4.08 AC Wilmington | 120-Unit Multifamily Development Site

Investment Overview

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.

Investment Highlights

• Approved density in place: 120 units (48× 1BR, 40× 2BR, 32× 3BR) in fourstory buildings with parking, elevators, and amenities per the Council-accepted site plan.
• Proven rental demand: 2025 market study prepared for NCHFA projects 93–100% absorption within 3–4 months; surveyed area apartment waiting lists run 60–161 applicants deep.
• Favorable environmental and geotechnical findings: No RECs (Phase I, 2025), conventional shallow foundations at 2,000 psf, Flood Zone X, ±364' of Market Street frontage at a signalized corridor with 25,000+ vehicles per day.
• Location: Adjacent to Forest Hills, 2 miles to downtown Wilmington, <4 miles to Wilmington International Airport, on a WAVE Transit route, one block from the planned Independence Blvd Extension