Eight-Unit 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 Market289
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
Electric (Heating), Natural Gas, Forced Air
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1900
Flooring type
Tile, Carpet, Wood, 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: Sep 12
Last Checked: Sep 14 at 6:06AM
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 building combines one retail space with seven residential units: four one-bedroom apartments, two studios, and one two-bedroom apartment. Built in 1900, the property received extensive renovations during 2021-2022, including comprehensive interior improvements and individually finished residential units. Construction includes wood siding and wood-frame components, with LVT/LVP, wood, tile, and carpet flooring across the improvements. Heating includes natural gas, electric, and forced air systems, while cooling is provided by central air and window or wall units.
The property is positioned near Wilmington’s Historic District, Downtown, and the Soda Pop District. It is located on Princess Street in Wilmington, NC, within the UMX zoning district. Public water serves the property, and parking is available on street. The 0.079-acre site includes a shingle roof and a mix of residential and commercial space suited to its urban setting.
The property is positioned near Wilmington’s Historic District, Downtown, and the Soda Pop District. It is located on Princess Street in Wilmington, NC, within the UMX zoning district. Public water serves the property, and parking is available on street. The 0.079-acre site includes a shingle roof and a mix of residential and commercial space suited to its urban setting.
Key Highlights
- 8‑unit mixed‑use property with 1 retail space and 7 residential units
- Unit mix includes 4 one‑bedroom units, 2 studio units, and 1 two‑bedroom unit
- 4,848 square feet on a 0.079‑acre site
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
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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
View Realmo Analytics
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 - Renovated urban building with retail frontage and varied residential layouts in the UMX zoning district.
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 property with 1 retail space and 7 residential units; Unit mix includes 4 one‑bedroom units, 2 studio units, and 1 two‑bedroom unit; 4,848 square feet on a 0.079‑acre site
