Renovated Mixed-Use
For Sale
$1,299,000
719 Princess Street, Wilmington, NC 28401
Commercial Sale, Wilmington, NC
Property Size4,848 SF
Lot Size0.08 Acres
Price / SF$267.95
Days on Market267
Property Features for 719 Princess Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
UMX
Parking features
On Street
Subdivision
Not In Subdivision
Lot features
Corner Lot
Directions
Take Market Street east out of downtown. Turn left on Tenth Street, turn left on Princess. Property is on the corner of Princess and N 8th Street. Street parking only.
Standard status
Active
APN
R04817-022-009-000
Size
4,848 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Lot 55 Blk 184 Wilm
Tax Annual Amount
8954
Legal Description
Pt Lot 55 Blk 184 Wilm
Utilities
Heating system
Natural Gas, Electric (Heating), Forced Air
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1900
Flooring type
Lvt/lvp, Wood, Tile, Carpet
Building materials
Wood Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Added: Nov 29, 2025
Changed: Aug 19
Last Checked: Aug 23 at 2:06AM
MLS# 100543390
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.
Investment Insights
Based on property information with market context.
This 4,848-square-foot mixed-use property was built in 1900 and underwent extensive renovations during 2021–2022. The layout includes one retail space and eight residential units: four one-bedroom apartments, two studios, and one two-bedroom apartment. Residential interiors feature distinct finishes, with wood, tile, carpet, and LVT/LVP flooring represented throughout the property. Heating includes natural gas, electric, and forced-air systems, while cooling is provided through central air and wall or window units.
Located at 719 Princess Street in Wilmington, the property is near the Historic District, Downtown, and the Soda Pop District. It sits on 0.079 acres, has UMX zoning, public water service, shingle roofing, and on-street parking. The combination of commercial and residential space supports a compact urban mixed-use configuration.
Located at 719 Princess Street in Wilmington, the property is near the Historic District, Downtown, and the Soda Pop District. It sits on 0.079 acres, has UMX zoning, public water service, shingle roofing, and on-street parking. The combination of commercial and residential space supports a compact urban mixed-use configuration.
Key Highlights
- 4,848 square feet on 0.079 acres
- Eight residential units plus 1 retail space
- Unit mix includes 4 one‑bedroom, 2 studio, and 1 two‑bedroom units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,853
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$957,060
$957.1K
Cap Rate 7%
$683,614
$683.6K
Cap Rate 9%
$531,700
$531.7K
Market Conditions
NOI Build-Up for 4,848 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$76.2K $15.72/SF
− Vacancy
−$7.8K −$1.62/SF
EGI
$68.4K $14.10/SF
− OpEx
−$20.5K −$4.23/SF
NOI
$47.9K $9.87/SF
Area
Wilmington, NC
Vacancy
10.30%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$957,060
Cap Rate 7%
$683,614
Cap Rate 9%
$531,700
Alternative Uses
Best Use
Mixed Use
$58.46M
$51.15M – $68.20M
NOI $4,092,215 @ 7.0% cap · market cap 315.03%
Second Best
Apartment 5plus
$51.44M
$45.01M – $60.02M
NOI $3,601,149 @ 7.0% cap · market cap 277.22%
Theoretical Best
Multifamily LT 5
$59.36M
$51.94M – $69.25M
NOI $4,155,264 @ 7.0% cap · market cap 319.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,609
Businesses Nearby
Explore this area
Business Placement
Demographics for 28401, NC
22,204
Population
13,017
Households
1.7
Avg Household Size
41
Median Age
34%
College-Educated
88%
High-School Grad
31.0 sq mi
ZIP Area
716
Density / Sq Mi
$52,159
Median Household Income
$35,739
Median Earnings
$1,183
Median Rent
$263,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - UMX-zoned building combines a retail suite with individually finished residential units near Wilmington’s urban districts.
Where is this mixed-use property located?
The property is located at 719 Princess Street Wilmington, NC.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 4,848 square feet on 0.079 acres; Eight residential units plus 1 retail space; Unit mix includes 4 one‑bedroom, 2 studio, and 1 two‑bedroom units
