Mixed-Use Building With
For Sale
$2,400,000
248 N Front St, Wilmington, NC 28401
Two leased commercial units and eight upper-level apartments are arranged across a historic downtown building with distinctive architectural details.
Property Size11,250 SF
Days on Market193
Property Features for 248 N Front St
General Information
Standard status
Active
Size
11,250 SF
Class
C
Property subtype
MultiFamily Apartments
Building Details
Building Size
11,250 SF
Year Built
1908
Listing Agency:
RE/MAX Essential
(910) 239-5782
Listed By:
Kenneth Fisher · License #NC227264
(910) 239-5782
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 11:28AM
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 RE/MAX Essential
Investment Insights
Based on property information with market context.
Located at 248 N. Front St. in downtown Wilmington, this 1908 mixed-use building combines two first-floor retail or business units with eight apartments on the second and third floors. The residential mix includes five two-bedroom, one-bath units and three one-bedroom, one-bath units. A mezzanine provides storage and utility space. The building includes exposed brick interiors, original hardwood flooring, high ceilings, large windows, and shared washer and dryer stations on both residential floors.
Both ground-floor units are leased, while the apartments are not subject to leases; one residential unit is occupied on a month-to-month basis. Electricity is individually metered by unit, with shared water and sewer metering. Six parking spaces are accessed from Dickinson Alley via Chestnut Street. Central Business District zoning supports a range of potential uses, and the property retains recorded condominium documents that may provide a path toward a condominium ownership structure.
Both ground-floor units are leased, while the apartments are not subject to leases; one residential unit is occupied on a month-to-month basis. Electricity is individually metered by unit, with shared water and sewer metering. Six parking spaces are accessed from Dickinson Alley via Chestnut Street. Central Business District zoning supports a range of potential uses, and the property retains recorded condominium documents that may provide a path toward a condominium ownership structure.
Key Highlights
- Eight apartments: five 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units
- Two first‑floor retail or business units are currently leased
- 1908 construction with exposed brick walls, original hardwood floors, high ceilings, and large windows
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
$111,044
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
4.63%
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%
$2,220,880
$2.2M
Cap Rate 7%
$1,586,343
$1.6M
Cap Rate 9%
$1,233,822
$1.2M
Market Conditions
NOI Build-Up for 11,250 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
$176.9K $15.72/SF
− Vacancy
−$18.2K −$1.62/SF
EGI
$158.6K $14.10/SF
− OpEx
−$47.6K −$4.23/SF
NOI
$111.0K $9.87/SF
Area
Wilmington, NC
Vacancy
10.30%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
30.00%
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%
$2,220,880
Cap Rate 7%
$1,586,343
Cap Rate 9%
$1,233,822
Alternative Uses
Best Use
Mixed Use
$135.66M
$118.70M – $158.27M
NOI $9,496,167 @ 7.0% cap · market cap 395.67%
Second Best
Apartment 5plus
$119.38M
$104.46M – $139.28M
NOI $8,356,627 @ 7.0% cap · market cap 348.19%
Theoretical Best
Multifamily LT 5
$137.75M
$120.53M – $160.71M
NOI $9,642,476 @ 7.0% cap · market cap 401.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,382
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two leased commercial units and eight upper-level apartments are arranged across a historic downtown building with distinctive architectural details.
Where is this mixed-use property located?
The property is located at 248 N Front St Wilmington, NC.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Eight apartments: five 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units; Two first‑floor retail or business units are currently leased; 1908 construction with exposed brick walls, original hardwood floors, high ceilings, and large windows
