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 Market8
Property Features for 1202 Chestnut St
General Information
Standard status
Active
Size
3,215 SF
Property subtype
Multi-Family
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 · License #59565
(843) 421-5483
Source:
Searchhomesinsavannah
Added: Sep 1
Changed: Sep 6
Last Checked: Sep 7 at 9:48AM
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.
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 = 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
$40,831
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
2.82%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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
