Duplex-Style Office
For Sale
Under Contract
$535,000
1815 Carolina Beach Road, Wilmington, NC 28401
Commercial Sale, Wilmington, NC
Property Size1,880 SF
Lot Size0.24 Acres
Price / SF$284.57
Days on Market80
Property Features for 1815 Carolina Beach Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CS
Rooms
Basement
Parking features
Off Street, Driveway
Subdivision
Woodlawn
Directions
From Downtown take 3rd Street South. Pass Greenfield Lake on your left and turn left on Carolina Beach Rd. Property is on your left 1 block: 1815 Carolina Beach Rd.
Standard status
Active Under Contract
APN
R06005-004-006-000
Size
1,880 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TRACT A-2 SUMMER HILL DIV OF TRACT A
Legal Description
TRACT A-2 SUMMER HILL DIV OF TRACT A
Utilities
Heating system
Electric (Heating), Natural Gas
Cooling system
Central Air
Building Details
Year built
1930
Flooring type
Tile, Wood
Building materials
Stucco
Roof type
Shingle
Listing Agency:
Oleander Real Estate LLC
(910) 616-3435
Listed By:
Loren E Baysden · License #292142
(910) 616-3435
Added: Jun 2
Changed: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 100578372
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.
Built in 1930, this stucco commercial office property offers 1,880 square feet in a duplex-style arrangement. The layout can support one occupant or two separate tenants, with an upper level currently occupied by a tenant. More than 500 square feet of heated and cooled basement or cellar space adds storage or work area. Interior finishes include tile and wood flooring, with central air, electric and natural gas heating, a shingle roof, and driveway and off-street parking.
The property occupies 0.24 acres at 1815 Carolina Beach Road in Wilmington, near Greenfield Lake, Sunset Park, and the South Front District. Approximately 34,500 vehicles pass the corridor daily. The property is zoned CS and includes a 30' easement providing access to the neighboring property. NCDOT improvements are underway at the Front Street, Third Street, and Carolina Beach Road intersection.
The property occupies 0.24 acres at 1815 Carolina Beach Road in Wilmington, near Greenfield Lake, Sunset Park, and the South Front District. Approximately 34,500 vehicles pass the corridor daily. The property is zoned CS and includes a 30' easement providing access to the neighboring property. NCDOT improvements are underway at the Front Street, Third Street, and Carolina Beach Road intersection.
Key Highlights
- 1,880‑square‑foot duplex‑style office property with upper and lower‑level configurations
- More than 500 square feet of heated and cooled basement or cellar space
- Upper level is currently occupied by a tenant
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
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
349
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 units - CS-zoned commercial building with separate upper- and lower-level configurations for professional or creative business use.
Where is this office units located?
The property is located at 1815 Carolina Beach Road 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: 1,880‑square‑foot duplex‑style office property with upper and lower‑level configurations; More than 500 square feet of heated and cooled basement or cellar space; Upper level is currently occupied by a tenant
