Leased Office
For Sale
$450,000
Pending
1505 Medical Center Drive, Wilmington, NC 28401
Commercial Sale, Wilmington, NC
Property Size1,500 SF
Lot Size0.48 Acres
Days on Market70
Property Features for 1505 Medical Center Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
O&I
Subdivision
Not In Subdivision
Directions
From 17th St, Turn left onto Medical Center Dr. Property will be on your right.
Standard status
Pending
APN
R06011-002-010-001
Size
1,500 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 2 MEDICAL ARTS CENTER
Tax Annual Amount
2793
Legal Description
LOT 2 MEDICAL ARTS CENTER
Building Details
Year built
1983
Listing Agency:
Prosper Real Estate
(910) 352-7957
Listed By:
Anderson B Horton · License #361538
(336) 504-0073
Added: Jun 12
Changed: Aug 19
Last Checked: Aug 20 at 4:06PM
MLS# 100581295
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.
This 1,500-square-foot office building at 1505 Medical Center Drive is leased to Edward Jones - Financial Advisor under a GM lease structure. The agreement runs through February 2030, includes scheduled 3% annual rent increases, and provides an additional renewal option. Constructed in 1983, the property occupies 0.48 acres and carries O&I zoning.
The asset is located in Wilmington, North Carolina, within New Hanover County and postal code 28401. A reported 6.5% cap rate and an existing tenant arrangement provide key lease and investment metrics for review. Buyers should evaluate the executed lease and independently confirm all financial and property details during due diligence.
The asset is located in Wilmington, North Carolina, within New Hanover County and postal code 28401. A reported 6.5% cap rate and an existing tenant arrangement provide key lease and investment metrics for review. Buyers should evaluate the executed lease and independently confirm all financial and property details during due diligence.
Key Highlights
- 1,500‑square‑foot office building on 0.48 acres
- Leased to Edward Jones - Financial Advisor through February 2030
- GM lease structure with scheduled 3% annual rent increases
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
$19,050
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
4.23%
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%
$381,000
$381.0K
Cap Rate 7%
$272,143
$272.1K
Cap Rate 9%
$211,667
$211.7K
Market Conditions
NOI Build-Up for 1,500 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
$31.3K $20.88/SF
− Vacancy
−$5.9K −$3.95/SF
EGI
$25.4K $16.93/SF
− OpEx
−$6.4K −$4.23/SF
NOI
$19.1K $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%
$381,000
Cap Rate 7%
$272,143
Cap Rate 9%
$211,667
Alternative Uses
Best Use
Office B
$272.1K
$238.1K – $317.5K
NOI $19,050 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$18.37M
$16.07M – $21.43M
NOI $1,285,663 @ 7.0% cap · market cap 285.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,098
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?
Office building - Established tenant occupancy and O&I zoning support a straightforward office investment profile.
Where is this office building located?
The property is located at 1505 Medical Center Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,500‑square‑foot office building on 0.48 acres; Leased to Edward Jones - Financial Advisor through February 2030; GM lease structure with scheduled 3% annual rent increases
