Renovated Mixed-Use
For Sale
$1,299,000
719 Princess Street, Wilmington, NC 28401
Commercial Sale, Wilmington, NC
Property Size4,434 SF
Lot Size0.08 Acres
Price / SF$292.96
Days on Market312
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
4,434 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
Electric (Heating), Forced Air, Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1900
Flooring type
Carpet, Wood, Tile, Lvt/lvp
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: Oct 1
Last Checked: Oct 7 at 1:06PM
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.
Built in 1900, this 4,434-square-foot mixed-use property sits on a 0.079-acre lot. Its eight-unit layout includes one retail space, four one-bedroom apartments, two studios, and one two-bedroom apartment. Extensive interior work was completed from 2021 through 2024, with distinct finishes in each residence. The property is in the UMX zoning district.
The address is near Wilmington’s Historic District, Downtown, and the Soda Pop District. On-street parking is listed among the property features.
The address is near Wilmington’s Historic District, Downtown, and the Soda Pop District. On-street parking is listed among the property features.
Key Highlights
- Eight units: one retail space, four one‑bedroom units, two studios, and one two‑bedroom unit
- 4,434 square feet on a 0.079‑acre lot
- UMX zoning district
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,766
Cap Rate
3.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$875,320
$875.3K
Cap Rate 7%
$625,229
$625.2K
Cap Rate 9%
$486,289
$486.3K
Market Conditions
NOI Build-Up for 4,434 SF
Gross rent
$69.7K $15.72/SF
− Vacancy
−$7.2K −$1.62/SF
EGI
$62.5K $14.10/SF
− OpEx
−$18.8K −$4.23/SF
NOI
$43.8K $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 Rate 5%
$875,320
Cap Rate 7%
$625,229
Cap Rate 9%
$486,289
Alternative Uses
Best Use
Mixed Use
$53.47M
$46.78M – $62.38M
NOI $3,742,756 @ 7.0% cap · market cap 288.13%
Second Best
Apartment 5plus
$47.05M
$41.17M – $54.89M
NOI $3,293,625 @ 7.0% cap · market cap 253.55%
Theoretical Best
Multifamily LT 5
$54.29M
$47.51M – $63.34M
NOI $3,800,421 @ 7.0% cap · market cap 292.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property pairs a retail space with residential units in several configurations.
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: Eight units: one retail space, four one‑bedroom units, two studios, and one two‑bedroom unit; 4,434 square feet on a 0.079‑acre lot; UMX zoning district
