Wilmington, NC 28403 0 Lullwater Drive
$9,950,000
49 more
Presented By: Jeffrey G Hovis with Intracoastal Realty Corporation.
SQFT • 41,315
Garage • 127
Home Details
Excellent investment opportunity in the downtown Wilmington area. This rental portfolio consists of 54 income-producing units located in close proximity to downtown. Property mix includes 24 apartment-style condo units in two buildings, along with quadplexes, triplexes, duplexes, and single-family homes, offering diversification and stable cash flow.
Current annual rental income is approximately $800,000, with documented upside potential to $1,056,000 annually through rent increases and continued stabilization. Seller has completed approximately $600,000 in recent capital improvements throughout the portfolio, providing reduced deferred maintenance and improved operational efficiency.
Ideal opportunity for investors seeking to enter the Wilmington rental market or expand an existing portfolio with scale, location, and value-add potential. Financials available upon request.
Presented By: Jeffrey G Hovis with Intracoastal Realty Corporation.
Interior Features for 0 Lullwater Drive
Bathrooms
Total Baths
Other Interior Features
SmokingYNNo
Air Conditioning Y/NYes
Attic FeaturesSee Remarks
BasementNone
Basement (Y/N)No
Fireplace Y/NNo
FlooringSee Remarks
Heating Y/NYes
Water HeaterSee Remarks
General for 0 Lullwater Drive
Association AmenitiesSee Remarks
Attached Garage No
Availability Date2025-12-18
Business TypeMixed, Other
Carport Y/NNo
CityWilmington
Construction MaterialsSee Remarks
CoolingOther
CountyNew Hanover
Current UseSingle Family, Multi-Family
DirectionsMultiple locations contact listing agents for directions
Garage Y/NNo
Gross Income792095.0
HOANo
HeatingOther
Home Warranty Y/NNo
In City Limits? (Y/N)Yes
Insurance Expense57124.0
IslandOrMainlandMainland
Land Lease Y/NNo
Lease Considered Y/NNo
Lease TypeSee Remarks
Legal DescriptionSee Document section Exhibit A
LocationSee Remarks
Lot Size Square Feet2016392.0
Lot Size UnitsAcres
Net Operating Income630043.0
New ConstructionNo
Number Of Units Total68
Occupancy100.0
Parcel NumberR04915-003-005-000
PossessionClose Of Escrow, Subject To Tenant Rights, At Closing
Property Attached Y/NNo
Property SubtypeMulti Family
Property TypeCommercial Sale
RoofSee Remarks
Standard StatusActive
StatusActive
Structure TypeSee Remarks
Subdivision NameNot In Subdivision
Tax Assessed Value7177200
Tax Year2025
Taxes$38,575
UtilitiesSee Remarks
Waterfront FeaturesNone
Year Built1919
ZoningMixed
Exterior for 0 Lullwater Drive
Building Area Total41315.0
Crops Included Y/NNo
Exterior FinishSee Remarks
Horse Y/NNo
Lot Dimensionsmultiple site
Lot FeaturesSee Remarks
Lot Size Acres46.29
Lot Size Area46.29
Parking FeaturesSee Remarks
Road Frontage TypeCity Street, State Road, See Remarks, 2 - 3 Lanes, Paved
Road Surface TypePaved
SpaNo
Total Parking150.0
Waterfront Y/NNo
Additional Details
Price History
Kimberley Wilson
Realtor® | Broker