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    145 Lullwater Dr Wilmington, NC 28403

    Sponsored
    For Sale
    $10,750,000

    MULTI_FAMILY - Wilmington, NC

    Property size:
    41,315 SF
    Lot size:
    46.29 Acres
    Days on Market:
    19
    Last Refresh:
    Jan 6 at 4:06 pm

    Property Features for 145 Lullwater Dr

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    Mixed
    APN
    R04915-003-005-000
    Parking
    150
    Size
    41,315 SF
    Lot size
    46.29 Acres

    Building Details

    Year built
    1919
    Number of units
    68

    Intracoastal Realty Corp (800) 533-1840

    Listing agent Jeffrey G Hovis (910) 256-4503 License #234605

    Listing date Dec 19, 2025

    Copyright © 2026 HIVE MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Wilmington Multifamily Investment Opportunity

    This rental portfolio presents an investment opportunity in the downtown Wilmington area, comprising 54 income-producing units. The property mix includes 24 apartment-style condo units in two buildings, along with quadplexes, triplexes, duplexes, and single-family homes. The properties benefit from diversification and stable cash flow. The current annual rental income is approximately $800,000, with potential to reach $1,056,000 annually through rent increases and continued stabilization. Approximately $600,000 in recent capital improvements have been completed throughout the portfolio, reducing deferred maintenance and improving operational efficiency. This is an opportunity for investors seeking to enter the Wilmington rental market or expand an existing portfolio. The property is zoned for mixed use and occupies a 46.29-acre lot. The total property size is 41,315 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.883179
    Latitude
    34.239944

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    FAQs

    What type of property is this?
    Apartment building - 54-unit Wilmington rental portfolio with income and value-add potential.
    Where is this apartment building located?
    The property is located at 145 Lullwater Dr Wilmington, NC.
    What is the asking price?
    The asking price for this property is $10,750,000.
    What are key features of this property?
    This property features: - Portfolio of 54 income-producing units in downtown Wilmington area.; - Current annual rental income of approximately $800,000.; - Documented upside potential to $1,056,000 annually.
    (910) 512-2205
    Request Owner's contact information
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    Wilmington, NC 28403
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    145 Lullwater Dr Wilmington, NC 28403
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