Property Description
AUCTION: Brick 13-Unit Apt | $132K+ Gross Rent | Wilson, NC
- Solid brick 2 level c1933 Vintage Building
- Prime Location Close to Schools, Shopping
- Add value via rent adjustments, or add up to 5 more units, create condos
- Well-Maintained, Zero Delinquency - Many Long Term Tenants
Welcome to Pine Forest Apartments! Family owned and managed for more than 70 years, the seller is ready to retire from active, hands-on property management and sell to a new proprietor.
Believed to be built for an administrative building for Atlantic Christian College (now Barton College) in the 1920's, the brick shell was made into apartments in 1933, after the College lost the partially completed property in the 1929 stock market crash. Each apartment has its own unique floor plan.
Solid, 2 foot thick brick with interior firewall, steel I- beam girders and concrete between floors create quiet, soundproof living spaces for the residents. With plaster walls, marble and hardwood flooring, with some terra cotta tile and slate, this building has stood the test of time.
The Building:
+/-13,650 SF
9 foot ceilings
Wiring has been run through conduit
Fire Extinguishers in each unit
Smoke/Fire detectors are hard wired in each unit, with battery backup
Boiler in basement by Peerless, with Webster burner, new water leveler. Boiler is 18 years old, with 45 year life
Commerial natural gas hot water heater pumps to second hot water holding tank
Coin operated washer & dryer in basement, room to add a 2nd set
Dimensional shingle roof new in 2021, wind-rated up to 160 mph
The 13 Apartments:
* units range from approximately 550 to 1,250 SF
* 7 two bedroom unit (the 2 largest have 2 baths!), 5 one bedroom, 1 studio
* the two largest units are on the first floor and have direct exterior doors and patio/grill areas
* hot water radiator heat, window unit A/C provided by owner
* tenant pays electric, internet
* owner pays heat, water/sewer, trash, yard maintenance
Current Rent Roll:
Unit A $895
Unit B $850
Unit C vacant, asking $875
Unit D $555
Unit E $675
Unit G $575
Unit H $850
Unit I $895
Unit J $875
Unit K $820 ($795 + $30 for hall closet)
Unit L $1,150
Unit M $1,295
Total monthly rent: $11,005 x 12 = $132,060 annually
For bedroom/bath and lease expiration dates, along with lease, property plat and other relevant information, download the Property Information Package.
About Wilson, NC:
Situated directly off I-95, I-795, US 264 and Hwy 301
50 minutes from Raleigh and the Research Triangle Park
Steadily increasing population over 150 years
New Minor Leage Ballpark
Bridgestone Tire Manufacturing Plant
NEW Johnson & Johnson Plant
Wilson, located 40 miles east of Raleigh, is experiencing an economic infusion due to its proximity to the Research Triangle, competitive cost of living, and diverse economic opportunities. Wilson is fortunate to have the largest manufacturing base in Eastern North Carolina, with five major life-science manufacturing facilities and many other diversified industries. City leaders have always invested heavily in infrastructure to serve industry with world-class amenities. The City supplies electric, natural gas, water, sewer and broadband utilities. Wilson is an employment center for many surrounding counties, with a net in-migration workforce of approximately 3,500 people daily.
The City of Wilson is invested over $64 million to build a sports and entertainment stadium in downtown Wilson that serves as a hub for baseball, concerts and community events. As a result of this investment, NSV Development will also be master developing over $300 million of new mixed-use multifamily, hospitality, office, retail and townhome projects across nearly 50 acres surrounding the stadium.
A number of leading companies are joining with the City of Wilson, NSV Development, and the Milwaukee Brewers to make this project successful, including Clancy & Theys | Barton Malow, Pendulum, Built-Form, Kimley-Horn and NEMA Management.
Parcel ID#: 3712-43-8630.000
2026 Tax Assessment: $344,663
2025 Annual Taxes: $3,860
Tranzon Key, NCAF4953
