Mixed-Use Property with Retail
For Sale
$1,299,000
719 Princess Street, Wilmington, NC 28401
UMX-zoned building pairs a storefront with varied residential accommodations in a downtown Wilmington setting.
Property Size4,434 SF
Price / SF$292.96
Days on Market329
Property Features for 719 Princess Street
General Information
Standard status
Active
Size
4,434 SF
Property subtype
Commercial
Zoning
UMX
Site & Location
Neighborhood
Northside
Mixed-Use Components
retail, residential
Units
Unit Mix
4 x 1BR, 2 x studio, 1 x 2BR
Multifamily Units
7
Additional Details
Gross Income
$124,000
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$8,954
Building Details
Building Size
4,434 SF
Year Built
1900
Year Renovated
2024
Tenancy
Multi
Listing Agency:
DUFFUS REALTY INC.
Listed By:
Liles Stott · License #87052OFFICEC1844
(252) 756-5395
Source:
Duffusrealty
Added: Nov 29, 2025
Changed: Oct 23
Last Checked: Oct 23 at 4:18PM
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 DUFFUS REALTY INC.
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Investment Insights
Based on property information with market context.
This 4,434-square-foot mixed-use property contains eight spaces: one retail unit and seven residences, comprising four one-bedroom apartments, two studios, and one two-bedroom apartment. Constructed in 1900, the building received extensive renovation work from 2021 through 2024, including interior upgrades and distinct finishes across the residential units.
The property is near Wilmington’s Historic District, Downtown, and the Soda Pop District. It is located within the UMX zoning district.
The property is near Wilmington’s Historic District, Downtown, and the Soda Pop District. It is located within the UMX zoning district.
Key Highlights
- Eight units: one retail space, four one‑bedroom units, two studios, and one two‑bedroom unit
- 4,434 square feet in the UMX zoning district
- Built in 1900; extensive renovations completed 2021‑2024
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.
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,581
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - UMX-zoned building pairs a storefront with varied residential accommodations in a downtown Wilmington setting.
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 in the UMX zoning district; Built in 1900; extensive renovations completed 2021‑2024
