510 W St George St, Southport, NC 28461
- $1,699,900
- 10
- BD
- 9
- BA
- List Price
- $1,699,900
- MLS#
- 100590676
- Status
- ACTIVE
- Type
- Multifamily
- Subtype
- Quadruplex
- Bedrooms
- 10
- Bathrooms
- 9
- Lot Size
- 10,977
- Subdivision
- Not In Subdivision
Property Description
Grandfathered short-term rental rights in downtown Southport -- the one thing investors can't buy anymore, and this five-unit has it. Four bright 2BR/2BA units built in 2019 plus a private cottage, set on a quarter-acre pond-front lot three blocks from the shops, restaurants, and waterfront of one of North Carolina's most beloved coastal towns. The opportunity pencils two ways: projected at $150,000 gross on all annual leases, or blend in short-term rentals on two units and the pro forma reaches $181,250 gross -- roughly a 7.2% projected cap at asking. Newer construction keeps maintenance light, tenants pay their own utilities, and Oak Island's beaches are minutes away. A walkable, water-view income property with a licensing moat around it -- the kind of Southport offering that comes along once a cycle. Pro forma projections available; buyers to verify all figures and rental permissions. Offered at $1,699,900.
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Additional Information
- Elementary School
- Southport
- Middle School
- South Brunswick
- High School
- South Brunswick
- Year Built
- 2019
- Acres
- 0.25
- Interior Features
- Kitchen Island
- Lot Description
- Irregular Lot
- Roof
- Shingle
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Listing courtesy of Berkshire Hathaway HomeServices Carolina Premier Properties.