Fenced Flex Property with
For Sale
$595,000
Pending
1120 Dawson Street, Wilmington, NC 28401
Commercial Sale, Wilmington, NC
Property Size2,309 SF
Lot Size0.39 Acres
Days on Market96
Property Features for 1120 Dawson Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
UMX
Parking features
Garage, Paved or Surfaced
Subdivision
Not In Subdivision
Lot features
Corner Lot, Cleared, Irregular Lot
Directions
From Downtown Wilmington, take Market St west and turn onto Dawson St. Property is on corner of Dawson and S 12th St.
Standard status
Pending
APN
R05410-029-021-000
Size
2,309 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Lots 1,2,3 E 1/2 Blk 41 Wilmington Combined Per Db 5351 Pg 1809 Result Of Combination No 52291
Tax Annual Amount
1735
Legal Description
Pt Lots 1,2,3 E 1/2 Blk 41 Wilmington Combined Per Db 5351 Pg 1809 Result Of Combination No 52291
Utilities
Utilities
Water Available
Heating system
Electric (Heating)
Cooling system
Central Air, Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1970
Flooring type
Concrete, Lvt/lvp
Building materials
Brick Veneer, Wood Frame
Roof type
Shingle
Listing Agency:
1st Class Real Estate Coastal Choice
(910) 418-1560
Listed By:
David Link · License #330425
(910) 398-4664
Added: May 17
Changed: Aug 19
Last Checked: Aug 20 at 7:06PM
MLS# 100574650
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,309-square-foot flex property at 1120 Dawson Street includes a residential-style building on a 0.39-acre parcel. The fully fenced site has over 250 feet of road frontage, a garage with a 15-by-15-foot insulated roll-up door, concrete flooring downstairs, and paved parking. Interior improvements include new electrical wiring and panels, new plumbing above and below ground, insulation, drywall, LED lighting, and two renovated bathrooms. A 5-ton Goodman HVAC system was installed in 2023, and the property also includes a 2021 tankless water heater, natural gas service, and an approximately 5- to 6-year-old roof.
The property is zoned UMX and sits near Downtown Wilmington and the Cargo District. Its building and lot provide space for equipment parking, storage, outdoor work areas, or additional improvements subject to approvals. Construction includes brick veneer and wood framing, with a heavy-duty beam structure and a garage built with 1/4-inch steel.
The property is zoned UMX and sits near Downtown Wilmington and the Cargo District. Its building and lot provide space for equipment parking, storage, outdoor work areas, or additional improvements subject to approvals. Construction includes brick veneer and wood framing, with a heavy-duty beam structure and a garage built with 1/4-inch steel.
Key Highlights
- 2,309‑square‑foot building on a 0.39‑acre fully fenced parcel
- Over 250 feet of road frontage along Dawson Street in Wilmington
- UMX zoning with a secured site for parking, storage, and outdoor work areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,597
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$571,940
$571.9K
Cap Rate 7%
$408,529
$408.5K
Cap Rate 9%
$317,744
$317.7K
Market Conditions
NOI Build-Up for 2,309 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.0K $15.60/SF
− Vacancy
−$2.4K −$1.03/SF
EGI
$33.6K $14.57/SF
− OpEx
−$5.0K −$2.19/SF
NOI
$28.6K $12.38/SF
Area
Wilmington, NC
Vacancy
6.60%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$571,940
Cap Rate 7%
$408,529
Cap Rate 9%
$317,744
Alternative Uses
Best Use
Warehouse
$408.5K
$357.5K – $476.6K
NOI $28,597 @ 7.0% cap · market cap 4.81%
Second Best
Industrial
$336.4K
$294.4K – $392.5K
NOI $23,550 @ 7.0% cap · market cap 3.96%
Theoretical Best
Multifamily LT 5
$28.27M
$24.74M – $32.98M
NOI $1,979,065 @ 7.0% cap · market cap 332.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28401, NC
22,204
Population
13,017
Households
1.7
Avg Household Size
41
Median Age
34%
College-Educated
88%
High-School Grad
31.0 sq mi
ZIP Area
716
Density / Sq Mi
$52,159
Median Household Income
$35,739
Median Earnings
$1,183
Median Rent
$263,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - UMX-zoned commercial property with updated building systems, flexible interior space, and a secured outdoor area for parking or storage.
Where is this flex space located?
The property is located at 1120 Dawson Street Wilmington, NC.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,309‑square‑foot building on a 0.39‑acre fully fenced parcel; Over 250 feet of road frontage along Dawson Street in Wilmington; UMX zoning with a secured site for parking, storage, and outdoor work areas
