Port City Commons

2153 Market St

Wilmington, NC

Cozy townhomes located near downtown Wilmington.

A bulk purchase of 10 townhomes in a 24 unit community were purchased distressed from a bank. The bank had repossessed the assets from the prior owner, and the management firm working for the bank was severely mismanaging the assets. We purchased the assets, evicted bad tenants, did some minor cosmetic repairs, raised the rents several hundred dollars, then held the assets for a few years collecting rents, before selling the bulk portfolio and cashing out profits.

Key Points

Detail10 Homes

CoC Yield 34%
Return/year 126%
Equity Mltpl 9.82X
Resale $1.35M

Investment Summary

Initial equity$118,000
Purchase price$590,000
Total cost$590,000
Resale price$1,350,000
Gross profit on resale$760,000
Number years held7
CoC yield34%
Equity multiple9.82X
Appreciation p/year92.01%
Return p/year126.01%

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