Two-Building Flex
New
For Sale
Contact for pricing
1022 Market St, Wilmington, NC 28401
The two existing structures serve automotive-related uses and are zoned UMX Urban Mixed Use.
Property Size7,000 SF
Lot Size0.68 Acres
Price / SF$203.57
Days on Market6
Property Features for 1022 Market St
General Information
Standard status
Active
Size
7,000 SF
Lot size
0.68 Acres
Property subtype
RETAIL
Zoning
UMX Urban Mixed Use
Additional Details
Road Access
Yes
Building Details
Buildings
2
Listing Agency:
Sun Coast Partners Commercial
(910) 350-1200
Listed By:
Cody Cress, SIOR · License #NC252916
(910) 409-8421
Source:
Moodyscre
Added: Sep 22
Changed: Sep 27
Last Checked: Sep 27 at 2:01AM
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 Sun Coast Partners Commercial
Investment Insights
Based on property information with market context.
This flex property comprises two buildings measuring approximately 5,450 SF and 1,550 SF, for a combined total of about 7,000 SF. Both are currently used for automotive-related purposes. The site spans approximately 0.68 acres and is zoned UMX Urban Mixed Use.
At 1022 Market St in Wilmington, the property is approximately one block from the Soda Pop District. Its Market Street address places the two-building site in a downtown setting.
At 1022 Market St in Wilmington, the property is approximately one block from the Soda Pop District. Its Market Street address places the two-building site in a downtown setting.
Key Highlights
- Two buildings totaling approximately 7,000 SF
- Building areas of approximately 5,450 SF and 1,550 SF
- Approximately 0.68‑acre site
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
$71,395
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
5.01%
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%
$1,427,900
$1.4M
Cap Rate 7%
$1,019,929
$1.0M
Cap Rate 9%
$793,278
$793.3K
Market Conditions
NOI Build-Up for 7,000 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
$109.2K $15.60/SF
− Vacancy
−$7.2K −$1.03/SF
EGI
$102.0K $14.57/SF
− OpEx
−$30.6K −$4.37/SF
NOI
$71.4K $10.20/SF
Area
Wilmington, NC
Vacancy
6.60%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,427,900
Cap Rate 7%
$1,019,929
Cap Rate 9%
$793,278
Alternative Uses
Best Use
Industrial
$1.02M
$892.4K – $1.19M
NOI $71,395 @ 7.0% cap · market cap 5.01%
Second Best
Retail
$987.1K
$863.7K – $1.15M
NOI $69,094 @ 7.0% cap · market cap 4.85%
Theoretical Best
Multifamily LT 5
$85.71M
$75.00M – $100.00M
NOI $5,999,763 @ 7.0% cap · market cap 421.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,371
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - The two existing structures serve automotive-related uses and are zoned UMX Urban Mixed Use.
Where is this flex space located?
The property is located at 1022 Market St Wilmington, NC.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Two buildings totaling approximately 7,000 SF; Building areas of approximately 5,450 SF and 1,550 SF; Approximately 0.68‑acre site
