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656 Dr Martin Luther King Jr Boulevard, Kinston, NC 28501

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For Sale

$689,500

19 beds • 10 baths • 7,056 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • $97.72
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

Where else within an hour of Raleigh can you find an established multi-family property delivering a solid 10% cap rate? Currently with 90% occupancy. 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.
MLS# 10120359

Courtesy Of Fathom Realty NC, LLC

(888) 455-6040

Property Features

  • Age
    Over 50 Years Old
  • Exterior Type
    Block
  • Floor Covering
    Wood
  • Lot Size
    0.28 Acres
  • Roof Type
    Metal

Map and Directions

Directions to 656 Dr Martin Luther King Jr Boulevard, Kinston, NC 28501

Home seller CENTURY 21 Harry H. Cummings, Inc.

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Harry H. Cummings, Inc.

(252) 522-0011
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Monthly Payment Breakdown

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.