Mixed-Use Multifamily with
For Sale
$1,299,000
719 Princess Street, Wilmington, NC 28401
MULTI_FAMILY - Wilmington, NC
Property Size4,848 SF
Lot Size0.08 Acres
Price / SF$267.95
Days on Market244
Property Features for 719 Princess Street
General Information
Property type
Residential Multi Family
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
Window Unit(s), Wall/Window Unit(s), Central Air
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: Jul 15
Last Checked: Jul 31 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 8-unit mixed-use property includes 1 retail space and 7 residential units configured as four one-bedroom units, two studio units, and one two-bedroom unit. Built in 1900, the property underwent extensive renovations with full interior improvements completed in 2021–2022, and each residential unit was uniquely finished.
The property is located in the UMX zoning district near Wilmington’s Historic District, Downtown, and the Soda Pop District, offering a compact urban setup within the City of Wilmington.
With a reported annual rental income of approximately $124,000 and a strong rental history, the building is positioned for turn-key use as an income-generating investment.
The property is located in the UMX zoning district near Wilmington’s Historic District, Downtown, and the Soda Pop District, offering a compact urban setup within the City of Wilmington.
With a reported annual rental income of approximately $124,000 and a strong rental history, the building is positioned for turn-key use as an income-generating investment.
Key Highlights
- 8‑unit mixed‑use property built in 1900 with extensive renovations completed 2021–2022
- Unit mix includes 1 retail space, 4 one‑bedroom units, 2 studio units, and 1 two‑bedroom unit
- Approx. annual rental income of $124,000 with a strong rental history
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $76.2k | $15.72 |
| − Vacancy | −$7.8k | −$1.62 |
| EGI | $68.4k | $14.10 |
| − OpEx | −$20.5k | −$4.23 |
| NOI | $47.9k | $9.87 |
4,848 SF · lease $15.72/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$51.44M
$45.01M – $60.02M
NOI $3,601,149 @ 7.0% cap · market cap 277.22%
Second Best
Retail
$683.6K
$598.2K – $797.6K
NOI $47,853 @ 7.0% cap · market cap 3.68%
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
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,536
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?
Apartment building - Turnkey 8-unit mixed-use property with renovated interiors, including retail space and multiple residential unit types.
Where is this apartment building 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 built in 1900 with extensive renovations completed 2021–2022; Unit mix includes 1 retail space, 4 one‑bedroom units, 2 studio units, and 1 two‑bedroom unit; Approx. annual rental income of $124,000 with a strong rental history
