Fenced Flex Space with
For Sale
$595,000
Pending
1120 Dawson St, Wilmington, NC 28401
UMX-zoned property with upgraded building systems, natural gas service, and a fully fenced lot suited to varied commercial configurations.
Property Size2,309 SF
Lot Size0.40 Acres
Days on Market122
Property Features for 1120 Dawson St
General Information
Standard status
Pending
Size
2,309 SF
Lot size
0.40 Acres
Property subtype
Commercial
Zoning
UMX
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Building Details
Year Built
1970
Listing Agency:
1st Class Real Estate Coastal Choice
(910) 398-4664
Listed By:
David Link · License #330425
Source:
Coastalrealtyassociates
Added: Apr 30
Changed: Aug 29
Last Checked: Aug 25 at 6:03AM
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 1st Class Real Estate Coastal Choice
Investment Insights
Based on property information with market context.
This 2,309-square-foot flex property was built in 1970 and is currently arranged in a residential-style configuration. The building has a history as a mechanic shop and church, with improvements that include updated electrical panels and wiring, new plumbing, insulation, drywall, LED lighting, and two HVAC systems. A 5-ton Goodman unit was installed in 2023, and a 200,000 BTU gas heater provides additional climate control. Other features include cement floors downstairs, a 15-by-15-foot insulated roll-up garage door, 20-amp outlets, natural gas service, and two renovated bathrooms. The tankless water heater dates to 2021, while the roof was updated approximately 5-6 years ago.
The site covers nearly 0.40 acres and provides over 250 feet of road frontage on Dawson Street. It is fully fenced and located minutes from Downtown Wilmington and the Cargo District. UMX zoning and the existing infrastructure support consideration of workshop, warehouse, studio, creative office, service-business, or live/work configurations, subject to applicable approvals.
The site covers nearly 0.40 acres and provides over 250 feet of road frontage on Dawson Street. It is fully fenced and located minutes from Downtown Wilmington and the Cargo District. UMX zoning and the existing infrastructure support consideration of workshop, warehouse, studio, creative office, service-business, or live/work configurations, subject to applicable approvals.
Key Highlights
- 2,309‑square‑foot flex property on nearly 0.40 acres
- UMX zoning with over 250 feet of road frontage
- Fully fenced site with room for parking, equipment storage, and outdoor workspace
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
$28,597
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
4.81%
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%
$571,940
$571.9K
Cap Rate 7%
$408,529
$408.5K
Cap Rate 9%
$317,744
$317.7K
Market Conditions
NOI Build-Up for 2,309 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
$36.0K $15.60/SF
− Vacancy
−$2.4K −$1.03/SF
EGI
$33.6K $14.57/SF
− OpEx
−$5.0K −$2.19/SF
NOI
$28.6K $12.38/SF
Area
Wilmington, NC
Vacancy
6.60%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$571,940
Cap Rate 7%
$408,529
Cap Rate 9%
$317,744
Alternative Uses
Best Use
Warehouse
$408.5K
$357.5K – $476.6K
NOI $28,597 @ 7.0% cap · market cap 4.81%
Second Best
Industrial
$336.4K
$294.4K – $392.5K
NOI $23,550 @ 7.0% cap · market cap 3.96%
Theoretical Best
Multifamily LT 5
$28.27M
$24.74M – $32.98M
NOI $1,979,065 @ 7.0% cap · market cap 332.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
971
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
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - UMX-zoned property with upgraded building systems, natural gas service, and a fully fenced lot suited to varied commercial configurations.
Where is this flex space located?
The property is located at 1120 Dawson St Wilmington, NC.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,309‑square‑foot flex property on nearly 0.40 acres; UMX zoning with over 250 feet of road frontage; Fully fenced site with room for parking, equipment storage, and outdoor workspace
