8 Unit Multifamily on Princess St

Multi-Family for Sale
Sale Pending
Also listed as Retail-Commercial
Catylist Listing ID: 30600098
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden, Mixed Use, Other
Status: Pending
Number of Units: 8 Units
Building Size (RSF): 4,848 SF
Gross Building Area: See Agent
Sale Price: $865,000
Unit Price: $108,125 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Average Occupancy Rate: 100
Last Updated: 11/23/2020

Overview / Comments

Excellent mixed use opportunity just blocks from everything Downtown Wilmington has to offer plus only a couple blocks away from the burgeoning Soda Pop District. With an 82 Walk Score, this property is perfectly positioned for the metropolitan lifestyle and the upwardly mobile demographic it attracts.

Built in 1906 in the classic Wilmington architectural vernacular, this offering includes:
-3 Studio Apartments
-3 One Bedroom Apartments
-1 Two Bedroom Apartments
-1 Street Level Retail Storefront

This property has been restored, updated and well maintained over the course of the seller's ownership of nearly 40 years. It has exhibited an extremely strong rental history for decades. Below market rents provide an incredible value-add to the new owner.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R04817022009000
Zoning: O&I
Percent Occupied: 100%
Property Located Between: 7th and 8th Streets
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1906
Roof Type: Gable
Construction/Siding: Wood Frame, Wood Siding
Parking Type: Surface
Parking Description: On-street parking
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Other
Lot Frontage: 45
Lot Depth: 56
Water Service: Municipal
Sewer Type: Municipal
Legal Description: PT E END 5 BLK 184

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,057 41,425 121,019
Median Age: 36.07 36.26 36.39
Households: 5,000 18,955 51,883


Photograph of Listing Agent

Eric Knight

Nest Realty NCCMLS Member
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