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Versatile Commercial Property Near Medical Clinic

3101 Princess Place Drive, Wilmington, NC 28405

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For Sale

$700,000

Community business zoned property with commercial kitchen and outdoor space.

Type:Commercial/Industrial

Property size:

3,598 SF

Lot size:

0.31 Acres

Price / SF:

$194/SF

HighLights

COMMUNITY BUSINESS zoning allows for diverse uses such as food truck commissary, hospitality, and medical offices.
Prime location adjacent to Novant's Michael Jordan Medical Clinic.
Substantial 3,598 heated square feet.
Includes a full commercial kitchen with all FF&E conveying.
Previously used as a daycare licensed for 84 children.
Features fenced outdoor space suitable for play or community events.

We can help!

Listing Contact

Shannon Bowers

For Sale

$700,000

Community business zoned property with commercial kitchen and outdoor space.

Type:Commercial/Industrial

Property size:

3,598 SF

Lot size:

0.31 Acres

Price / SF:

$194/SF

Added:: Sep 28, 2024
Days on Market:: 625
Last Refresh:: May 20 at 2:04 am

Property Features for 3101 Princess Place Drive

General Information

Standard status: Active
Size: 3,598 SF
Lot size: 0.31 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1997

We can help!

Listing Contact

Shannon Bowers

Listing agent Shannon Bowers License #322210

Listing office Berkshire Hathaway HomeServices Carolina Premier Properties

Listing date Sep 28, 2024

Source Exitrealty

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 Berkshire Hathaway HomeServices Carolina Premier Properties

HighLights

COMMUNITY BUSINESS zoning allows for diverse uses such as food truck commissary, hospitality, and medical offices.
Prime location adjacent to Novant's Michael Jordan Medical Clinic.
Substantial 3,598 heated square feet.
Includes a full commercial kitchen with all FF&E conveying.
Previously used as a daycare licensed for 84 children.
Features fenced outdoor space suitable for play or community events.

Overview

This property, zoned for community business, is located on Princess Place Drive, adjacent to Novant's Michael Jordan Medical Clinic, which is currently under construction. The property offers 3,598 heated square feet and was previously used as a daycare licensed for 84 children. It features a full commercial kitchen, and all FF&E will convey with the sale. The property is suitable for various uses, including a food truck commissary, hospitality, residential group home, community center, kennel, rehab facility, educational facility, medical and professional offices. The layout includes classrooms, offices, and recreational areas. Parking is available, along with a fenced outdoor space suitable for play or community events.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$75.1k	$20.88
− Vacancy	−$14.2k	−$3.95
EGI	$60.9k	$16.93
− OpEx	−$15.2k	−$4.23
NOI	$45.7k	$12.70

3,598 SF · lease $20.88/SF/yr · vacancy 18.90% · expense 25.00%

Alternative Uses

Best Use

Office B

$652.8K

$571.2K – $761.6K (±1% cap)

NOI $45,696 @ 7.0% cap · market cap 6.53%

Second Best

Specialty Retail

$543.6K

$475.6K – $634.2K (±1% cap)

NOI $38,051 @ 7.0% cap · market cap 5.44%

Theoretical Best

Multifamily LT 5

$44.06M

$38.55M – $51.40M (±1% cap)

NOI $3,083,878 @ 7.0% cap · market cap 440.55%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Day care centers

Suggested Use

Similar Places Nearby

The Learning Center — 2310 Scientific Park Dr, Wilmington, NC 28405
Busy Bee Christian Child Care — 10 Kenwood Ave, Wilmington, NC 28405
Kings Kids — 10 Kenwood Ave, Wilmington, NC 28405

Location Insight

Map
Local Demand

City: Wilmington
County: New Hanover
State: North Carolina
Longitude: -77.9054
Latitude: 34.2442

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For sale
Day care centers
NC
Wilmington
28405
3101 Princess Place Drive

What type of property is this?

Day care center - Community business zoned property with commercial kitchen and outdoor space.

Where is this day care center located?

The property is located at 3101 Princess Place Drive Wilmington, NC.

What is the asking price?

The asking price for this property is $700,000.

What are key features of this property?

This property features: COMMUNITY BUSINESS zoning allows for diverse uses such as food truck commissary, hospitality, and medical offices.; Prime location adjacent to Novant's Michael Jordan Medical Clinic.; Substantial 3,598 heated square feet.