$10,750,000
Wilmington, NC 28403
MLS# 100546013
41315 sqft
1 / 54
Property Description
Excellent investment opportunity in the downtown Wilmington area. This rental portfolio consists of 54 income-producing units located in close proximity to downtown. Property mix includes 24 apartment-style condo units in two buildings, along with quadplexes, triplexes, duplexes, and single-family homes, offering diversification and stable cash flow. Current annual rental income is approximately $800,000, with documented upside potential to $1,056,000 annually through rent increases and continued stabilization. Seller has completed approximately $600,000 in recent capital improvements throughout the portfolio, providing reduced deferred maintenance and improved operational efficiency. Ideal opportunity for investors seeking to enter the Wilmington rental market or expand an existing portfolio with scale, location, and value-add potential. Financials available upon request.
Details
Maps
Building/Ext Features
ud_i_08: 6
# of Parking Spaces: 150
# of Units: 68
Fireplace Y/N: Yes
Lot Acres: 46.29
Lot SqFt: 2016392
Lot Dimensions: multiple site
Location Type: Mainland
Contract Info
Available Date: 2025-12-18
Delayed Marketing?: No
Sub-Type: Multi Family
Garage: N/A
Space: Yes
Sale/Lease: Sale
List Price/SqFt: 260.2
Stipulation of Sale: Standard
Status: Active
Marketing Start Date: 2025-12-18
Listing Price: 10750000
Current Price: $10,750,000
Location Information
City Limits: Yes
Secondary Subdivision: N/A
Street #: 145
Street Name: Lullwater
Street Suffix: Drive
County: New Hanover
State/Province: NC
Zip Code: 28403
Subdivision: Not In Subdivision
Geo Lat: 34.239944
Geo Lon: -77.883179
Remarks and Showing
Sign on Property: No
Directions to Property: Multiple locations contact listing agents for directions
Building Info
New Construction: No
Legal and Taxes
Tax Assessed Value: 7177200
Deed Book: Multi
Deed Page: 0
Legal: See Document section Exhibit A
Broker Owner: No
PID: Multi
Tax Identifier: R04915-003-005-000
Plat Book: 0
Plat Page: 0
Special Assessments: None
Tax Year: 2025
Zoning: Mixed
HOA: No
Cobra Zone: No
Federal Flood Ins Avlbl: Yes
Year Built: 1919
Showing Instructions
Special Instructions: 1
Business Type
Mixed: 1
Other: 1
Current Use
Multi-Family: 1
Single Family: 1
Miscellaneous
Occupancy: 100
HOA and Neigh Amenities
See Remarks: 1
Attic
See Remarks: 1
Basement
None: 1
C & I Features
See Remarks: 1
Construction
See Remarks: 1
Lot Water Features
None: 1
Current Service Providers
Electric Provider: Duke Progress Energy
Natural Gas Provider: Piedmont Natural Gas Co.
Sewer Provider: Cape Fear Public Utility Authority
Water Provider: Cape Fear Public Utility Authority
Exterior Finish
See Remarks: 1
Terms
1031 Exchange: 1
Cash: 1
Conventional: 1
Flooring
See Remarks: 1
Fuel Tank
None: 1
Green Bldg Features
None: 1
Parking Features
See Remarks: 1
Sale/Lease Includes
See Remarks: 1
Roof
See Remarks: 1
Lot Description
See Remarks: 1
Road Type/Frontage
2 - 3 Lanes: 1
Paved: 1
Public (City/Cty/St): 1
See Remarks: 1
Road/Trans Access
Airport: Less than 5 Miles
County Highway: 6 - 10 Miles
Interstate: Less than 5 Miles
Port: 6 - 10 Miles
Rail: 6 - 10 Miles
State Highway: Less than 5 Miles
Cooling
Other: 1
Location
See Remarks: 1
Heating
Other: 1
Heating System Fuel Source
See Remarks: 1
Water Heater
See Remarks: 1
Utilities
See Remarks: 1
Fireplace Features
See Remarks: 1
Financial Info
Financial Info: Yes
Gross Income: 792095
Total Annual Expenses: 169408
Net Operating Income: 630043
Real Estate Taxes: 38575
Insurance Expense: 57124
Lease Types
See Remarks: 1
BuildingExt Features
SqFt - Heated (Primary): 41315
Property Features
Business Type: Mixed; Other
Showing Instructions: Special Instructions
HOA and Neigh Amenities: See Remarks
Attic: See Remarks
Basement: None
Construction: See Remarks
Exterior Finish: See Remarks
Flooring: See Remarks
Fuel Tank: None
Green Bldg Features: None
Parking Features: See Remarks
Roof: See Remarks
Lot Description: See Remarks
Current Use: Multi-Family; Single Family
Location: See Remarks
Lot Water Features: None
Cooling: Other
Fireplace Features: See Remarks
Heating: Other
Heating System Fuel Source: See Remarks
Water Heater: See Remarks
Utilities: See Remarks
Terms: 1031 Exchange; Cash; Conventional
Lease Types: See Remarks
IDX
Listing Office: Intracoastal Realty Corp
Last Updated: March - 02 - 2026
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