Wow -- Downtown Wilmington NC Condos Crush Ocean Front Condos for ROI $$$

 Downtown Historic District Conds = VERY HIGH vacation rental income

I'm jay the owner of Ocean Views real estate in Leland North Carolina and over the years I’ve  been helping a lot of people buy North Carolina oceanfront condos as vacation rentals for high return on investment, high ROI numbers. But let me tell you something, the prices at the ocean have gotten so high in most places that they have outsripped the return on investment. But I have a workaround for you, it’s called downtown historic district Wilmington. You got these buildings built in the 1800’s and I just went under contract on one here and we’re getting it for 365 and it grosses $50,000 okay, how’s that for a good RIO, it rocks so it’s time for a paradigm shift. Say goodbye to the ocean front and hello to downtown Wilmington. At least know it’s an option for you to get super high returns under $400,000; like I’m just blown away by how cool this building is inside. Wait till you see it.

Alright, I’ve got two examples for you, and I’m gonna also contrast some of the dynamics with the oceanfront condos. This is the one I have under contract now 21 Front Street, and there’s a rooftop bar up there. This building is from 1898, very cool a couple of pictures from it, let’s see here we go. Back in there I guess is the bar part on the other side, this thing is sort of like Frank Lloyd Wrightesq in that when you're looking down you get like this empty square view, there we go. Yeah so it is just an amazing condo with amazing interior design work. Some, it reminds me of Turnberry Tower with some of the materials used. I don’t know what they’re called but the floors and some of the closet drawers, it’s some sort of polyglass, I don’t know what it’s called but it’s pretty cutting edge. These used to be what you had inside Turnberry Towers in Arlington Virginia. So the point that I’m getting to is in some of these old buildings you can have extremely renovated units that are hyper modern I call them. So like I said, this should gross about 50,000, however what’s interesting is when you go look at another one I sold last year, this is 215 Water Street. Also nice and finished inside, not hyper modern but there are some views of the cape fear river from the balcony etc. So this is only a one-bedroom yet it was grossing $52,000. My point is that 1) in downtown Wilmington you don’t have to have a water view to get great numbers and then 2) having a second bedroom is not like at the ocean where you immediately go from $33,000 to $55,000 in rent. Actually they’re both almost identical because singles and couples are renting these in downtown Wilmington. The extra bedroom does not add extra value for your rental income and I just thought that was pretty fascinating but the bottom line is your return on investment here is really high. I calculated this one for 13.7% and normally the oceanfront condo at the beach at least in Wilmington, excuse me, on the North Carolina side because the prices have gone up so much those are grossing for example 7% not exciting, functional, but not exciting. This is exciting, also keep in mind everyone I’m on the South Carolina side and I do find better numbers down there that’s it’s whole wild west of real estate and I’ll have to do a video explaining all the drama going on down there but everything is case by case and there’s great properties all over the place, you just need the right realtor to find them out and do the numbers for you, thanks.

 

4 Properties
Pending
21 N Front St Wilmington,  NC 28401
$375,000
Neighborhood: Downtown
1
Beds
1F11/2
Baths
1,063
Sq.Ft.
1898
Year Built
66
Days on Site
100439135
MLS
$439,900
Neighborhood: Downtown
2
Beds
2
Baths
1,085
Sq.Ft.
1898
Year Built
75
Days on Site
100437416
MLS
Sold
112 Market St Wilmington,  NC 28401
$420,000
Neighborhood: Downtown
2
Beds
1
Baths
822
Sq.Ft.
1907
Year Built
3/27/24
Sold On
100430065
MLS
$329,000
Neighborhood: Downtown
1
Beds
1
Baths
720
Sq.Ft.
1898
Year Built
221
Days on Site
100414742
MLS
22 Properties
$415,000
Neighborhood: Water Street Center Condo
1
Beds
1
Baths
585
Sq.Ft.
2000
Year Built
3
Days on Site
100451342
MLS
$497,000
Neighborhood: River Place
1
Beds
1
Baths
598
Sq.Ft.
2019
Year Built
23
Days on Site
100447363
MLS
$285,000
Neighborhood: North Front Place
1
Beds
1
Baths
516
Sq.Ft.
1917
Year Built
47
Days on Site
100443053
MLS
$310,555
Neighborhood: River Place
1
Beds
1
Baths
551
Sq.Ft.
2020
Year Built
54
Days on Site
100441598
MLS
$668,420
Neighborhood: River Place
2
Beds
2F11/2
Baths
1,261
Sq.Ft.
2020
Year Built
54
Days on Site
100441601
MLS
$528,775
Neighborhood: River Place
1
Beds
1F11/2
Baths
931
Sq.Ft.
2020
Year Built
54
Days on Site
100441602
MLS
$572,800
Neighborhood: River Place
2
Beds
2
Baths
1,219
Sq.Ft.
2020
Year Built
54
Days on Site
100441604
MLS
$319,900
Neighborhood: North Front Place
1
Beds
1
Baths
607
Sq.Ft.
1917
Year Built
57
Days on Site
100441269
MLS
$379,380
Neighborhood: River Place
1
Beds
1
Baths
803
Sq.Ft.
2020
Year Built
58
Days on Site
100440909
MLS
Open 6/22
715 N 4th St Wilmington,  NC 28401
$386,000
Neighborhood: The Promenade
2
Beds
2
Baths
945
Sq.Ft.
2002
Year Built
63
Days on Site
100439913
MLS
$794,900
Neighborhood: Brooks Building Condo
2
Beds
2F11/2
Baths
1,478
Sq.Ft.
1899
Year Built
65
Days on Site
100439482
MLS
$696,905
Neighborhood: River Place
2
Beds
2
Baths
1,261
Sq.Ft.
2020
Year Built
68
Days on Site
100438733
MLS
$426,350
Neighborhood: River Place
1
Beds
1
Baths
839
Sq.Ft.
2020
Year Built
68
Days on Site
100438736
MLS
$376,000
Neighborhood: Brooklyn House
2
Beds
2
Baths
1,255
Sq.Ft.
2004
Year Built
72
Days on Site
100438112
MLS
$439,900
Neighborhood: Downtown
2
Beds
2
Baths
1,085
Sq.Ft.
1898
Year Built
75
Days on Site
100437416
MLS
$420,000
Neighborhood: Water Street Center Condo
1
Beds
1
Baths
585
Sq.Ft.
2000
Year Built
96
Days on Site
100433407
MLS
$829,900
Neighborhood: River Place
2
Beds
2F11/2
Baths
1,427
Sq.Ft.
2019
Year Built
134
Days on Site
100426712
MLS
$465,000
Neighborhood: River Place
1
Beds
1
Baths
579
Sq.Ft.
2019
Year Built
137
Days on Site
100426047
MLS
$395,000
Neighborhood: Chandlers Watch Condominiums
11/2
Baths
536
Sq.Ft.
2001
Year Built
213
Days on Site
100415922
MLS
$329,000
Neighborhood: Downtown
1
Beds
1
Baths
720
Sq.Ft.
1898
Year Built
221
Days on Site
100414742
MLS
$369,000
Neighborhood: The Promenade
2
Beds
2
Baths
945
Sq.Ft.
2002
Year Built
242
Days on Site
100411214
MLS
$412,000
Neighborhood: Water Street Center Condo
1
Beds
1
Baths
585
Sq.Ft.
2000
Year Built
291
Days on Site
100403350
MLS

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