Downtown Redevelopment
For Sale
$3,200,000
218 N 3rd Street, Wilmington, NC 28401
COMMERCIAL - Wilmington, NC
Property Size8,141 SF
Lot Size0.41 Acres
Price / SF$393.07
Days on Market1141
Property Features for 218 N 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CBD
Subdivision
Downtown
Lot features
City Lot
Elementary school
Snipes
Middle school
Williston
High school
New Hanover
Directions
Take N 3rd Street to Downtown. The property is in the 200 block between Chestnut and Grace Street. Property is on the east side of 3rd Street.
Standard status
Active
APN
R04817-015-002-000
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
Pt Lts 2/3/4 Blk 193 Wilm
Tax Annual Amount
441896
Legal Description
Pt Lts 2/3/4 Blk 193 Wilm
Utilities
Utilities
Water Available
Water source
Public
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Added: Jun 16, 2023
Changed: Jul 8
Last Checked: Jul 30 at 9:06PM
MLS# 100389934
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 downtown Wilmington redevelopment site includes approximately 0.41 acres of land with about 132.07 feet of frontage on N 3rd Street. An existing one-story building of approximately 8,141 square feet is on-site.
The property is located in the CBD (Central Business District). Per the City of Wilmington, the existing building is not a contributing structure, allowing it to be utilized or removed/demolished for redevelopment. By-right development up to 100 feet is indicated.
The site is positioned in the middle of downtown Wilmington, close to prominent civic and commercial destinations including the Courthouse, the City of Wilmington Building, hotels, banks, office buildings, and the Convention Center, as well as surrounding business and residential areas.
The property is located in the CBD (Central Business District). Per the City of Wilmington, the existing building is not a contributing structure, allowing it to be utilized or removed/demolished for redevelopment. By-right development up to 100 feet is indicated.
The site is positioned in the middle of downtown Wilmington, close to prominent civic and commercial destinations including the Courthouse, the City of Wilmington Building, hotels, banks, office buildings, and the Convention Center, as well as surrounding business and residential areas.
Key Highlights
- Prime downtown Wilmington location in the Central Business District (CBD).
- Significant redevelopment potential: existing building can be removed.
- Large .41‑acre parcel with 132.07 feet of frontage on North 3rd Street.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.0k | $20.88 |
| − Vacancy | −$32.1k | −$3.95 |
| EGI | $137.9k | $16.93 |
| − OpEx | −$34.5k | −$4.23 |
| NOI | $103.4k | $12.70 |
8,141 SF · lease $20.88/SF/yr · vacancy 18.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.48M
$1.29M – $1.72M
NOI $103,393 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$99.68M
$87.22M – $116.30M
NOI $6,977,724 @ 7.0% cap · market cap 218.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,262
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?
Commercial land - Redevelopment land in the CBD with approximately 132 feet of frontage on N 3rd Street and an existing one-story building.
Where is this commercial land located?
The property is located at 218 N 3rd Street Wilmington, NC.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Prime downtown Wilmington location in the Central Business District (CBD).; Significant redevelopment potential: existing building can be removed.; Large .41‑acre parcel with **132.07 feet of frontage on North 3rd Street**.
