Renovated Mixed-Use
For Sale
$1,299,000
719 Princess Street, Wilmington, NC 28401
UMX-zoned urban property combines retail space with a varied residential unit mix and substantial recent improvements.
Property Size4,848 SF
Days on Market264
Property Features for 719 Princess Street
General Information
Standard status
Active
Size
4,848 SF
Property subtype
Commercial
Zoning
UMX
Units
Unit Mix
4 x 1BR, 2 x studio, 1 x 2BR
Multifamily Units
7
Additional Details
Gross Income
$124,000
Building Details
Building Size
4,848 SF
Year Built
1900
Year Renovated
2022
Listing Agency:
Intracoastal Realty Corporation
(910) 512-2205
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Source:
Thomasrealtysold
Added: Nov 29, 2025
Changed: Aug 17
Last Checked: Aug 20 at 1:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Intracoastal Realty Corporation
Investment Insights
Based on property information with market context.
This mixed-use property at 719 Princess Street includes one retail space and eight residential units: four one-bedroom apartments, two studios, and one two-bedroom apartment. The building dates to 1900, with extensive renovation work completed during 2021–2022. Residential interiors were updated throughout, with distinct finishes in each unit.
The property is situated near Wilmington’s Historic District, Downtown, and the Soda Pop District. Its UMX zoning supports the property’s combined commercial and residential configuration, while the current layout brings retail and apartment uses together in one urban building.
The property is situated near Wilmington’s Historic District, Downtown, and the Soda Pop District. Its UMX zoning supports the property’s combined commercial and residential configuration, while the current layout brings retail and apartment uses together in one urban building.
Key Highlights
- 8‑unit mixed‑use configuration with 1 retail space and 7 residential units
- Residential mix includes 4 one‑bedroom units, 2 studio units, and 1 two‑bedroom unit
- Extensive renovations completed 2021‑2022, including full interior improvements
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
2,581
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - UMX-zoned urban property combines retail space with a varied residential unit mix and substantial recent improvements.
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: 8‑unit mixed‑use configuration with 1 retail space and 7 residential units; Residential mix includes 4 one‑bedroom units, 2 studio units, and 1 two‑bedroom unit; Extensive renovations completed 2021‑2022, including full interior improvements
