656 Dr Martin Luther King Jr BLVD Kinston, NC 28501
7,056 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,056 sqft
Price per Sqft $97
Subdivision Not In Subdivision
MLS Listing ID 100521025
Year Built 1921
Annual Tax Amount $1,331
Lot Size 0.280 Acres
Acres 0.28
Lot Dimensions Irregular
Property Sub-Type Multi Family
Source Hive MLS
Property Description
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.
Location
State NC
County Lenoir
Community Not In Subdivision
Zoning I1
Direction From US 70 E, Use the left 2 lanes to turn slightly left onto US-258 BUS S/US-70 BUS E/W Vernon Ave. Continue to follow W Vernon Ave and Pass by Pizza Hut (on the right in 1.6 mi). Turn right onto Dr Martin Luther King Jr Blvd. Destination will be on the right
Rooms
Basement None
Interior
Heating Electric
Exterior
Parking Features Parking Lot, Gravel, Off Street, On Site
Building
Lot Description Corner Lot
New Construction No
Others
Tax ID 452511651249
