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    710 N Kerr Ave Wilmington, NC

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    2.11 acre hard corner with high traffic and access.

    Type:LAND
    Lot size:
    2.11 Acres
    Added:
    Feb 1, 2024
    Days on Market:
    827
    Last Refresh:
    Apr 5 at 8:45 pm

    Property Features for 710 N Kerr Ave

    General Information

    Standard status
    Active
    Lot size
    2.11 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Nicholas Silivanch
    Nicholas Silivanch

    Listing agent Nicholas Silivanch

    Listing office Eastern Carolinas Commercial Real Estate

    Listing date Feb 1, 2024

    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 Eastern Carolinas Commercial Real Estate

    HighLights

    • Hard corner location at the intersection of North Kerr Ave and New Centre Drive.
    • High traffic counts of approximately 30,000 ADT.
    • Potential for Right In/Right Out access onto North Kerr Ave.
    • Future NCDOT overpass plans at N Kerr and MLK Parkway, making this the last intersection before the ramps.
    • Bordered by three roads (New Centre, N Kerr, and Marjoram Way) providing interconnectivity.
    • Suitable for various commercial uses such as gas/convenience stores, strip centers, or office parks.

    Overview

    Prime Corner Land for Sale

    This 2.11-acre hard corner property is located at the northeast intersection of North Kerr Avenue and New Centre Drive in Wilmington, NC. The site benefits from traffic counts of approximately 30,000 ADT and potential right-in, right-out access onto North Kerr Avenue. The property is rectangular, with the shorter side on North Kerr Avenue and the length along New Centre Drive. Existing residential structures on the site are not considered to have value. Bordered by New Centre Drive, N Kerr Avenue, and Marjoram Way, the site offers interconnectivity. The location is suitable for gas/convenience stores, or a shared site for two tenants. A small strip center or office park would also be a good fit for this location. The NCDOT has plans for an overpass at the intersection of N Kerr and MLK Parkway, positioning this property as the last intersection before the on and off ramps. The site would need to be rezoned, as it is currently zoned R-15.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

    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
    -77.8885
    Latitude
    34.2506

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    FAQs

    What type of property is this?
    Commercial land - 2.11 acre hard corner with high traffic and access.
    Where is this commercial land located?
    The property is located at 710 N Kerr Ave Wilmington, NC.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: Hard corner location at the intersection of North Kerr Ave and New Centre Drive.; High traffic counts of approximately 30,000 ADT.; Potential for Right In/Right Out access onto North Kerr Ave.
    (910) 399-4602 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nicholas Silivanch
    Nicholas Silivanch
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    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.

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