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    Wilmington Commercial Space For Rent Title is generated by Realmo AI

    1506 S 3rd Street, Wilmington, NC 28401

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    Claim this Listing
    For Lease
    $3,500/Mo $23 SF/Yr (calc)

    COMMERCIAL - Wilmington, NC

    Property size:
    1,824 SF
    Lot size:
    0.14 Acres
    Added:
    Feb 21, 2025
    Days on Market:
    470
    Last Refresh:
    Jun 6 at 11:06 am

    Property Features for 1506 S 3rd Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    UMX
    Standard status
    Active
    APN
    R05417-013-001-000
    Size
    1,824 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LT 3 PT LT 11 BLK E GREENFIELD TERRACE
    Expense value
    7000
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    1907
    Flooring type
    Wood
    Building materials
    Wood Siding

    We can help!

    Listing Contact
    Celeste Salzberg
    Celeste Salzberg

    Listing agent Celeste Salzberg License #197830

    Listing office Coastal Knot Realty Group & Business Brokerage 705 S 6th Str., Wilmington, NC

    Listing date Feb 21, 2025

    MLS# 100490358

    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.

    HighLights

    • Located in the vibrant and popular SoFro District of Wilmington.
    • High visibility on Third Street, a main thoroughfare.
    • Surrounded by small businesses and local attractions.
    • Close proximity to South Front Apartments and Lofts, providing a built‑in customer base.
    • Versatile space suitable for various business types (bar/restaurant, studio, store, etc.).
    • Historic building constructed in 1907.

    Overview

    Located in Wilmington's SoFro District, this commercial property is surrounded by small businesses and known as a popular local destination, especially on weekends. The South Front Apartments and Lofts are one block away, providing a built-in customer base. The 1824 square foot space is suitable for various businesses, including a bar/restaurant, bar/coffeehouse combo, tattoo studio, vintage store, or art/pottery studio. Situated on South 3rd Street, a main thoroughfare, the property benefits from high visibility. The lot size is 0.14 acres. The zoning is UMX.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sea Horse Lounge — 1311 Dawson St, Wilmington, NC 28401
    • Live At Ted's — 2 Castle St, Wilmington, NC 28401
    • Sip N Chill Lounge — 614 Castle St, Wilmington, NC 28401
    • Creative Commons — 1014 S 4th St, Wilmington, NC 28401
    • Wilmington Sportsman Club — 1111 Castle St, Wilmington, NC 28401

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.944134
    Latitude
    34.216137

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    FAQs

    What type of property is this?
    Bar & Pub - Vibrant commercial space in Wilmington's SoFro District, great visibility.
    Where is this bar & pub located?
    The property is located at 1506 S 3rd Street Wilmington, NC.
    What is the lease rate?
    The lease rate is $3,500 /Mo.
    What are key features of this property?
    This property features: Located in the vibrant and popular SoFro District of Wilmington.; High visibility on Third Street, a main thoroughfare.; Surrounded by small businesses and local attractions.
    (910) 434-6967
    We can help!
    Listing Contact
    Celeste Salzberg
    Celeste Salzberg
    Real Estate License ID: 197830
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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