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… Read More 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. Read Less
Courtesy of Jeffrey G Hovis, Intracoastal Realty Corp
Listing Snapshot
Days Online
22
Last Updated
Property Type
Multi Family
Square Ft.
41,315
Lot Size
46.29 Acres
Year Built
1919
MLS Number
100546013
30 Days Snapshot Of 28403
$481k
-10%
(avg) sold price
27
-12%
homes sold
124
+44%
(avg) days on market
Snapshot
Area Map
Additional Details
Property Access
Road frontage type: "City Street", "State Road", "See Remarks", "2 - 3 Lanes", "Paved", Road surface type: "Paved"
Basement
"None"
Building
Built in 1919, Construction materials: "See Remarks", Toal building area: 41315
Cooling
"Other"
Expenses
Insurance: $57,124
Floors
"See Remarks"
Water Features
"None"
Heating
"Other"
Home Owner's Association
Association amenities: "See Remarks"
Income
Gross income: $792,095, Net operating income: $630,043
Lot
46.29 acres, 2,016,392 sqft, "See Remarks"
Parking
150 total parkings, "See Remarks"
Property
Zoning: Mixed
Roof
"See Remarks"
Taxes
Year: 2025
Utilities
"See Remarks"
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The data relating to real estate on this web site comes in part from the Internet Data Exchange program of Hive MLS, and is updated as of . All information is deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Intracoastal Realty Corp shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data.
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