Wilmington, NC 28401
$9,890,000
Property Type:
Comm Sale or Lease
Square Footage:
89,246
Lot Size (sq. ft.):
385,619
Status:
Closed
Current Price:
$9,890,000
List Date:
12/13/2019
Last Modified:
1/19/2026
Overview
Description
Rare residential-rental investment opportunity available in Wilmington, North Carolina. Eighty-two (82) properties consisting of Ninety-two (92) rental units available within close proximity to downtown Wilmington. The portfolio consists of a combination of single-family homes, duplex, Triplexes and Quadplexes. The portfolio generates approximate rental income of close to $1.1 Million with definite room for financial growth. Properties are in close proximity of one another and most have access to public transportation.
Many of the homes are of historic nature and are within established neighborhoods. The current owner oversees all the management of all Ninety-two (92) rental units. They have established a management and marketing program for the properties that keeps them at about 95%+ occupancy. Three of the current vacant units are in the process of being renovated or working toward finalizing improvements.
The current owner utilizes a number of rent assistance programs and has many market-based tenants. The Wilmington rental market is very active and the demand for rental housing is extreme. The current owner continues to see the value of the portfolio but has other opportunities that have opened up this great opportunity for another investor. The current owner is happy to work with the new owner for a smooth ownership transition.
Since their purchase, the current owner has invested close to $600,000 in the improvements and updates to the properties. The income, the improvements, and the growth potential make this a great investment. Contact listing agent for current rent rolls, financials and detailed property information.
Listing Details MLS# 100196310
Contract Info
- Marketing Start Date
- 2019-12-13
- Sub-Type
- Multi Family
- Sale/Lease
- Sale
- Auction
- No
- Listing Price
- 11500000
- List Price/SqFt
- 128.86
- Stipulation of Sale
- Standard
Location Information
- County
- New Hanover
- State/Province
- NC
- Zip Code
- 28401
- City Limits
- Yes
- Marketing City
- Wilmington
- Subdivision
- Not In Subdivision
- Secondary Subdivision
- N/A
Remarks and Showing
- Directions to Property
- Multiple property sites within the City of Wilmington
- Sign on Property
- No
Building Info
- New Construction
- No
BuildingExt Features
- SqFt - Heated (Primary)
- 89246
Legal and Taxes
- Tax Assessed Value
- 5222500
- Total City Real Estate Property Tax
- 55014.76
- Legal
- SW 2 NW 1/4 3 BLK 215
- Broker Owner
- No
- PID
- See Attached
- Tax Identifier
- R04818-005-004-000
- Total Real Estate Property Taxes
- 55014.76
- Special Assessments
- none
- Tax Year
- 2018
- Year Built
- 1930
- Zoning
- R-3, R-5 and UM
- HOA
- No
- Cobra Zone
- No
- Deed Book
- No
- Deed Page
- 0
- Plat Book
- No
- Plat Page
- No
More Information
Status Change Info
- Under Contract Date
- 2020-01-15
- Sold Date
- 2020-07-29
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
Building/Ext Features
- Lot Acres
- 8.85
- Lot SqFt
- 385619
- Lot Dimensions
- vary
- Location Type
- Mainland
Business Type
- Other
- Yes
HOA and Neigh Amenities
- See Remarks
- Yes
C & I Features
- See Remarks
- Yes
Construction
- See Remarks
- Yes
Lot Water Features
- None
- Yes
Exterior Finish
- See Remarks
- Yes
Terms
- Cash
- Yes
- Conventional
- Yes
Flooring
- See Remarks
- Yes
Sale/Lease Includes
- Buildings
- Yes
- Business
- Yes
- See Remarks
- Yes
Roof
- See Remarks
- Yes
Lot Description
- Other
- Yes
Road/Trans Access
- Airport
- Less than 5 Miles
- County Highway
- Less than 5 Miles
- Interstate
- Less than 5 Miles
- Port
- Less than 5 Miles
- Rail
- Less than 5 Miles
- State Highway
- Less than 5 Miles
Cooling
- Other
- Yes
Location
- See Remarks
- Yes
Heating
- Other
- Yes
Water Heater
- See Remarks
- Yes
Utilities
- See Remarks
- Yes
Lease Types
- See Remarks
- Yes
Property Features
Business Type:
Other
HOA and Neigh Amenities:
See Remarks
Construction:
See Remarks
Exterior Finish:
See Remarks
Flooring:
See Remarks
Roof:
See Remarks
Lot Description:
Other
Location:
See Remarks
Lot Water Features:
None
Cooling:
Other
Heating:
Other
Water Heater:
See Remarks
Utilities:
See Remarks
Terms:
Cash; Conventional
Lease Types:
See Remarks
Listing Office:
Intracoastal Realty Corp
IDX
Last Updated: January - 19 - 2026
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