Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1202 Medical Center Dr Wilmington, NC

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Medical office building in Wilmington's established medical district.

    Type:OFFICE
    Property size:
    66,164 SF
    Lot size:
    6.62 Acres
    Added:
    Nov 23, 2025
    Days on Market:
    149
    Last Refresh:
    Apr 5 at 8:12 pm

    Property Features for 1202 Medical Center Dr

    General Information

    Standard status
    Active
    Size
    66,164 SF
    Lot size
    6.62 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Steve Hall
    Steve Hall

    Listing agent Steve Hall License #255181

    Listing office BlueCoast Commercial, LLC

    Listing date Nov 23, 2025

    Source Moodyscre

    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 BlueCoast Commercial, LLC

    Overview

    Wilmington Medical Office For Sale

    Located at 1202 Medical Center Drive in Wilmington, North Carolina, this medical office building offers an opportunity to acquire a property in an established medical district. The building has a total size of approximately 66,164 square feet across three floors. The property is located in Wilmington’s premier healthcare corridor, adjacent to Novant Health New Hanover Regional Medical Center. It features ample on-site parking for staff and patients, as well as robust power and a medical-ready buildout. The location provides access via 17th Street, Independence Blvd, and Carolina Beach Road, and is situated minutes from Wrightsville Beach, Landfall Submarket, and multiple commercial development zones. The property is located in a high-growth population corridor, with increasing demand for healthcare services. The current tenant, Wilmington Health, will complete a sale-leaseback on the building as they transition select services. The remaining space offers potential for additional medical tenancy. The lease structure is triple net.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Zulie appt Hospital Robert Grove II, ... Medical Clinic Rachel Berg, PT Physician Jackson Burket Jessica ... Physician PMG Research of Wilmington Research Foundation

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9293
    Latitude
    34.2021

    Nearby Similar for Lease

    • Contact for pricing

      Downtown Wilmington Flex Space Available

      Versatile flex space with office, warehouse, and logistics capabilities.
      901 Martin Street, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Wilmington Retail Space For Lease

      900 SF retail space in a high-traffic Wilmington location.
      4904 Carolina Beach Road, Wilmington, NC 28412
      View Details
    • Contact for pricing

      Flexible Office/Retail Space Available

      Move-in ready office/retail space in prime Wilmington location.
      109 Hinton Avenue, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Private Office Space Available

      Single-room office in Wilmington, NC, ideal for small business professionals.
      1901 Kent Street, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Wilmington Executive Suite For Rent

      Private office in professional building with all-inclusive pricing.
      4312 Henson Drive, Wilmington, NC 28405
      View Details
    • Contact for pricing

      Office Suite in Cargo District

      Executive suite in Wilmington's Cargo District, walkable to amenities.
      1901 Kent Street, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Downtown Wilmington Flexible Executive Office

      Move-in-ready commercial space in Wilmington's Historic Downtown District.
      404 N 3rd Street, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Downtown Wilmington Commercial Space Available

      Two-story commercial space with loft in downtown Wilmington.
      271 N Front Street, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Downtown Wilmington Executive Office Suite

      Furnished office space in the heart of downtown Wilmington.
      404 N 3rd Street, Wilmington, NC 28401
      View Details
    • $153,672/mo

      Porters Neck Commercial Space Available

      6,400+ SF commercial space in rapidly growing Porters Neck.
      155 Porters Neck Road, Wilmington, NC 28411
      View Details
    • $18/mo

      Versatile Warehouse/Office Space Available

      14,400 SF warehouse/office space with ample parking and fenced yard.
      6644 Gordon Road, Wilmington, NC 28411
      View Details
    • Contact for pricing

      Wilmington Commercial Unit For Lease

      648 sq ft commercial unit ideal for office/industrial use.
      109 Hinton Avenue, Wilmington, NC 28403
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Medical office building in Wilmington's established medical district.
    Where is this medical office space located?
    The property is located at 1202 Medical Center Dr Wilmington, NC.
    What are key features of this property?
    This property features: Sale‑leaseback opportunity with Wilmington Health, providing stabilized cash flow.; Located in Wilmington's premier healthcare corridor, adjacent to Novant Health New Hanover Regional Medical Center.; **±66,164 RSF medical office building** with potential for additional medical tenancy upside.
    (910) 279-3227 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Steve Hall
    Steve Hall
    Real Estate License ID: 255181
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!