Wilmington Multifamily Investment
Lullwater Drive, Wilmington, NC 28403
MULTI_FAMILY - Wilmington, NC
Property size:
41,315 SFLot size:
46.29 AcresPrice / SF:
$240/SF- Added:
- Dec 18, 2025
- Days on Market:
- 151
- Last Refresh:
- May 18 at 2:06 pm
Property Features for Lullwater Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Mixed
- Parking
- 150
- Standard status
- Active
- APN
- R04915-003-005-000
- Size
- 41,315 SF
- Lot size
- 46.29 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- See Document section Exhibit A
- Tax Annual Amount
- 38575
Building Details
- Year built
- 1919
- Number of units
- 68
Listing agent Jeffrey G Hovis License #234605 (910) 512-2205
Listing office Intracoastal Realty Corporation 1900 Eastwood Road, Suite 38, Wilmington, NC (910) 256-4503
Listing date Dec 18, 2025
MLS# 100546013
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.
HighLights
- Portfolio of 54 income‑producing units in the downtown Wilmington area.
- Current annual rental income of approximately $800,000.
- Documented upside potential to $1,056,000 annually.
- $600,000 in recent capital improvements completed.
- Diversified property mix including apartments, quadplexes, triplexes, duplexes, and single‑family homes.
- Located in close proximity to downtown.
Overview
This rental portfolio presents an investment opportunity in the downtown Wilmington area, comprising 54 income-producing units. The property mix includes 24 apartment-style condo units housed in two buildings, alongside quadplexes, triplexes, duplexes, and single-family homes. The properties offer diversification and stable cash flow. The current annual rental income is approximately $800,000, with potential to reach $1,056,000 annually through rent increases and continued stabilization. The seller has invested approximately $600,000 in recent capital improvements throughout the portfolio, which provides reduced deferred maintenance and improved operational efficiency. The property is located in Wilmington, North Carolina. The lot size is 46.29 acres, and the property size is 41,315 square feet. The zoning is mixed. This is an opportunity for investors seeking to enter the Wilmington rental market or expand an existing portfolio with scale, location, and value-add potential.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Quadplexes
Map
- City
- Wilmington
- County
- New Hanover
- State
- North Carolina
- Longitude
- -77.883652
- Latitude
- 34.241888
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - Rental portfolio with 54 units near downtown Wilmington.
Where is this multifamily property located?
The property is located at Lullwater Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $9,950,000.
What are key features of this property?
This property features: Portfolio of 54 income‑producing units in the downtown Wilmington area.; Current annual rental income of approximately $800,000.; Documented upside potential to $1,056,000 annually.
