$3,550,000
Wilmington, NC 28403
MLS# 100569678
13320 sqft
1 / 8
Property Description
Twenty-four (24) unit multi-family investment property ideally located near UNCW, shopping, local businesses, downtown, and area beaches. This income-producing asset features a well-balanced unit mix of sixteen (16) one-bedroom/1.5-bath units and eight (8) two-bedroom/2-bath units. The property currently generates approximately $309,000 in annual rental income, with the potential to reach up to $425,664 through voucher-based programs. Each unit is individually metered with separate utilities and is structured as a condominium, offering added flexibility and efficiency in management. An existing assumable Freddie Mac loan (subject to buyer approval) provides a highly attractive, below-market interest rate--enhancing the overall investment value. This is a strong opportunity for investors seeking stable cash flow with upside potential in a highly desirable and convenient location.
Details
Maps
Location Information
Unit #: 1-24
City Limits: Yes
Marketing City: Wilmington
Secondary Subdivision: N/A
Street #: 145
Street Name: Lullwater
Street Suffix: Drive
County: New Hanover
State/Province: NC
Zip Code: 28403
Subdivision: Lullwater Village
Geo Lat: 34.239922
Geo Lon: -77.882948
Building/Ext Features
# of Parking Spaces: 34
# of Units: 24
Fireplace Y/N: No
Lot Acres: 1.4
Lot SqFt: 60810
Lot Dimensions: Irregular
Location Type: Mainland
Contract Info
Available Date: 2026-04-26
Delayed Marketing?: No
Sub-Type: Multi Family
Garage: N/A
Sale/Lease: Sale
List Price/SqFt: 266.52
Stipulation of Sale: Standard
Status: Active
Marketing Start Date: 2026-04-26
Listing Price: 3550000
Current Price: $3,550,000
Remarks and Showing
Sign on Property: No
Directions to Property: From Downtown Wilmington take Market street east. Turn right on Lullwater Drive and then turn left into property.
Building Info
New Construction: No
Legal and Taxes
Tax Assessed Value: 2497600
Total City Real Estate Property Tax: 15185.36
Deed Book: 6497
Deed Page: 152
Legal: See Property Information Sheet in Listing Documents
Broker Owner: No
PID: R04915-003-005-000
Tax Identifier: R04915-003-005-000
Plat Book: 0
Plat Page: 0
Special Assessments: None
Tax Year: 2025
Zoning: MD-17
Cobra Zone: No
Federal Flood Ins Avlbl: Yes
Year Built: 1997
Business Type
Other: 1
Current Use
Multi-Family: 1
Miscellaneous
Occupancy: 100
HOA and Neigh Amenities
See Remarks: 1
Attic
Access Only: 1
Basement
None: 1
Electric
220 Volts: 1
C & I Features
None: 1
Frontage Type
See Remarks: 1
Handicap Accessible
None: 1
Development Status
See Remarks: 1
Construction
Wood Frame: 1
Structure Type
Multi Family: 1
Lot Water Features
None: 1
Current Service Providers
Electric Provider: Duke Progress Energy
Sewer Provider: Cape Fear Public Utility Authority
Trash Provider: Contract
Water Provider: Cape Fear Public Utility Authority
Exterior Finish
Vinyl Siding: 1
Terms
Cash: 1
Conventional: 1
See Remarks: 1
Foundation
Slab: 1
Flooring
Carpet: 1
Vinyl: 1
Fuel Tank
None: 1
Green Bldg Features
None: 1
Parking Features
Off Street: 1
Parking Lot: 1
Paved: 1
Sale/Lease Includes
Buildings: 1
Land: 1
See Remarks: 1
Roof
Shingle: 1
Lot Description
See Remarks: 1
Road Type/Frontage
2 - 3 Lanes: 1
Paved: 1
Public (City/Cty/St): 1
Road/Trans Access
Airport: Less than 5 Miles
County Highway: 6 - 10 Miles
Interstate: Less than 5 Miles
Port: 11 - 15 Miles
Rail: 11 - 15 Miles
State Highway: 6 - 10 Miles
Cooling
Wall/Window Unit(s): 1
Other Structures
None: 1
Location
Residential: 1
Heating
Other: 1
Heating System Fuel Source
Electric: 1
Water Heater
Electric: 1
Utilities
Electricity Connected: 1
Sewer Connected: 1
Water Connected: 1
Water Source
Municipal Water: 1
Sewer
Municipal Sewer: 1
Financial Info
Financial Info: Yes
Gross Income: 308000
Total Annual Expenses: 78383
