1022 Market St, Wilmington, NC 28401

Building Details

Buildings 2 More

Listing Agency: Sun Coast Partners Commercial Show Phone

Listed By: Tyler Pegg · License NC #249446 Show Phone

Source: Moodyscre

Added: Sep 22 Changed: Nov 6 Last Checked: Nov 12 at 7:21AM

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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

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$71,395

Cap Rate

5.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,427,900 $1.4M

Cap Rate 7%

$1,019,929 $1.0M

Cap Rate 9%

$793,278 $793.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,000 SF

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 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 (±1% cap)

NOI $71,395 @ 7.0% cap · market cap 5.01%

Second Best

Retail

$987.1K

$863.7K – $1.15M (±1% cap)

NOI $69,094 @ 7.0% cap · market cap 4.85%

Theoretical Best

Office A

$1.75M

$1.53M – $2.04M (±1% cap)

NOI $122,623 @ 7.0% cap · market cap 8.61%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

MobileTech Auto Repair Shop

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Dental Office Auto Parts Store Storage Facility Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Properties on Market for Flex space in Wilmington

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Similar Off Market Nearby

• Angie’s Catering — 853 S 17th St, Wilmington, NC 28401
• Salt and Charm — 702 S 17th St, Wilmington, NC 28401
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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