Wilmington Industrial Building on College
For Sale
Contact for pricing
Pending
112 N College Rd, Wilmington, NC 28405
40,000 SF industrial building on 4.5 acres for sale.
Property Size40,000 SF
Lot Size4.50 Acres
Days on Market194
Property Features for 112 N College Rd
General Information
Standard status
Pending
Size
40,000 SF
Lot size
4.50 Acres
Property subtype
Hospitality, Industrial, Land, Retail, Special Purpose
Zoning
IND and RB
Listing Agency:
Sun Coast Partners Commercial
(910) 512-3550
Listed By:
Tyler Pegg · License #249446
Source:
Crexi
Added: Feb 7
Changed: Aug 8
Last Checked: Aug 8 at 6:31AM
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.
Located at 112 N. College Road in Wilmington, North Carolina, this commercial property offers opportunities for industrial reuse or redevelopment. The property features an existing industrial building of approximately 40,000 square feet on a plot of approximately 4.5 acres. Its location provides multiple value paths for an end-user, investor, or developer to capitalize on the current improvements or pursue long-term redevelopment. Reuse and repurposing opportunities include warehouse, distribution, light manufacturing operations or life sciences, contractor service, fleet, or service-oriented commercial uses, adaptive reuse for office, flex, or mixed commercial applications, and interim income or owner-user occupancy while planning redevelopment. Redevelopment is supported by four parcels totaling approximately 4.5 acres with substantial depth and over 1000 feet of College Road and over 125 feet Market Street frontage. The location benefits from annual average daily traffic counts of approximately 40,000 vehicles per day on College Rd AND Market St. Dual zoning, General Industrial (IND) and Regional Business (RB) under City of Wilmington Zoning Code, and future Land Use designations encourage employment, academic, and live/work innovation uses. The property allows phasing development by retaining, expanding, or removing existing improvements. The property is strategically located near UNCW, Wilmington International Airport (ILM), and major retail and employment hubs, with planned NCDOT roadway improvements further enhancing long-term accessibility. Environmental Phase I & II assessments have been completed, with remediation performed and final testing confirming conditions below regulatory thresholds. The property is ideal for investors, owner-users, or developers seeking a highly visible infill site with access to Market Street and College Road.
Key Highlights
- Prime location on College Road with high traffic (40,000 AADT) and Market Street frontage, offering exceptional visibility and accessibility.
- Dual zoning (IND and RB) and favorable future land use designations support a wide range of reuse and redevelopment options.
- Existing ±40,000 SF industrial building allows for immediate income generation or owner‑user occupancy while planning future development.
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
$407,971
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
9.07%
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%
$8,159,420
$8.2M
Cap Rate 7%
$5,828,157
$5.8M
Cap Rate 9%
$4,533,011
$4.5M
Market Conditions
NOI Build-Up for 40,000 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
$624.0K $15.60/SF
− Vacancy
−$41.2K −$1.03/SF
EGI
$582.8K $14.57/SF
− OpEx
−$174.8K −$4.37/SF
NOI
$408.0K $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%
$8,159,420
Cap Rate 7%
$5,828,157
Cap Rate 9%
$4,533,011
Alternative Uses
Best Use
Warehouse
$7.08M
$6.19M – $8.26M
NOI $495,394 @ 7.0% cap · market cap 11.01%
Second Best
Industrial
$5.83M
$5.10M – $6.80M
NOI $407,971 @ 7.0% cap · market cap 9.07%
Theoretical Best
Multifamily LT 5
$489.78M
$428.55M – $571.41M
NOI $34,284,359 @ 7.0% cap · market cap 761.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
758
Businesses Nearby
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - 40,000 SF industrial building on 4.5 acres for sale.
Where is this manufacturing property located?
The property is located at 112 N College Rd Wilmington, NC.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Prime location on College Road with high traffic (40,000 AADT) and Market Street frontage, offering exceptional visibility and accessibility.; Dual zoning (IND and RB) and favorable future land use designations support a wide range of reuse and redevelopment options.; Existing ±40,000 SF industrial building allows for immediate income generation or owner‑user occupancy while planning future development.