Net Operating Income: 230287
Real Estate Taxes: 15185
Insurance Expense: 18572
Lease Types
See Remarks: 1
Unit 1 Details
Unit #: 102
# Bedrooms: 2
Rent: 1200
SqFt: 720
Unit 1 Inclusions
See Remarks: 1
Unit 2 Details
Unit #: 103
# Bedrooms: 2
# Full Baths: 2
Rent: 1250
SqFt: 720
Unit 2 Inclusions
See Remarks: 1
Unit 3 Details
Unit #: 103
# Bedrooms: 2
# Full Baths: 2
Rent: 1250
SqFt: 720
Unit 3 Inclusions
See Remarks: 1
Unit 4 Details
Unit #: 104
# Bedrooms: 2
# Full Baths: 2
Rent: 1200
SqFt: 720
Unit 4 Inclusions
See Remarks: 1
Unit 5 Details
Unit #: 201
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 975
SqFt: 540
Unit 5 Inclusions
See Remarks: 1
Unit 6 Details
Unit #: 202
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 6 Inclusions
See Remarks: 1
Unit 7 Details
Unit #: 203
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 7 Inclusions
See Remarks: 1
Unit 8 Details
Unit #: 204
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 8 Inclusions
See Remarks: 1
Unit 9 Details
Unit #: 205
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 9 Inclusions
See Remarks: 1
Unit 10 Details
Unit #: 206
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 990
SqFt: 540
Unit 10 Inclusions
See Remarks: 1
Unit 11 Details
Unit #: 207
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 11 Inclusions
See Remarks: 1
Unit 12 Details
Unit #: 208
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 12 Inclusions
See Remarks: 1
Unit 13 Details
Unit #: 101
# Bedrooms: 2
# Full Baths: 2
Rent: 1300
SqFt: 720
Unit 13 Inclusions
See Remarks: 1
Unit 14 Details
Unit #: 102
# Bedrooms: 2
# Full Baths: 2
Rent: 1125
SqFt: 720
Unit 15 Details
Unit #: 103
# Bedrooms: 2
# Full Baths: 2
Rent: 1200
SqFt: 720
Unit 16 Details
Unit #: 104
# Bedrooms: 2
# Full Baths: 2
Rent: 1300
SqFt: 720
Unit 18 Details
Unit #: 201
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 19 Details
Unit #: 202
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 960
SqFt: 540
Unit 20 Details
Unit #: 203
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 21 Details
Unit #: 204
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 22 Details
Unit #: 205
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 980
SqFt: 540
Unit 23 Details
Unit #: 206
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 24 Details
Unit #: 208
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
BuildingExt Features
SqFt - Heated (Primary): 13320
Property Features
Business Type: Other
HOA and Neigh Amenities: See Remarks
Attic: Access Only
Basement: None
Electric: 220 Volts
Frontage Type: See Remarks
Handicap Accessible: None
Development Status: See Remarks
Construction: Wood Frame
Exterior Finish: Vinyl Siding
Structure Type: Multi Family
Flooring: Carpet; Vinyl
Foundation: Slab
Fuel Tank: None
Green Bldg Features: None
Parking Features: Off Street; Parking Lot; Paved
Roof: Shingle
Lot Description: See Remarks
Other Structures: None
Current Use: Multi-Family
Location: Residential
Lot Water Features: None
Cooling: Wall/Window Unit(s)
Heating: Other
Heating System Fuel Source: Electric
Water Heater: Electric
Utilities: Electricity Connected; Sewer Connected; Water Connected
Sewer: Municipal Sewer
Water Source: Municipal Water
Terms: Cash; Conventional; See Remarks
Lease Types: See Remarks
Unit 1 Inclusions: See Remarks
Unit 2 Inclusions: See Remarks
Unit 3 Inclusions: See Remarks
Unit 4 Inclusions: See Remarks
Unit 5 Inclusions: See Remarks
Unit 6 Inclusions: See Remarks
Unit 7 Inclusions: See Remarks
Unit 8 Inclusions: See Remarks
Unit 9 Inclusions: See Remarks
Unit 10 Inclusions: See Remarks
Unit 11 Inclusions: See Remarks
Unit 12 Inclusions: See Remarks
Unit 13 Inclusions: See Remarks
IDX
Listing Office: Intracoastal Realty Corporation
Last Updated: April - 26 - 2026
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