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2929 Market St
Wilmington, NC 28403
120-Unit Multifamily Development Site · Land For Sale
·
4.02 AC
Investment Highlights
- 120 Units Approved for Multifamily Development
- 93–100% Projected Absorption Within 3–4 Months
- ±364' Market Street Frontage | 25K+ VPD
- 48 One-Bed, 40 Two-Bed & 32 Three-Bed Units
- No Environmental Concerns Identified
- 2 Miles to Downtown Wilmington | Near Airport
Executive Summary
2929 Market Street is a 4.08-acre site rezoned and approved for 120 multifamily units, two miles from downtown Wilmington. In September 2025, Wilmington City Council rezoned the 4.08-acre parcel from O&I to MD-17(CD), High-Density Multiple Dwelling Conditional District, approving a 120-unit, four-story residential development (Ordinance CD-2-825). The zoning approval runs with the land — the next owner steps into an approved density that took a full public rezoning process to secure, with Technical Review Committee (TRC) site plan approval and permits as the remaining steps.
The offering includes a substantial third-party diligence package assembled for the prior development effort, including a 2025 Phase I ESA, geotechnical report, preliminary ALTA/NSPS survey, LIHTC/TEB market study prepared for NCHFA, as-surveyed legal description, and signed rezoning ordinance. These materials may reduce a buyer's initial diligence time and cost, subject to independent verification, report updates, and reliance rights.
The offering includes a substantial third-party diligence package assembled for the prior development effort, including a 2025 Phase I ESA, geotechnical report, preliminary ALTA/NSPS survey, LIHTC/TEB market study prepared for NCHFA, as-surveyed legal description, and signed rezoning ordinance. These materials may reduce a buyer's initial diligence time and cost, subject to independent verification, report updates, and reliance rights.
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| No. Lots | 1 | Proposed Use | Commercial |
| Property Type | Land | Total Lot Size | 4.02 AC |
| Zoning | MD-17(CD) | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Commercial |
| Total Lot Size | 4.02 AC |
| Zoning | MD-17(CD) |
1 Lot Available
Lot
| Price | $4,500,000 | Lot Size | 4.02 AC |
| Price Per AC | $1,119,402.99 |
| Price | $4,500,000 |
| Price Per AC | $1,119,402.99 |
| Lot Size | 4.02 AC |
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