Coastal Townhomes

Deaton | GREA is pleased to offer for sale, as the exclusive broker for the owner, Coastal Townhomes apartment community in Havelock, NC. Built in 1972, the property features 72, townhome-style floorplans, with two-bedrooms and one-and-a-half bathrooms each. Coastal Townhomes consists of nine, all-brick buildings, spread across more than six acres in a quiet, residential neighborhood with immediate access to nearby retail and dining options.

Located in the coastal region of eastern North Carolina, Havelock is situated along the Neuse River between New Bern to the west, and the beach towns off the Crystal Coast to the east. Havelock is the home of Marine Corps Air Station Cherry Point, the world's largest Marine Corps air station. In addition to the military employment and supporting services, Havelock also provides an affordable housing price point to those commuting to the tourist driven economies of New Bern and the Crystal Coast. With construction of the new I-42 highway project projected to complete in 2026, these commute times will decrease and further improve Havelock's economic and geographic position.

The property has been well maintained and is managed by a well-established, third-party company from New Bern called Management Services. The offering represents an opportunity to acquire a stabilized asset, in a supply-constrained market, with organic and value-add upside. Coastal Townhomes is currently 97% occupied with average, in-place, lease charges of $990 per month. Forty-one units have been renovated to include LVP flooring, countertops (mostly granite), black appliances, light fixtures, plumbing fixtures, and painted cabinets with new hardware. There are nine units with partial renovations, and 22 units have classic finishes.