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    Wilmington Redevelopment Opportunity Title is generated by Realmo AI

    2006 Princess Place Drive, Wilmington, NC 28405

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    For Sale
    $499,000

    COMMERCIAL - Wilmington, NC

    Property size:
    5,636 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $88/SF
    Added:
    Feb 13, 2026
    Days on Market:
    110
    Last Refresh:
    Jun 3 at 7:06 pm

    Property Features for 2006 Princess Place Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CB-COMMUNITY B
    Parking features
    Off Street
    Standard status
    Active
    APN
    R04815-017-017-000
    Size
    5,636 SF
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOT 100X142AV PRINCESS PL
    Tax Annual Amount
    3043

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1965
    Flooring type
    Concrete
    Building materials
    Block
    Roof type
    Flat, Tar/Gravel, Membrane

    We can help!

    Listing Contact
    Sarah N Busalachi

    Listing agent Sarah N Busalachi License #334591

    Listing office Intracoastal Realty Corporation 1900 Eastwood Road, Suite 38, Wilmington, NC

    Listing date Feb 13, 2026

    MLS# 100554420

    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

    • Redevelopment opportunity in a highly desirable location near Downtown Wilmington.
    • Large 5636 sqft building on valuable land with ample road frontage and great visibility.
    • Favorable CB zoning allows for neighborhood business uses.
    • Excellent location close to parks, the greenway, and the Cape Fear Rugby facility.
    • Utilities available: Water and Public Sewer.
    • Asbestos abatement is roughly 90% complete.

    Overview

    This property presents a unique redevelopment opportunity in a highly desirable area near Downtown Wilmington. It is situated on Princess Place Drive, a well-traveled connector road. The property includes an existing 5636-square-foot cement block building, which holds the key to valuable land beneath. The site offers ample road frontage and great visibility. It is located close to Mary Bridgers and Bullock parks, the greenway, and Wilmington's Cape Fear Rugby facility/field. Neighborhood business uses are appropriate due to the CB zoning. The building is being sold as-is, and asbestos abatement is roughly 90% complete. The lot size is 0.33 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.924351
    Latitude
    34.242278

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    FAQs

    What type of property is this?
    Commercial land - Redevelopment opportunity near Downtown Wilmington with existing building.
    Where is this commercial land located?
    The property is located at 2006 Princess Place Drive Wilmington, NC.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Redevelopment opportunity in a highly desirable location near Downtown Wilmington.; **Large 5636 sqft building on valuable land with ample road frontage and great visibility.**; Favorable CB zoning allows for neighborhood business uses.
    (910) 228-6178
    We can help!
    Listing Contact
    Sarah N Busalachi
    Real Estate License ID: 334591
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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.

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