Renovated Mixed-Use
For Sale
$1,450,000
1202 Chestnut St, Wilmington, NC 28401
Historic property combines boutique apartments, professional suites, and a separate studio in a refreshed downtown setting.
Property Size3,215 SF
Price / SF$451.01
Days on Market51
Property Features for 1202 Chestnut St
General Information
Standard status
Active
Size
3,215 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Northside
Units
Unit Mix
2 x 1BR, 1 x studio
Multifamily Units
3
Office Units
2
Building Details
Year Built
1931
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Intracoastal Realty Corporation
Listed By:
The Rising Tide Team
(910) 256-4503
Source:
Searchgreateraugustahomes
Added: Sep 3
Changed: Oct 16
Last Checked: Oct 23 at 7:50AM
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
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Investment Insights
Based on property information with market context.
Built in 1931 and renovated throughout, this 3,215-square-foot mixed-use property combines residential and office components within a historic building. The layout includes two one-bedroom apartments, two commercial office suites, and a separate studio apartment. Original brickwork, 12-foot ceilings, and oversized doors remain, while updated systems, premium fixtures, and porcelain-tile showers add a contemporary finish.
The street-facing office suite features a large glass entry and direct visibility from Chestnut St, while the rear office offers a more private setting. The property is located at 1202 Chestnut St in downtown Wilmington’s Soda Pop District. The separate studio provides flexibility for short-term rental use, subject to applicable requirements.
The street-facing office suite features a large glass entry and direct visibility from Chestnut St, while the rear office offers a more private setting. The property is located at 1202 Chestnut St in downtown Wilmington’s Soda Pop District. The separate studio provides flexibility for short-term rental use, subject to applicable requirements.
Key Highlights
- 3,215 SF mixed‑use building at 1202 Chestnut St
- 1931 construction with full‑scale renovation
- Two one‑bedroom apartments, two office suites, and one studio apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,831
Cap Rate
2.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$816,620
$816.6K
Cap Rate 7%
$583,300
$583.3K
Cap Rate 9%
$453,678
$453.7K
Market Conditions
NOI Build-Up for 3,215 SF
Gross rent
$67.1K $20.88/SF
− Vacancy
−$12.7K −$3.95/SF
EGI
$54.4K $16.93/SF
− OpEx
−$13.6K −$4.23/SF
NOI
$40.8K $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 Rate 5%
$816,620
Cap Rate 7%
$583,300
Cap Rate 9%
$453,678
Alternative Uses
Best Use
Mixed Use
$38.77M
$33.92M – $45.23M
NOI $2,713,793 @ 7.0% cap · market cap 187.16%
Second Best
Apartment 5plus
$34.12M
$29.85M – $39.80M
NOI $2,388,138 @ 7.0% cap · market cap 164.70%
Theoretical Best
Multifamily LT 5
$39.37M
$34.45M – $45.93M
NOI $2,755,605 @ 7.0% cap · market cap 190.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,148
Businesses Nearby
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic property combines boutique apartments, professional suites, and a separate studio in a refreshed downtown setting.
Where is this mixed-use property located?
The property is located at 1202 Chestnut St Wilmington, NC.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 3,215 SF mixed‑use building at 1202 Chestnut St; 1931 construction with full‑scale renovation; Two one‑bedroom apartments, two office suites, and one studio apartment
