Three-Story Medical Office
For Sale
Contact for pricing
Pending
1202 Medical Center Dr, Wilmington, NC 28401
O&I-zoned medical facility with robust power, patient parking, and an existing medical buildout.
Property Size66,164 SF
Days on Market362
Property Features for 1202 Medical Center Dr
General Information
Standard status
Pending
Size
66,164 SF
Net Rentable
66,164 SF
Property subtype
OFFICE
Zoning
O&I
Additional Details
Road Access
Yes
Building Details
Buildings
1
Stories
3
Building Size
66,164 SF
Tenancy
Multi
Listing Agency:
BlueCoast Commercial, LLC
(910) 279-3227
Listed By:
Steve Hall · License #255181
(910) 279-3227
Source:
Moodyscre
Added: Aug 5, 2025
Changed: Aug 1
Last Checked: Aug 1 at 5:07AM
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
Investment Insights
Based on property information with market context.
This three-level medical office property contains approximately 66,164 RSF and is configured for healthcare operations, with robust power and a medical-ready buildout. Wilmington Health is identified as the in-place tenant through a sale-leaseback at closing. The property is zoned O&I and includes on-site parking for staff and patients.
The building is positioned along Medical Center Drive in Wilmington’s established healthcare district, adjacent to Novant Health New Hanover Regional Medical Center. Access is available through 17th Street, Independence Boulevard, and Carolina Beach Road. The surrounding context includes Wrightsville Beach, the Landfall submarket, residential communities, and commercial development areas.
The proposed lease structure is triple net, and the property offers a substantial medical office footprint for continued healthcare occupancy or additional medical tenancy. Cap rate and pro forma information are available upon request.
The building is positioned along Medical Center Drive in Wilmington’s established healthcare district, adjacent to Novant Health New Hanover Regional Medical Center. Access is available through 17th Street, Independence Boulevard, and Carolina Beach Road. The surrounding context includes Wrightsville Beach, the Landfall submarket, residential communities, and commercial development areas.
The proposed lease structure is triple net, and the property offers a substantial medical office footprint for continued healthcare occupancy or additional medical tenancy. Cap rate and pro forma information are available upon request.
Key Highlights
- Approximately ±66,164 RSF across 3 floors
- Wilmington Health sale‑leaseback tenant at closing
- O&I zoning with medical‑ready buildout
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.38M | $20.88 |
| − Vacancy | −$261.1k | −$3.95 |
| EGI | $1.12M | $16.93 |
| − OpEx | −$280.1k | −$4.23 |
| NOI | $840.3k | $12.70 |
66,164 SF · lease $20.88/SF/yr · vacancy 18.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$12.00M
$10.50M – $14.01M
NOI $840,300 @ 7.0% cap · market cap 7.09%
Second Best
Healthcare Medical
$8.00M
$7.00M – $9.33M
NOI $559,781 @ 7.0% cap · market cap 4.72%
Theoretical Best
Multifamily LT 5
$810.14M
$708.87M – $945.16M
NOI $56,709,758 @ 7.0% cap · market cap 478.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,250
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - O&I-zoned medical facility with robust power, patient parking, and an existing medical buildout.
Where is this medical office space located?
The property is located at 1202 Medical Center Dr Wilmington, NC.
What is the asking price?
The asking price for this property is $11,850,000.
What are key features of this property?
This property features: Approximately ±66,164 RSF across 3 floors; Wilmington Health sale‑leaseback tenant at closing; O&I zoning with medical‑ready buildout
