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Seahawk Cove 619 S Kerr Ave 48 Unit Apartment Building $11,842,500 ($246,719/Unit) 6% Cap Rate Wilmington, NC 28403
Executive Summary
Seahawk Cove Student Living
Seahawk Cove Student Living
Purpose-Built Student Housing Investment Opportunity
615, 617, 619 & 623 S. Kerr Avenue | Wilmington, North Carolina
Listed at an In-Place 6% CAP, this property is priced to sell and has value-add potential.
Located just minutes from the University of North Carolina Wilmington (UNCW), Seahawk Cove Student Living presents a rare opportunity to acquire a modern, purpose-built student housing asset in one of North Carolina’s fastest-growing coastal markets. This 48-unit / 144-bed community offers strong in-place cash flow, demonstrated rental growth, and long-term upside supported by consistent university demand and limited competing supply.
Investment Highlights
48 Units | 144 Beds
Purpose-Built Student Housing
3 Bedroom / 3 Bathroom Floor Plans
Phase I Built in 2017 | Phase II Completed in 2023
Located Near UNCW Campus
Current Occupancy: ~87%
Modern Construction with Limited Near-Term CapEx
Strong Historical Leasing Performance
Attractive Opportunity for 1031 Exchange Buyers & Private Investors
Seahawk Cove was specifically designed to serve the growing UNCW student population with highly desirable three-bedroom, three-bathroom units that align with student rental preferences. The property benefits from an infill location near campus, convenient access to retail and dining, and proximity to Wilmington’s major employment and lifestyle amenities.
Financial Overview
Trailing 12-Month Performance (Mar 2025 – Feb 2026)
Listed at In-Place 6% CAP
The pro forma projections anticipate occupancy exceeding 92%, supported by strong pre-leasing activity and operational efficiencies already underway. Management has identified opportunities for additional NOI growth through strategic expense reductions and continued rent optimization.
Property Features
Residents benefit from:
Modern apartment finishes
Spacious floor plans
Surface parking
Outdoor recreational amenities
Basketball / sport court
Professionally maintained grounds
Student-focused community design
Wilmington & UNCW Market
Wilmington continues to experience substantial population and economic growth driven by healthcare, education, technology, tourism, and film production industries. UNCW remains one of the region’s strongest economic anchors, generating consistent student housing demand with limited nearby inventory available for acquisition.
The property is surrounded by major retail, dining, and student housing communities including Harris Teeter, Sam’s Club, PT’s Olde Fashioned Grille, Cook Out, and several competing apartment communities, reinforcing the strength of the surrounding submarket.
Seahawk Cove Student Living
Purpose-Built Student Housing Investment Opportunity
615, 617, 619 & 623 S. Kerr Avenue | Wilmington, North Carolina
Listed at an In-Place 6% CAP, this property is priced to sell and has value-add potential.
Located just minutes from the University of North Carolina Wilmington (UNCW), Seahawk Cove Student Living presents a rare opportunity to acquire a modern, purpose-built student housing asset in one of North Carolina’s fastest-growing coastal markets. This 48-unit / 144-bed community offers strong in-place cash flow, demonstrated rental growth, and long-term upside supported by consistent university demand and limited competing supply.
Investment Highlights
48 Units | 144 Beds
Purpose-Built Student Housing
3 Bedroom / 3 Bathroom Floor Plans
Phase I Built in 2017 | Phase II Completed in 2023
Located Near UNCW Campus
Current Occupancy: ~87%
Modern Construction with Limited Near-Term CapEx
Strong Historical Leasing Performance
Attractive Opportunity for 1031 Exchange Buyers & Private Investors
Seahawk Cove was specifically designed to serve the growing UNCW student population with highly desirable three-bedroom, three-bathroom units that align with student rental preferences. The property benefits from an infill location near campus, convenient access to retail and dining, and proximity to Wilmington’s major employment and lifestyle amenities.
Financial Overview
Trailing 12-Month Performance (Mar 2025 – Feb 2026)
Listed at In-Place 6% CAP
The pro forma projections anticipate occupancy exceeding 92%, supported by strong pre-leasing activity and operational efficiencies already underway. Management has identified opportunities for additional NOI growth through strategic expense reductions and continued rent optimization.
Property Features
Residents benefit from:
Modern apartment finishes
Spacious floor plans
Surface parking
Outdoor recreational amenities
Basketball / sport court
Professionally maintained grounds
Student-focused community design
Wilmington & UNCW Market
Wilmington continues to experience substantial population and economic growth driven by healthcare, education, technology, tourism, and film production industries. UNCW remains one of the region’s strongest economic anchors, generating consistent student housing demand with limited nearby inventory available for acquisition.
The property is surrounded by major retail, dining, and student housing communities including Harris Teeter, Sam’s Club, PT’s Olde Fashioned Grille, Cook Out, and several competing apartment communities, reinforcing the strength of the surrounding submarket.
Property Facts
| Price | $11,842,500 | Building Class | B |
| Price Per Unit | $246,719 | Lot Size | 3.46 AC |
| Sale Type | Investment | Building Size | 78,426 SF |
| Cap Rate | 6% | Average Occupancy | 87% |
| No. Units | 48 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2017 |
| Property Subtype | Apartment | Parking Ratio | 1.85/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-10 | ||
| Price | $11,842,500 |
| Price Per Unit | $246,719 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 3.46 AC |
| Building Size | 78,426 SF |
| Average Occupancy | 87% |
| No. Stories | 3 |
| Year Built | 2017 |
| Parking Ratio | 1.85/1,000 SF |
| Zoning | R-10 |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Furnished Units Available
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+3 | 48 | - | 1,300 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | R05511-002-016-000 | Improvements Assessment | $16,160,000 |
| Land Assessment | $740,000 | Total Assessment | $16,900,000 |
Property Taxes
Parcel Number
R05511-002-016-000
Land Assessment
$740,000
Improvements Assessment
$16,160,000
Total Assessment
$16,900,000
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Seahawk Cove | 619 S Kerr Ave
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