Renovated Mixed-Use
New
For Sale
$1,450,000
1202 Chestnut Street, Wilmington, NC 28401
Residential Income, Wilmington, NC
Property Size3,215 SF
Lot Size0.04 Acres
Price / SF$451.01
Days on Market1
Property Features for 1202 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
UMX
Bedrooms
3
Bathrooms
5
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 5, Bedroom 3, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
On Street
Interior features
High Ceilings, Wash/Dry Connect, Walk-in Shower
Appliances
Electric Oven, Built-In Microwave, Refrigerator, Dishwasher
Subdivision
Castle Dock
Elementary school
Snipes
Middle school
Williston
High school
New Hanover
Directions
Market St West towards town. Right on 12th Street to corner of 12th and Chestnut St. Property at corner.
Standard status
Active
APN
R04818-014-001-000
Size
3,215 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
W END 1 BLK 189
Tax Annual Amount
2418
Legal Description
W END 1 BLK 189
Utilities
Heating system
Zoned, Electric (Heating)
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1931
Floors in Building
2
Number of units
4
Flooring type
Concrete, Lvt/lvp
Building materials
Brick, Fiber Cement
Roof type
Shake, Shingle
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
The Rising Tide Team · License #59565
(843) 421-5483
Added: Sep 3
Last Checked: Sep 3 at 9:06PM
MLS# 100601133
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 1931 and comprehensively renovated, this 3,215-square-foot mixed-use property includes two one-bedroom apartments, two commercial office suites, and a separate studio apartment. Exposed brick, 12-foot ceilings, oversized doors, and updated finishes define the interior, while spa-style porcelain-tile showers, premium fixtures, zoned electric heating, and multi-unit cooling add modern functionality. The building also includes washer and dryer connections, a public water supply, and a mix of brick and fiber cement construction.
The street-facing office suite features a large glass entry, while the rear office provides a more private configuration. The property occupies 0.04 acres and is zoned UMX, with on-street parking available. Its Wilmington setting places the building in the downtown Soda Pop District, and the address is 1202 Chestnut Street, Wilmington, NC 28401.
The street-facing office suite features a large glass entry, while the rear office provides a more private configuration. The property occupies 0.04 acres and is zoned UMX, with on-street parking available. Its Wilmington setting places the building in the downtown Soda Pop District, and the address is 1202 Chestnut Street, Wilmington, NC 28401.
Key Highlights
- 3,215‑square‑foot mixed‑use building on 0.04 acres
- Two one‑bedroom apartments, two office suites, and a separate studio apartment
- Built in 1931 and comprehensively renovated
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
Multifamily LT 5
$39.37M
$34.45M – $45.93M
NOI $2,755,605 @ 7.0% cap · market cap 190.04%
Second Best
Mixed Use
$38.77M
$33.92M – $45.23M
NOI $2,713,793 @ 7.0% cap · market cap 187.16%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines two apartments, a studio, and two office suites under one roof.
Where is this mixed-use property located?
The property is located at 1202 Chestnut Street 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‑square‑foot mixed‑use building on 0.04 acres; Two one‑bedroom apartments, two office suites, and a separate studio apartment; Built in 1931 and comprehensively renovated
