Newly Renovated Class A Office
For Sale
Contact for pricing
Pending
1508 Military Cutoff Rd, Wilmington, NC 28403
±3,375 SF office suite includes reception, six private offices, a large conference room, and open work areas.
Property Size3,375 SF
Days on Market77
Property Features for 1508 Military Cutoff Rd
General Information
Standard status
Pending
Size
3,375 SF
Net Rentable
3,375 SF
Class
Class A
Property subtype
OFFICE
Additional Details
Furnished
Yes
Amenities
reception/waiting area
break area
six private offices
large conference room
storage
data closet
open/cubicle area
large work room
Listing Agency:
Cape Fear Commercial, LLC
(910) 344-1000
Listed By:
Hae Ellis · License #NC162602
(910) 232-4744
Source:
Moodyscre
Added: Jul 9
Changed: Sep 9
Last Checked: Sep 22 at 7:05PM
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, LLC
Investment Insights
Based on property information with market context.
±3,375 rentable square feet of newly renovated Class A office space is available for purchase in the Landfall/Mayfaire submarket. The suite includes a reception/waiting area, break area, six private offices, a large conference room, storage, a data closet, an open/cubicle area, and a large work room.
The space is offered furnished and ready for immediate occupancy, providing a turnkey option for an operator seeking an installed layout for day-to-day work.
Configured with multiple enclosed offices alongside shared open work areas and conference space, the suite supports both focused work and collaborative meetings within a single office environment.
The space is offered furnished and ready for immediate occupancy, providing a turnkey option for an operator seeking an installed layout for day-to-day work.
Configured with multiple enclosed offices alongside shared open work areas and conference space, the suite supports both focused work and collaborative meetings within a single office environment.
Key Highlights
- ±3,375 rentable SF newly renovated Class A office space available for purchase in the Landfall/Mayfaire submarket
- Furnished office suite with reception/waiting area, break area, and open/cubicle work area
- Includes six (6) private offices and a large conference 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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,274
Businesses Nearby
Explore this area
Business Placement
Demographics for 28403, NC
38,134
Population
20,424
Households
1.9
Avg Household Size
30
Median Age
48%
College-Educated
94%
High-School Grad
14.0 sq mi
ZIP Area
2,724
Density / Sq Mi
$50,988
Median Household Income
$30,991
Median Earnings
$1,293
Median Rent
$337,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - ±3,375 SF office suite includes reception, six private offices, a large conference room, and open work areas.
Where is this office units located?
The property is located at 1508 Military Cutoff Rd 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 available for purchase in the Landfall/Mayfaire submarket; Furnished office suite with reception/waiting area, break area, and open/cubicle work area; Includes six (6) private offices and a large conference room
