Multi-Building Warehouse
For Sale
$985,000
1405 S 5th Ave, Wilmington, NC 28401
Multi-building warehouse site on a 16,379 SF lot, including a main warehouse and additional second-level space.
Property Size7,015 SF
Lot Size0.38 Acres
Price / SF$140.41
Days on Market138
Property Features for 1405 S 5th Ave
General Information
Standard status
Active
Size
7,015 SF
Lot size
0.38 Acres
Zoning
Urban Mixed Use
Additional Details
Opportunity Zone
Yes
Listing Agency:
RE/MAX Executive
(910) 540-1856
Listed By:
Allison Justice · License #348022
(910) 540-1856
Source:
Exprealty
Added: Apr 12
Changed: Aug 25
Last Checked: Aug 26 at 1:02PM
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 RE/MAX Executive
Investment Insights
Based on property information with market context.
The property consists of multiple structures totaling 7,015 square feet of usable warehouse space. The building breakout includes a 4,776 SF main warehouse, 1,818 SF second-level warehouse space, and a 441 SF separate additional structure. The seller represents that existing autos, equipment, debris, and business property will be removed prior to transfer.
The site is located in an Urban Mixed Use zoned area along S 5th Avenue and is within an Opportunity Zone. Public remarks note the property is within a block of the South Front area.
According to the provided zoning comments, the Urban Mixed Use (UMX) zoning enables the owner to go up 45 feet high by right, with potential up to 75 feet. The existing structures are described as usable, and the site is presented as lending itself to redevelopment.
The site is located in an Urban Mixed Use zoned area along S 5th Avenue and is within an Opportunity Zone. Public remarks note the property is within a block of the South Front area.
According to the provided zoning comments, the Urban Mixed Use (UMX) zoning enables the owner to go up 45 feet high by right, with potential up to 75 feet. The existing structures are described as usable, and the site is presented as lending itself to redevelopment.
Key Highlights
- Multi‑building warehouse site on a 16,379 SF lot in an Urban Mixed Use (UMX) zoned area on S 5th Avenue
- Total usable space of 7,015 SF, including 4,776 SF main warehouse and 1,818 SF second‑level warehouse
- Additional separate structure totaling 441 SF included in the site
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
$86,880
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
8.82%
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%
$1,737,600
$1.7M
Cap Rate 7%
$1,241,143
$1.2M
Cap Rate 9%
$965,333
$965.3K
Market Conditions
NOI Build-Up for 7,015 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
$109.4K $15.60/SF
− Vacancy
−$7.2K −$1.03/SF
EGI
$102.2K $14.57/SF
− OpEx
−$15.3K −$2.19/SF
NOI
$86.9K $12.38/SF
Area
Wilmington, NC
Vacancy
6.60%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,737,600
Cap Rate 7%
$1,241,143
Cap Rate 9%
$965,333
Alternative Uses
Best Use
Warehouse
$1.24M
$1.09M – $1.45M
NOI $86,880 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$85.89M
$75.16M – $100.21M
NOI $6,012,619 @ 7.0% cap · market cap 610.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Well-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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Multi-building warehouse site on a 16,379 SF lot, including a main warehouse and additional second-level space.
Where is this warehouse located?
The property is located at 1405 S 5th Ave Wilmington, NC.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Multi‑building warehouse site on a 16,379 SF lot in an Urban Mixed Use (UMX) zoned area on S 5th Avenue; Total usable space of 7,015 SF, including 4,776 SF main warehouse and 1,818 SF second‑level warehouse; Additional separate structure totaling 441 SF included in the site
