Multifamily Realty Advisors, LLC Commercial Real Estate Showcase

Multifamily Realty Advisors, LLC Showcase
4209 Lassiter Mill Rd
Suite 282
Raleigh, NC 27609-5794
(910) 431-7986
(919) 890-0450

SE Patrick Newton Drive - Southport Apartment Site

Southport, NC 28461 - Southport/St James Submarket

Property Type:Land Parcel Size:15.8 Acres
Zoning:CLD-Commercial Low Densit
For Sale Price:$1,695,000 Price/Acre:$107,278 Price/SF:$2.46

Proposed Use:Commercial, Retail, MultiFamily, Apartment Units

On-Site Improv:-

Sale Notes:
The Southport Apartment Site is located 1.7 miles west of the town limits of Southport in Brunswick County, North Carolina. As of 2012, the total population within a five mile radius of the Site was 15,194 with a total of 6,961 households. Total population within this area is projected to increase by 20.7% between the years 2010 and 2015. Average household income within a five mile radius of the Site was $72,819 in 2012 and median household income was $52,850. Currently, there is only one market rate apartment community with 108 units, built in 2004, within the Southport-Oak Island area. Therefore, multifamily developers are afforded the opportunity to acquire a well located site for the development of a 215 unit rental apartment community in a market severely underserved by moderate to upscale rental apartments.

The Site, currently consisting of 62 separate lots, was previously zoned R-6000 which permits both single-family and multifamily development not exceeding 7.3 units per acre. The present owner intends to file a recombination which will result in a single parcel estimated to be 15.8 acres. In addition, a rezoning application was recently approved to rezone the Site from R-6000 to CLD (Commercial Low Density). CLD zoning in Brunswick County is similar to mixed use zoning but offers greater flexibility. The permitted uses under CLD zoning include commercial, retail, single-family, and multifamily at a density of one unit for each 3,200 square foot of land area or approximately 13.6 units per acre. The conceptual site plan for this site assumes CLD zoning which will allow for the development of 215 apartment units.

Multifamily Realty Advisors, LLC
Richard Cotton
(910) 431-7986

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