Historic Dual-Building Office
For Sale
Contact for pricing
102 - 104 Orange Street, Wilmington, NC 28401
Two contiguous downtown Wilmington buildings featuring restored historic character and updated building systems with on-site parking.
Property Size4,873 SF
Price / SF$389.90
Days on Market70
Property Features for 102 - 104 Orange Street
General Information
Standard status
Active
Size
4,873 SF
Class
B
Property subtype
Office, Hospitality, Mixed Use
Zoning
Central Business District
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$137,149
Financials
Cap Rate
7.2%
Business Included
Yes
Building Details
Year Built
1738
Year Renovated
2017
Buildings
2
Stories
3
Tenancy
Multi
Listing Agency:
REIT Place
Listed By:
Roger N · License #NC
Source:
Crexi
Added: Jun 12
Changed: Aug 14
Last Checked: Aug 20 at 6:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REIT Place
Investment Insights
Based on property information with market context.
102 Orange Street (the Mitchell-Anderson House) is a preserved historic building originally constructed circa 1738. The property underwent a comprehensive modernization in 2017 using Federal and State Historic Tax Credit programs, resulting in a blend of original historic details—including fireplaces and restored woodwork—with fully updated mechanical, electrical, and plumbing systems.
104 Orange Street provides an additional complementary commercial footprint, and the two properties are contiguous and centrally located in downtown Wilmington’s Central Business District. The offering also includes dedicated private on-site parking, an amenity noted as particularly rare in the district. The remarks indicate the buildings are positioned just steps from the courthouse, local financial institutions, major thoroughfares, and the Wilmington Riverfront.
Together, 102 and 104 Orange Street total 4,873 square feet of adaptable space. The configuration is described as suitable for a range of premium concepts, including a corporate headquarters, boutique retail, medical/professional offices, or an upscale hospitality use. As presented, the portfolio is offered as a turnkey acquisition with an in-place 7.20% CAP rate and is positioned as requiring minimal immediate capital expenditure following the recent institutional-grade overhaul.
104 Orange Street provides an additional complementary commercial footprint, and the two properties are contiguous and centrally located in downtown Wilmington’s Central Business District. The offering also includes dedicated private on-site parking, an amenity noted as particularly rare in the district. The remarks indicate the buildings are positioned just steps from the courthouse, local financial institutions, major thoroughfares, and the Wilmington Riverfront.
Together, 102 and 104 Orange Street total 4,873 square feet of adaptable space. The configuration is described as suitable for a range of premium concepts, including a corporate headquarters, boutique retail, medical/professional offices, or an upscale hospitality use. As presented, the portfolio is offered as a turnkey acquisition with an in-place 7.20% CAP rate and is positioned as requiring minimal immediate capital expenditure following the recent institutional-grade overhaul.
Key Highlights
- Two contiguous downtown Wilmington commercial buildings: 102 and 104 Orange Street
- 102 Orange Street (Mitchell‑Anderson House) built circa 1738—Wilmington’s oldest surviving building
- 2017 top‑to‑bottom modernization using Federal & State Historic Tax Credit programs, with updated mechanical, electrical, and plumbing systems
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
$61,888
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
3.26%
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%
$1,237,760
$1.2M
Cap Rate 7%
$884,114
$884.1K
Cap Rate 9%
$687,644
$687.6K
Market Conditions
NOI Build-Up for 4,873 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
$101.7K $20.88/SF
− Vacancy
−$19.2K −$3.95/SF
EGI
$82.5K $16.93/SF
− OpEx
−$20.6K −$4.23/SF
NOI
$61.9K $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%
$1,237,760
Cap Rate 7%
$884,114
Cap Rate 9%
$687,644
Alternative Uses
Best Use
Office B
$884.1K
$773.6K – $1.03M
NOI $61,888 @ 7.0% cap · market cap 3.26%
Second Best
Healthcare Medical
$589.0K
$515.4K – $687.1K
NOI $41,228 @ 7.0% cap · market cap 2.17%
Theoretical Best
Multifamily LT 5
$59.67M
$52.21M – $69.61M
NOI $4,176,692 @ 7.0% cap · market cap 219.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,301
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
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Frequently Asked Questions
What type of property is this?
Office building - Two contiguous downtown Wilmington buildings featuring restored historic character and updated building systems with on-site parking.
Where is this office building located?
The property is located at 102 - 104 Orange Street Wilmington, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Two contiguous downtown Wilmington commercial buildings: 102 and 104 Orange Street; 102 Orange Street (Mitchell‑Anderson House) built circa 1738—Wilmington’s oldest surviving building; 2017 top‑to‑bottom modernization using Federal & State Historic Tax Credit programs, with updated mechanical, electrical, and plumbing systems
