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Wilmington, NC 28403 145 Lullwater Drive # 1-24

$3,550,000

145 Lullwater Drive # 1-24 Wilmington, NC - Image 1145 Lullwater Drive # 1-24 Wilmington, NC - Image 2145 Lullwater Drive # 1-24 Wilmington, NC - Image 3
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145 Lullwater Drive # 1-24 Wilmington, NC - Image 4145 Lullwater Drive # 1-24 Wilmington, NC - Image 5145 Lullwater Drive # 1-24 Wilmington, NC - Image 6145 Lullwater Drive # 1-24 Wilmington, NC - Image 7
Presented By: Intracoastal Realty Corp
  • MLS# 100569678
  • 04/26/2026
  • Request Tour
  • Request Info
  • SQFT • 13,320
  • Garage • 34

Home Details

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.
Presented By: Intracoastal Realty Corp

Interior Features for 145 Lullwater Drive # 1-24

Bathrooms

Total Baths

Other Interior Features

SmokingYNNo
Air Conditioning Y/NYes
Attic FeaturesAccess Only
BasementNone
Basement (Y/N)No
Fireplace Y/NNo
FlooringCarpet, Vinyl
Heating Y/NYes
Water HeaterElectric

General for 145 Lullwater Drive # 1-24

Association AmenitiesSee Remarks
Attached Garage No
Availability Date2026-04-26
Business TypeOther
Carport Y/NNo
CityWilmington
Construction MaterialsVinyl Siding, Wood Frame
CoolingWall/Window Unit(s)
CountyNew Hanover
Current UseMulti-Family
DirectionsFrom Downtown Wilmington take Market street east. Turn right on Lullwater Drive and then turn left into property.
Garage Y/NNo
Gross Income308000.0
HOANo
HeatingOther, Electric
Home Warranty Y/NNo
In City Limits? (Y/N)Yes
Insurance Expense18572.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease TypeSee Remarks
Legal DescriptionSee Property Information Sheet in Listing Documents
LocationResidential
Lot Size Square Feet60810.0
Lot Size UnitsAcres
Net Operating Income230287.0
New ConstructionNo
Number Of Units Total24
Occupancy100.0
Parcel NumberR04915-003-005-000
PossessionClose Of Escrow, Subject To Tenant Rights, At Closing
Property Attached Y/NNo
Property SubtypeMulti Family
Property TypeCommercial Sale
RoofShingle
Standard StatusActive
StatusActive
Structure TypeWood Frame
Subdivision NameLullwater Village
Tax Assessed Value2497600
Tax Year2025
Taxes$15,185
Unit Number1-24
UtilitiesElectricity Connected, Sewer Connected2, Water Connected3
Waterfront FeaturesNone
Year Built1997
ZoningMD-17

Exterior for 145 Lullwater Drive # 1-24

Building Area Total13320
Crops Included Y/NNo
Exterior FinishVinyl Siding
Foundation DetailsSlab
Frontage TypeSee Remarks
Horse Y/NNo
Lot DimensionsIrregular
Lot FeaturesSee Remarks
Lot Size Acres1.4
Lot Size Area1.4
Parking FeaturesParking Lot, Off Street, Paved
Road Frontage TypeCity Street, State Road, 2 - 3 Lanes, Paved
Road Surface TypePaved
SpaNo
Total Parking34.0
Water SourcePublic
Waterfront Y/NNo

Additional Details

Price History

Gavin Desarno

Price $3,550,000
MLS#100569678
List Date 04/26/2026
Property Type Commercial
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