656 Dr Martin Luther King Jr BoulevardKinston, NC 28501

Where else within an hour of Raleigh can you find an established multi-family property delivering a solid 10% cap rate? Currently with 90% occupancy. 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.

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1 minute ago

Last Updated

Oct 01, 2025

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