# 145 Lullwater Drive, Wilmington, NC 28403

> **TL;DR:** residential multi family, $9,950,000 ($241/sqft), built 1919, 41,315 sqft.
> A/C. Est. $43,117/mo. Listed 113 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $9,950,000 |
| Price/sqft | $241 |
| Square Feet | 41,315 |
| Year Built | 1919 |
| Lot Size | 2,016,392 sqft (46.29 acres) |
| Property Type | Residential Multi Family (Other) |
| Status | For Sale |
| Days on Market | 113 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Mortgage (20% down, 6.5%) | $43,117 |
| **Total** | **$43,117** |

## Key Amenities

- A/C

## Property Highlights

- Built in 1919
- 46.29 acre lot
- 150 parking spaces

## Description

### Agent Description
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 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.

## Location

- **Address:** 145 Lullwater Drive, Wilmington, NC 28403
- **County:** New Hanover
- **Neighborhood:** Not In Subdivision
- **Coordinates:** 34.239944, -77.883179
- **Google Maps:** https://www.google.com/maps?q=34.239944,-77.883179

## Listing Agent

- **Name:** Jeffrey G Hovis
- **Brokerage:** Intracoastal Realty Corp
- **Phone:** 9105122205
- **Email:** jhovis@intracoastalrealty.com

## Primary Photo

![145 Lullwater Drive - Primary Photo](http://lh.rdcpix.com/142ae6f21005b6bfb36982c7a5ba1800l-f1639820102r.jpg)

*54 total photos available on [listing page](https://www.propertysimple.com/listing/145-lullwater-drive-wilmington-nc-28403-00546013)*

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**MLS#:** 100546013 | **Updated:** 2026-04-24
**Source:** listhub

*Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://www.propertysimple.com/listing/145-lullwater-drive-wilmington-nc-28403-00546013)

---

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