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315-317 Castle St 5,143 SF 100% Leased Retail Building Wilmington, NC 28401 $980,000 ($190.55/SF) 7.03% Cap Rate
EXECUTIVE SUMMARY
Prime Mixed-Use Investment — 524 S 4th St & 315–317 Castle St, Wilmington, NC
Historic, income-producing mixed-use asset now offered: fully leased, turnkey and delivering immediate cash flow in Wilmington’s vibrant Castle Street Arts & Antique District. The 1888 landmark building at 317 Castle St offers original architectural charm (wood & tile flooring, balcony, historic character) combined with modern, income-producing residential and commercial units.
Highlights:
100% leased — stable, creditworthy tenants with long-term commercial leases (annual escalations + pass-throughs for taxes/insurance) and long-term residential leases.
Immediate cash flow + strong cap rate, with professional property management already in place.
Value-add upside — possibility to convert residential units into short-term rentals (Airbnb/VRBO), with projected potential to generate ~3× current residential income.
Prime downtown location — just 0.8 miles from historic downtown Wilmington and Riverwalk; high street visibility within a walkable arts, antiques, boutique and tourism-oriented district that draws both locals and visitors.
Diversified income mix — residential and commercial tenants reduce vacancy risk and offer balanced income streams.
This asset represents an attractive opportunity for investors seeking a stable cash-flowing property, with both preservation-grade historical charm and clear upside potential via short-term rental conversion or long-term value appreciation.
Historic, income-producing mixed-use asset now offered: fully leased, turnkey and delivering immediate cash flow in Wilmington’s vibrant Castle Street Arts & Antique District. The 1888 landmark building at 317 Castle St offers original architectural charm (wood & tile flooring, balcony, historic character) combined with modern, income-producing residential and commercial units.
Highlights:
100% leased — stable, creditworthy tenants with long-term commercial leases (annual escalations + pass-throughs for taxes/insurance) and long-term residential leases.
Immediate cash flow + strong cap rate, with professional property management already in place.
Value-add upside — possibility to convert residential units into short-term rentals (Airbnb/VRBO), with projected potential to generate ~3× current residential income.
Prime downtown location — just 0.8 miles from historic downtown Wilmington and Riverwalk; high street visibility within a walkable arts, antiques, boutique and tourism-oriented district that draws both locals and visitors.
Diversified income mix — residential and commercial tenants reduce vacancy risk and offer balanced income streams.
This asset represents an attractive opportunity for investors seeking a stable cash-flowing property, with both preservation-grade historical charm and clear upside potential via short-term rental conversion or long-term value appreciation.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,143 SF
Building Class
C
Year Built
1888
Price
$980,000
Price Per SF
$190.55
Cap Rate
7.03%
NOI
$68,870
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.97
Lot Size
0.06 AC
Opportunity Zone
Yes
Zoning
R-3
Frontage
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (86)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | R05409-003-012-000 | Improvements Assessment | $630,900 |
| Land Assessment | $136,100 | Total Assessment | $767,000 |
PROPERTY TAXES
Parcel Number
R05409-003-012-000
Land Assessment
$136,100
Improvements Assessment
$630,900
Total Assessment
$767,000
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315-317 Castle St
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