3605 Caswell St Wilmington, NC 28403

Property Details for 3605 Caswell St

Year built

2024

Property type

Commercial real estate

Description

Investors and homeowners, take note! This exceptional opportunity presents a brand-new, three-unit luxury townhome development in Wilmington, North Carolina's vibrant midtown area. Designed by renowned architect Rob Romero, this modern industrial-style triplex boasts high-end finishes and a prime location, just steps from Empie Park and Independence Mall. Each unit offers approximately 1700 square feet of living space, featuring three bedrooms, two bathrooms, a studio/recreation room, a garage, and a private rooftop deck. The property is situated on a quiet cul-de-sac, offering convenient access to downtown Wilmington, the University of North Carolina Wilmington, and area beaches (within 5-10 minutes). This multifamily investment presents multiple income streams: live in one unit and rent the others, rent all three, or convert to condos for future individual sales. The asking price is $1,999,900, representing a pro-forma cap rate of 10% and a pro-forma NOI of $200,000. Each unit is priced at $666,633.33. Built in 2024, this two-story building offers significant potential for immediate equity and strong rental returns, whether utilized for short-term, mid-term, or long-term rentals. Incentive packages may be available to assist with closing costs and financing. This is a truly unique opportunity to acquire a turnkey, high-value property in a desirable location.