$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
Contract Info
Available Date: 2026-04-26
Status: Active
Delayed Marketing?: No
Marketing Start Date: 2026-04-26
Sub-Type: Multi Family
Garage: N/A
Sale/Lease: Sale
Listing Price: 3550000
Current Price: $3,550,000
List Price/SqFt: 266.52
Stipulation of Sale: Standard
Location Information
Street #: 145
Street Name: Lullwater
Street Suffix: Drive
Unit #: 1-24
County: New Hanover
State/Province: NC
Zip Code: 28403
City Limits: Yes
Marketing City: Wilmington
Subdivision: Lullwater Village
Secondary Subdivision: N/A
Geo Lat: 34.239922
Geo Lon: -77.882948
Remarks and Showing
Directions to Property: From Downtown Wilmington take Market street east. Turn right on Lullwater Drive and then turn left into property.
Sign on Property: No
Building Info
New Construction: No
BuildingExt Features
SqFt - Heated (Primary): 13320
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
Special Assessments: None
Tax Year: 2025
Year Built: 1997
Zoning: MD-17
Cobra Zone: No
Federal Flood Ins Avlbl: Yes
Miscellaneous
Occupancy: 100
Current Service Providers
Trash Provider: Contract
Electric Provider: Duke Progress Energy
Sewer Provider: Cape Fear Public Utility Authority
Water Provider: Cape Fear Public Utility Authority
Financial Info
Financial Info: Yes
Gross Income: 308000
Total Annual Expenses: 78383
Net Operating Income: 230287
Real Estate Taxes: 15185
Insurance Expense: 18572
Unit 1 Details
Unit #: 102
# Bedrooms: 2
Rent: 1200
SqFt: 720
Unit 2 Details
Unit #: 103
# Bedrooms: 2
# Full Baths: 2
Rent: 1250
SqFt: 720
Unit 3 Details
Unit #: 103
# Bedrooms: 2
# Full Baths: 2
Rent: 1250
SqFt: 720
Unit 4 Details
Unit #: 104
# Bedrooms: 2
# Full Baths: 2
Rent: 1200
SqFt: 720
Unit 5 Details
Unit #: 201
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 975
SqFt: 540
Unit 6 Details
Unit #: 202
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 7 Details
Unit #: 203
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 8 Details
Unit #: 204
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 9 Details
Unit #: 205
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 10 Details
Unit #: 206
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 990
SqFt: 540
Unit 11 Details
Unit #: 207
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 12 Details
Unit #: 208
# Bedrooms: 1
# Full Baths: 1
# Half Baths: 1
Rent: 995
SqFt: 540
Unit 13 Details
Unit #: 101
# Bedrooms: 2
# Full Baths: 2
Rent: 1300
SqFt: 720
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
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
Listing Office: Intracoastal Realty Corporation
Last Updated: April - 26 - 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.