145 Lullwater Drive, Wilmington, NC 28403
$10,750,000
Property Type:
Comm Sale or Lease
Square Footage:
41,315
Lot Size (sq. ft.):
2,016,392
Status:
Active
Current Price:
$10,750,000
List Date:
12/18/2025
Last Modified:
12/19/2025
Description
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.
More Information MLS# 100546013
Contract Info
Available Date: 2025-12-18
Status: Active
Delayed Marketing?: No
Marketing Start Date: 2025-12-18
Sub-Type: Multi Family
Garage: N/A
Space: Yes
Sale/Lease: Sale
Listing Price: 10750000
Current Price: $10,750,000
List Price/SqFt: 260.2
Stipulation of Sale: Standard
Location Information
Street #: 145
Street Name: Lullwater
Street Suffix: Drive
County: New Hanover
State/Province: NC
Zip Code: 28403
City Limits: Yes
Subdivision: Not In Subdivision
Secondary Subdivision: N/A
Geo Lat: 34.239944
Geo Lon: -77.883179
Remarks and Showing
Directions to Property: Multiple locations contact listing agents for directions
Sign on Property: No
Building Info
New Construction: No
BuildingExt Features
SqFt - Heated (Primary): 41315
Legal and Taxes
Tax Assessed Value: 7177200
Deed Book: Multi
Legal: See Document section Exhibit A
Broker Owner: No
PID: Multi
Tax Identifier: R04915-003-005-000
Special Assessments: None
Tax Year: 2025
Year Built: 1919
Zoning: Mixed
HOA: No
Cobra Zone: No
Federal Flood Ins Avlbl: Yes
Miscellaneous
Occupancy: 100
Current Service Providers
Electric Provider: Duke Progress Energy
Natural Gas Provider: Piedmont Natural Gas Co.
Sewer Provider: Cape Fear Public Utility Authority
Water Provider: Cape Fear Public Utility Authority
Financial Info
Financial Info: Yes
Gross Income: 792095
Total Annual Expenses: 169408
Net Operating Income: 630043
Real Estate Taxes: 38575
Insurance Expense: 57124
Property Features
Business Type: Mixed; Other
Showing Instructions: Special Instructions
HOA and Neigh Amenities: See Remarks
Attic: See Remarks
Basement: None
Construction: See Remarks
Exterior Finish: See Remarks
Flooring: See Remarks
Fuel Tank: None
Green Bldg Features: None
Parking Features: See Remarks
Roof: See Remarks
Lot Description: See Remarks
Current Use: Multi-Family; Single Family
Location: See Remarks
Lot Water Features: None
Cooling: Other
Fireplace Features: See Remarks
Heating: Other
Heating System Fuel Source: See Remarks
Water Heater: See Remarks
Utilities: See Remarks
Terms: 1031 Exchange; Cash; Conventional
Lease Types: See Remarks
Listing Office: Intracoastal Realty Corp
Last Updated: December - 19 - 2025
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