Day Care Center with Commercial
For Sale
$700,000
3101 Princess Place Drive, Wilmington, NC 28405
Commercial Sale, Wilmington, NC
Property Size3,598 SF
Lot Size0.31 Acres
Price / SF$194.55
Days on Market704
Property Features for 3101 Princess Place Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB
Subdivision
Not In Subdivision
Directions
From Downtown Wilmington, head North on Market Street. Take a left onto 30th street, then a right onto Princess Place Drive. The property will be on your left.
Standard status
Active
APN
R04913-001-004-000
Size
3,598 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
BLK:1 DIST:WM EAST WILMINGTON MAP REF:MAP 4913
Tax Annual Amount
4592
Legal Description
BLK:1 DIST:WM EAST WILMINGTON MAP REF:MAP 4913
Utilities
Utilities
Water Available
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1997
Number of units
1
Building materials
Vinyl Siding, Wood Frame
Roof type
Metal, Shingle
Listing Agency:
Berkshire Hathaway HomeServices Carolina Premier Properties
(910) 270-3606
Listed By:
Shannon Bowers · License #322210
(910) 262-4797
Added: Sep 27, 2024
Changed: Aug 19
Last Checked: Aug 31 at 9:06AM
MLS# 100468421
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 3,598-square-foot facility in Wilmington was previously operated as a daycare licensed for 84 children. The layout includes classroom, office, and recreational areas, along with a full commercial kitchen. Furniture, fixtures, and equipment convey with the sale. The property has electric forced-air heating, central air conditioning, public water, and a combination metal and shingle roof.
Situated at 3101 Princess Place Drive, the property is adjacent to Novant's Michael Jordan Medical Clinic, which is under construction. The site encompasses 0.312 acres and includes available parking plus a fenced outdoor area. Community Business zoning and the existing configuration support the property's documented daycare use and other uses identified in the source information.
Situated at 3101 Princess Place Drive, the property is adjacent to Novant's Michael Jordan Medical Clinic, which is under construction. The site encompasses 0.312 acres and includes available parking plus a fenced outdoor area. Community Business zoning and the existing configuration support the property's documented daycare use and other uses identified in the source information.
Key Highlights
- 3,598 SF facility previously used as a daycare licensed for 84 children
- Full commercial kitchen with all FF&E conveying with sale
- CB zoning
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
$38,051
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
5.44%
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%
$761,020
$761.0K
Cap Rate 7%
$543,586
$543.6K
Cap Rate 9%
$422,789
$422.8K
Market Conditions
NOI Build-Up for 3,598 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
$56.6K $15.72/SF
− Vacancy
−$5.8K −$1.62/SF
EGI
$50.7K $14.10/SF
− OpEx
−$12.7K −$3.53/SF
NOI
$38.1K $10.58/SF
Area
Wilmington, NC
Vacancy
10.30%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
25.00%
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%
$761,020
Cap Rate 7%
$543,586
Cap Rate 9%
$422,789
Alternative Uses
Best Use
Specialty Retail
$543.6K
$475.6K – $634.2K
NOI $38,051 @ 7.0% cap · market cap 5.44%
Second Best
Industrial
$524.2K
$458.7K – $611.6K
NOI $36,697 @ 7.0% cap · market cap 5.24%
Theoretical Best
Multifamily LT 5
$44.06M
$38.55M – $51.40M
NOI $3,083,878 @ 7.0% cap · market cap 440.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28405, NC
31,775
Population
17,073
Households
1.9
Avg Household Size
41
Median Age
41%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,352
Density / Sq Mi
$67,809
Median Household Income
$41,265
Median Earnings
$1,405
Median Rent
$337,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Busy Bee Christian Child Care — 10 Kenwood Ave, Wilmington, NC 28405
- Kings Kids — 10 Kenwood Ave, Wilmington, NC 28405
- Children's Learning Center of Wilmington — 71 Darlington Ave, Wilmington, NC 28403
- Child Development Center — 3802 Princess Pl Dr, Wilmington, NC 28405
- The Learning Center — 2310 Scientific Park Dr, Wilmington, NC 28405
Frequently Asked Questions
What type of property is this?
Day care center - CB-zoned facility includes a fenced outdoor area, parking, and a full commercial kitchen.
Where is this day care center located?
The property is located at 3101 Princess Place Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,598 SF facility previously used as a daycare licensed for 84 children; Full commercial kitchen with all FF&E conveying with sale; CB zoning
