Vacant End-Unit Office
For Sale
$240,000
Pending
118 Kerr Avenue, Wilmington, NC 28403
Vacant end-unit commercial space with a showroom/lobby, five offices, reception area, two restrooms, and breakroom.
Property Size1,009 SF
Days on Market255
Property Features for 118 Kerr Avenue
General Information
Standard status
Pending
Size
1,009 SF
Property subtype
Other
Additional Details
Office Units
5
Taxes and HOA fees
Annual Taxes
$1,201
Amenities
Central Air, Electric, Heat Pump
3
Parking. Corner Lot.
Lot, Lighted, On Site.
one unit of business cent
Business Park, Corner.
Building Details
Year Built
2000
Listing Agency:
Intracoastal Realty Corporation
(910) 233-0825
Listed By:
Gail Bailey · License #153036
(910) 233-0825
Source:
Xome
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 9 at 5:25AM
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 Intracoastal Realty Corporation
Investment Insights
Based on property information with market context.
This vacant end-unit commercial property is designed with a bright showroom or lobby area that includes side windows for natural light. The layout also provides a separate reception or checkout area, five individual offices, and two restrooms, including one restroom with a shower. A breakroom with cabinets and a refrigerator is included, offering additional functionality for day-to-day operations. The flexible floor plan can be configured to support a single-tenant use or a shared arrangement.
The unit is located within a four-unit complex, with three other active businesses on site. The property sits near Market Street and the airport, placing it among established businesses.
As part of the end-unit configuration, the space offers a straightforward combination of public-facing areas and multiple private offices, supported by restroom facilities and a dedicated breakroom.
The unit is located within a four-unit complex, with three other active businesses on site. The property sits near Market Street and the airport, placing it among established businesses.
As part of the end-unit configuration, the space offers a straightforward combination of public-facing areas and multiple private offices, supported by restroom facilities and a dedicated breakroom.
Key Highlights
- Vacant end‑unit commercial property in a four‑unit complex with three other active businesses
- Layout includes a bright showroom/lobby with side windows, separate reception/checkout area, and five individual offices
- Two restrooms, including one with a shower
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
$12,815
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
5.34%
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%
$256,300
$256.3K
Cap Rate 7%
$183,071
$183.1K
Cap Rate 9%
$142,389
$142.4K
Market Conditions
NOI Build-Up for 1,009 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
$21.1K $20.88/SF
− Vacancy
−$4.0K −$3.95/SF
EGI
$17.1K $16.93/SF
− OpEx
−$4.3K −$4.23/SF
NOI
$12.8K $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%
$256,300
Cap Rate 7%
$183,071
Cap Rate 9%
$142,389
Alternative Uses
Best Use
Office B
$183.1K
$160.2K – $213.6K
NOI $12,815 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$142.3K
$124.5K – $166.0K
NOI $9,959 @ 7.0% cap · market cap 4.15%
Theoretical Best
Multifamily LT 5
$12.35M
$10.81M – $14.41M
NOI $864,823 @ 7.0% cap · market cap 360.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
Explore this area
Business Placement
Demographics for 28403, NC
38,134
Population
20,424
Households
1.9
Avg Household Size
30
Median Age
48%
College-Educated
94%
High-School Grad
14.0 sq mi
ZIP Area
2,724
Density / Sq Mi
$50,988
Median Household Income
$30,991
Median Earnings
$1,293
Median Rent
$337,600
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 units - Vacant end-unit commercial space with a showroom/lobby, five offices, reception area, two restrooms, and breakroom.
Where is this office units located?
The property is located at 118 Kerr Avenue Wilmington, NC.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Vacant end‑unit commercial property in a four‑unit complex with three other active businesses; Layout includes a bright showroom/lobby with side windows, separate reception/checkout area, and five individual offices; Two restrooms, including one with a shower
