Through-Block Commercial
For Sale
$3,995,000
712 N 4th Street, Wilmington, NC 28401
Land, Wilmington, NC
Property Size12,000 SF
Lot Size0.94 Acres
Price / SF$332.92
Days on Market124
Property Features for 712 N 4th Street
General Information
Property type
Land
Property subtype
Other
Zoning
CBD
Fencing
Chain Link
Subdivision
Brooklyn
Elementary school
Snipes
Middle school
Williston
High school
New Hanover
Directions
From downtown take N 3rd street, turn left on Red Cross, turn left on N 4th Street and property is on the right side.
Standard status
Active
APN
R04813-014-003-000
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Exhibit A
Tax Annual Amount
1513
Legal Description
See Exhibit A
Utilities
Utilities
Electricity Available
Water source
Public
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Added: Apr 22
Changed: Aug 19
Last Checked: Aug 23 at 9:06AM
MLS# 100568706
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 0.94-acre commercial land assemblage combines five contiguous parcels extending from N. 4th Street to N. 5th Avenue. The property includes an approximately 12,000-square-foot industrial warehouse currently associated with ACME Art Studios, along with chain-link fencing, available electricity, and public water service. CBD zoning permits building heights up to 70 feet and does not require setbacks, providing defined parameters for future building concepts. The property is located in Wilmington’s Brooklyn Arts District within the downtown area. Its through-block configuration connects two streets, while the surrounding district includes local businesses, cultural destinations, and ongoing revitalization activity. The site’s zoning and existing improvements support consideration of residential, live/work, or mixed-use development concepts, as stated for the property.
Key Highlights
- 0.94‑acre assemblage of five contiguous parcels
- Approximately 12,000 square feet of existing industrial warehouse space
- CBD zoning permits building heights up to 70 feet
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
$152,403
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
3.81%
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%
$3,048,060
$3.0M
Cap Rate 7%
$2,177,186
$2.2M
Cap Rate 9%
$1,693,367
$1.7M
Market Conditions
NOI Build-Up for 12,000 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
$250.6K $20.88/SF
− Vacancy
−$47.4K −$3.95/SF
EGI
$203.2K $16.93/SF
− OpEx
−$50.8K −$4.23/SF
NOI
$152.4K $12.70/SF
Area
Wilmington, NC
Vacancy
18.90%
Lease Rate
$20.88 /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%
$3,048,060
Cap Rate 7%
$2,177,186
Cap Rate 9%
$1,693,367
Alternative Uses
Best Use
Office B
$2.18M
$1.91M – $2.54M
NOI $152,403 @ 7.0% cap · market cap 3.81%
Second Best
Warehouse
$2.12M
$1.86M – $2.48M
NOI $148,618 @ 7.0% cap · market cap 3.72%
Theoretical Best
Multifamily LT 5
$146.93M
$128.57M – $171.42M
NOI $10,285,308 @ 7.0% cap · market cap 257.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,061
Businesses Nearby
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - CBD-zoned urban site with an existing warehouse and five connected parcels extending between two downtown streets.
Where is this commercial land located?
The property is located at 712 N 4th Street Wilmington, NC.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 0.94‑acre assemblage of five contiguous parcels; Approximately 12,000 square feet of existing industrial warehouse space; CBD zoning permits building heights up to 70 feet
