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Listed by Kellen Long, Rich Company.

1005 Raleigh Street, Elizabeth City, NC 27909

$2,695,827
Property Type: Comm Sale or Lease Square Footage: 21,500 Lot Size (sq. ft.): 124,668 Status: Pending
Current Price: $2,695,827 List Date: 2/03/2026 Last Modified: 8/31/2026

Overview

Description

Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh St. (892309261179), 1110 Park St. (892309260112), and 0000 Park St. (892309261032). This portfolio includes 24 units, each ranging approx. 800-900 sqft, with a combined building square footage of approx. 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park St. consists of four quadplex buildings. 1005 Raleigh St. includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,250/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $309,600 in gross annual income, with projected gross income of $324,600 at full oc …

Listing Details MLS# 100552609

Contract Info

Delayed Marketing?
No
Marketing Start Date
2026-02-03
Sub-Type
Multi Family
Garage
N/A
Sale/Lease
Sale
Listing Price
2695827
List Price/SqFt
125.39
Stipulation of Sale
Standard

Location Information

Street #
1005
Street Name
Raleigh
Street Suffix
Street
County
Pasquotank
State/Province
NC
Zip Code
27909
City Limits
Yes
Marketing City
Elizabeth City
Subdivision
N/A

Remarks and Showing

Directions to Property
Turn on Park Street from Southern Ave. and 1110 Park Street will be on your left as you approach the intersection of Park and Raleigh Street. To access the Raleigh Street property, turn left at the intersection of Raleigh and Park Street, and the driveway will be the third property on your left.
Sign on Property
Yes

Building Info

New Construction
No

BuildingExt Features

SqFt – Heated (Primary)
21500

Legal and Taxes

Tax Assessed Value
1236000
Deed Book
1284
Deed Page
472
Legal
Raleigh Park Rentals, LLC
Broker Owner
No
PID
892309261179
Tax Identifier
892309261179
Plat Book
DB 480, DP 957 and DB 514, DP 475
Plat Page
DB 480, DP 957 and DB 514, DP 475
Total Real Estate Property Taxes
14955.6
Special Assessments
N/A
Tax Year
2026
Year Built
1990
Zoning
AD and R-8
HOA
No
Cobra Zone
No
Federal Flood Ins Avlbl
Yes

More Information

Status Change Info

Under Contract Date
2026-08-29

Financial Info

Gross Income
309600
Cap Rate %
9
Real Estate Taxes
19898.82
Insurance Expense
38550.99
Management Fee
30960

Building/Ext Features

ud_i_07
360
# of Parking Spaces
46
# of Units
24
Fireplace Y/N
No
Lot Acres
2.86
Lot SqFt
124668
Lot Dimensions
Irregular
SqFt – Apx Total
21500
Location Type
Mainland

Business Type

Other
Yes

Current Use

Multi-Family
Yes
Residential
Yes

Basement

None
Yes

Construction

Wood Frame
Yes

Exterior Finish

Brick
Yes
Vinyl Siding
Yes
Cedar
Yes

Terms

1031 Exchange
Yes
Cash
Yes
Conventional
Yes

Foundation

Block
Yes
Slab
Yes

Flooring

Carpet
Yes
Vinyl
Yes

Fuel Tank

None
Yes

Parking Features

Asphalt
Yes
Off Street
Yes
On Site
Yes
Parking Lot
Yes
Paved
Yes

Sale/Lease Includes

Buildings
Yes
Land
Yes

Roof

Shingle
Yes

Road Type/Frontage

2 – 3 Lanes
Yes
Public (City/Cty/St)
Yes

Road/Trans Access

Airport
16+ Miles
County Highway
6 – 10 Miles
Interstate
16+ Miles
Port
16+ Miles
Rail
Less than 5 Miles
State Highway
6 – 10 Miles

Cooling

Central Air
Yes

Location

Residential
Yes

Heating

Forced Air
Yes
Heat Pump
Yes

Heating System Fuel Source

Electric
Yes

Water Heater

Electric
Yes

Utilities

Electricity Connected
Yes
Sewer Connected
Yes
Water Connected
Yes

Water Source

Municipal Water
Yes

Sewer

Municipal Sewer
Yes

Lease Types

Gross
Yes

Property Features

Business Type: Other Basement: None Construction: Wood Frame Exterior Finish: Brick; Vinyl Siding; Cedar Flooring: Carpet; Vinyl Foundation: Block; Slab Fuel Tank: None Parking Features: Asphalt; Off Street; On Site; Parking Lot; Paved Roof: Shingle Current Use: Multi-Family; Residential Location: Residential Cooling: Central Air Heating: Forced Air; Heat Pump Heating System Fuel Source: Electric Water Heater: Electric Utilities: Electricity Connected; Sewer Connected; Water Connected Sewer: Municipal Sewer Water Source: Municipal Water Terms: 1031 Exchange; Cash; Conventional Lease Types: Gross
IDX
Listing Office: Rich Company
Last Updated: August – 31 – 2026
Copyright 2026 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS.
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