North Pier Ocean Villas

01-25-2022
04-25-2022

1800 Canal Dr, Carolina Beach, NC 28428

  • Bankruptcy Auction:  April 4 Bid Deadline / April 7 Auction
  • Minimum Bid:  $3.95 Million
  • Offers may be considered in advance of auction
  • Sale Motion and Bidding Procedures remain subject to Bankruptcy Court approval
  • Incredible opportunity to own the Best View on Carolina Beach
  • Beach access via short walk down Saltmarsh Lane
  • Units boast a spacious, open floor plan with balconies & ocean views
  • A short island drive will take you to the scenic white-sand trail at Carolina Beach State Park that leads to a gorgeous overlook of the Cape Fear River.
  • Carolina Beach's famous vintage boardwalk with restaurants, bars and shopping located only 2-miles south of the property.
  • Historical Fort Fisher, Aquarium, boat launches, and ferry also located nearby.

Property Description

  • North Pier Ocean Villas, located at 1800 Canal Drive, Carolina Beach, NC
  • Phase I, built in 1985 and consisting of 15-units, requires repair/redevelopment
  • Phases II-V, built in 1989-95 and consisting of 27-units (3 being used as office) currently operating as timeshare/short-term rental resort
  • Unit Mix: 6 x 1 bed/1bath, 36 x 2 bed/2bath
  • Private pool and ample covered parking
  • Property to be delivered vacant and free and clear of timeshare interests

Key Property Information

Listing Status
Under Contract
Listing Type
Auction
Multifamily type
Garden Style
Price
$ 8,300,000
No. of Units
42
Cap Rate
0%
Average Occupancy
0%
Year Built
1985
Building Size
32,247 Sq ft
Lot Size
0.77 Sq ft
No. of Stories
3
Zoning Code
R1
No. of Parking Spots
85
Opportunity Zone
Off
Price per unit
$ 197,619
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