218 N 3rd Street Wilmington, NC 28401
COMMERCIAL - Wilmington, NC
Property Features for 218 N 3rd Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- CBD
- 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
Utilities
- Utilities
- Water Available
- Water source
- Public
Listing agent Jeffrey G Hovis License #234605 (910) 512-2205
Listing office Intracoastal Realty Corporation 1900 Eastwood Road, Suite 38, Wilmington, NC (910) 256-4503
Listing date Jun 16, 2023
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Investment Insights
Based on property information with market context.
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.
Local 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 |
