Duplex-Style Commercial
For Sale
$535,000
Pending
1815 Carolina Beach, Wilmington, NC 28401
Duplex commercial cottage with heated basement area and current upper-level tenant, zoned for Commercial Services use.
Property Size1,880 SF
Days on Market71
Property Features for 1815 Carolina Beach
General Information
Standard status
Pending
Size
1,880 SF
Property subtype
Commercial
Zoning
CS
Additional Details
Traffic Count
34,500 vehicles/day
Amenities
Central air
Central Air Cooling
Electric Heating
Gas Pack Heating
Gravel
Heating Heating
Natural Gas Heating
Off Street
Shared Driveway
Shingle Roof
Tile Flooring
Wood Flooring
Building Details
Year Built
1930
Stories
2
Tenancy
Multi
Listing Agency:
OLEANDER REAL ESTATE LLC
(910) 458-8881
Listed By:
LOREN E BAYSDEN · License #292142
Source:
Corcoran
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 8 at 3:20PM
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 OLEANDER REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This charming 1930s cottage-style commercial property is configured in a duplex-style layout, offering space for either a single occupant or two separate tenants. The main level totals approximately 1,880 square feet and has supported professional office and interior design-type uses. An additional 500+ square feet of heated and cooled basement/cellar space adds flexibility for storage, workspace, or supplemental operations. The upper level is currently occupied by a tenant, and the space has historically generated rental income.
The property sits along a high-traffic route with approximately 34,500 vehicles passing daily, providing strong day-to-day exposure for a wide range of businesses. The Commercial Services (CS) zoning allows for a broad range of commercial uses. Future area improvements are underway as NCDOT enhances the Front Street, Third Street, and Carolina Beach Road intersection with upgraded traffic flow and pedestrian-friendly sidewalks. A 30' easement is noted to access the neighboring property.
For buyers or operators, the duplex configuration supports flexible occupancy planning, whether you want one cohesive operation or to lease separately. The combination of a workable main level, climate-controlled basement/cellar area, and an upper unit that is already occupied may appeal to tenants and investors seeking a property that can accommodate both day-to-day business use and additional storage or support space.
The property sits along a high-traffic route with approximately 34,500 vehicles passing daily, providing strong day-to-day exposure for a wide range of businesses. The Commercial Services (CS) zoning allows for a broad range of commercial uses. Future area improvements are underway as NCDOT enhances the Front Street, Third Street, and Carolina Beach Road intersection with upgraded traffic flow and pedestrian-friendly sidewalks. A 30' easement is noted to access the neighboring property.
For buyers or operators, the duplex configuration supports flexible occupancy planning, whether you want one cohesive operation or to lease separately. The combination of a workable main level, climate-controlled basement/cellar area, and an upper unit that is already occupied may appeal to tenants and investors seeking a property that can accommodate both day-to-day business use and additional storage or support space.
Key Highlights
- 1930 duplex‑style commercial cottage with 1,880 SF main level for one tenant or two separate tenants
- Heated and cooled basement/cellar with 500+ SF for storage, workspace, or supplemental use
- Upper level currently occupied by a tenant and historically generated rental income
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
$23,876
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
4.46%
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%
$477,520
$477.5K
Cap Rate 7%
$341,086
$341.1K
Cap Rate 9%
$265,289
$265.3K
Market Conditions
NOI Build-Up for 1,880 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
$39.3K $20.88/SF
− Vacancy
−$7.4K −$3.95/SF
EGI
$31.8K $16.93/SF
− OpEx
−$8.0K −$4.23/SF
NOI
$23.9K $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%
$477,520
Cap Rate 7%
$341,086
Cap Rate 9%
$265,289
Alternative Uses
Best Use
Office B
$341.1K
$298.5K – $397.9K
NOI $23,876 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$23.02M
$20.14M – $26.86M
NOI $1,611,365 @ 7.0% cap · market cap 301.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
34,500 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
370
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
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Frequently Asked Questions
What type of property is this?
Office units - Duplex commercial cottage with heated basement area and current upper-level tenant, zoned for Commercial Services use.
Where is this office units located?
The property is located at 1815 Carolina Beach Wilmington, NC.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 1930 duplex‑style commercial cottage with 1,880 SF main level for one tenant or two separate tenants; Heated and cooled basement/cellar with 500+ SF for storage, workspace, or supplemental use; Upper level currently occupied by a tenant and historically generated rental income
