656 Dr Martin Luther King Jr Boulevard Kinston, NC 28501
19 Beds
10 Baths
7,056 SqFt
UPDATED:
Key Details
Property Type Townhouse
Sub Type Townhouse
Listing Status Active
Purchase Type For Sale
Square Footage 7,056 sqft
Price per Sqft $97
Subdivision Not In A Subdivision
MLS Listing ID 10120359
Style Multi Family,Townhouse
Bedrooms 19
Full Baths 10
HOA Y/N No
Abv Grd Liv Area 7,056
Year Built 1901
Annual Tax Amount $1,331
Lot Size 0.280 Acres
Acres 0.28
Property Sub-Type Townhouse
Source Triangle 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
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
Interior
Heating Central
Cooling Central Air
Flooring Wood
Exterior
View Y/N Yes
Roof Type Metal
Private Pool No
Building
Faces 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
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories 2
Structure Type Block
New Construction No
Others
Senior Community No
Tax ID 452511651249
Special Listing Condition Standard
