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:
3/02/2026
Overview
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.
Listing Details MLS# 100546013
Contract Info
- Available Date
- 2025-12-18
- Delayed Marketing?
- No
- Marketing Start Date
- 2025-12-18
- Sub-Type
- Multi Family
- Garage
- N/A
- Space
- Yes
- Sale/Lease
- Sale
- Listing Price
- 10750000
- 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
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
- Deed Page
- 0
- Plat Book
- No
- Plat Page
- No
More Information
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
Building/Ext Features
- ud_i_08
- 6
- # of Parking Spaces
- 150
- # of Units
- 68
- Fireplace Y/N
- Yes
- Lot Acres
- 46.29
- Lot SqFt
- 2016392
- Lot Dimensions
- multiple site
- Location Type
- Mainland
Showing Instructions
- Special Instructions
- Yes
Business Type
- Mixed
- Yes
- Other
- Yes
Current Use
- Multi-Family
- Yes
- Single Family
- Yes
HOA and Neigh Amenities
- See Remarks
- Yes
Attic
- See Remarks
- Yes
Basement
- None
- Yes
C & I Features
- See Remarks
- Yes
Construction
- See Remarks
- Yes
Lot Water Features
- None
- Yes
Exterior Finish
- See Remarks
- Yes
Terms
- 1031 Exchange
- Yes
- Cash
- Yes
- Conventional
- Yes
Flooring
- See Remarks
- Yes
Fuel Tank
- None
- Yes
Green Bldg Features
- None
- Yes
Parking Features
- See Remarks
- Yes
Sale/Lease Includes
- See Remarks
- Yes
Roof
- See Remarks
- Yes
Lot Description
- See Remarks
- Yes
Road Type/Frontage
- 2 - 3 Lanes
- Yes
- Paved
- Yes
- Public (City/Cty/St)
- Yes
- See Remarks
- Yes
Road/Trans Access
- Airport
- Less than 5 Miles
- County Highway
- 6 - 10 Miles
- Interstate
- Less than 5 Miles
- Port
- 6 - 10 Miles
- Rail
- 6 - 10 Miles
- State Highway
- Less than 5 Miles
Cooling
- Other
- Yes
Location
- See Remarks
- Yes
Heating
- Other
- Yes
Heating System Fuel Source
- See Remarks
- Yes
Water Heater
- See Remarks
- Yes
Utilities
- See Remarks
- Yes
Fireplace Features
- See Remarks
- Yes
Lease Types
- See Remarks
- Yes
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
IDX
Last Updated: March - 02 - 2026
Copyright 2024 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS.