Newly Renovated Office
For Sale
Contact for pricing
1508 Military Cutoff Rd Ste 202, Wilmington, NC 28405
Newly renovated Class A suite with reception, break area, six private offices, and an open/cubicle work area.
Property Size3,375 SF
Price / SF$355.56
Days on Market36
Property Features for 1508 Military Cutoff Rd Ste 202
General Information
Standard status
Active
Size
3,375 SF
Class
A
Property subtype
Office
Lease Type
NNN
Building Details
Tenancy
Single
Listing Agency:
Cape Fear Commercial
(910) 232-4744
Listed By:
Hae Ellis · License #NC162602
Source:
Crexi
Added: Jul 11
Changed: Aug 8
Last Checked: Aug 14 at 4:28AM
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 Cape Fear Commercial
Investment Insights
Based on property information with market context.
This newly renovated Class A office suite offers approximately 3,375 rentable square feet and is available for purchase. The space includes a reception and waiting area, a break area, six private offices, a large conference room, a storage area, and a data closet. In addition to the private offices, there is an open or cubicle area and a large work room, providing flexibility for different operational layouts. The suite is offered furnished and ready for immediate occupancy.
Located at 1508 Military Cutoff Road in Suite 202, the offering is positioned within the Landfall/Mayfaire submarket.
Located at 1508 Military Cutoff Road in Suite 202, the offering is positioned within the Landfall/Mayfaire submarket.
Key Highlights
- 3,375 rentable SF newly renovated Class A office space in the Landfall/Mayfaire submarket
- Suite includes a reception/waiting area plus a break area
- Six (6) private offices, a large conference room, and a large work room
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
$42,863
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
3.57%
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%
$857,260
$857.3K
Cap Rate 7%
$612,329
$612.3K
Cap Rate 9%
$476,256
$476.3K
Market Conditions
NOI Build-Up for 3,375 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
$70.5K $20.88/SF
− Vacancy
−$13.3K −$3.95/SF
EGI
$57.2K $16.93/SF
− OpEx
−$14.3K −$4.23/SF
NOI
$42.9K $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%
$857,260
Cap Rate 7%
$612,329
Cap Rate 9%
$476,256
Alternative Uses
Best Use
Office B
$612.3K
$535.8K – $714.4K
NOI $42,863 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$41.32M
$36.16M – $48.21M
NOI $2,892,743 @ 7.0% cap · market cap 241.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,274
Businesses Nearby
Explore this area
Business Placement
Demographics for 28405, NC
31,775
Population
17,073
Households
1.9
Avg Household Size
41
Median Age
41%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,352
Density / Sq Mi
$67,809
Median Household Income
$41,265
Median Earnings
$1,405
Median Rent
$337,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Newly renovated Class A suite with reception, break area, six private offices, and an open/cubicle work area.
Where is this office units located?
The property is located at 1508 Military Cutoff Rd Ste 202 Wilmington, NC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,375 rentable SF newly renovated Class A office space in the Landfall/Mayfaire submarket; Suite includes a reception/waiting area plus a break area; Six (6) private offices, a large conference room, and a large work room
