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

Local realty services provided by:ERA Strother Real Estate
656 Dr Martin Luther King Jr Boulevard,Kinston, NC 28501
$689,500
  • 19 Beds
  • 10 Baths
  • 7,056 sq. ft.
  • Multi-family
  • Active
Listed by:steven elliot
Office:fathom realty nc
MLS#:10120359
Source:RD

Price summary

  • Price:$689,500
  • Price per sq. ft.:$97.72

About this home

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 →

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Home facts

  • Year built:1901
  • Listing ID #:10120359
  • Added:55 day(s) ago
  • Updated:October 29, 2025 at 03:39 PM

Rooms and interior

  • Bedrooms:19
  • Total bathrooms:10
  • Full bathrooms:10
  • Living area:7,056 sq. ft.

Heating and cooling

  • Cooling:Central Air
  • Heating:Central

Structure and exterior

  • Roof:Metal
  • Year built:1901
  • Building area:7,056 sq. ft.
  • Lot area:0.28 Acres

Utilities

  • Water:Public
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$689,500
  • Price per sq. ft.:$97.72
  • Tax amount:$1,331
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