & Grainger Stadium in a growing rental corridor
This property appeals to both seasoned investors seeking a stabilized, cash-flowing asset and emerging investors looking for a value-add opportunity in a strengthening regional market. With renovations complete, professional management in place, and strong regional drivers, this turnkey 10-unit multifamily checks all the boxes for cash flow and long-term appreciation.
Location
State NC
County Lenoir
Interior
Heating Central
Cooling Central Air
Flooring Wood
Exterior
View Y/N Yes
Roof Type Metal
Building
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
Structure Type Block
New Construction No
Others
Special Listing Condition Standard