Medical Office with Exam
For Sale
$1,050,000
2515 Delaney Ave, Wilmington, NC 28403
Healthcare-oriented facility with private offices, patient reception areas, and ADA-accessible restrooms.
Property Size2,699 SF
Price / SF$389.03
Days on Market90
Property Features for 2515 Delaney Ave
General Information
Standard status
Active
Size
2,699 SF
Property subtype
Commercial
Building Details
Year Built
2011
Listing Agency:
Coldwell Banker Sea Coast Advantage
(910) 367-9131
Listed By:
Sherwood Strickland Group
Source:
Coastalrealtyassociates
Added: Jun 3
Changed: Aug 30
Last Checked: Aug 30 at 6:01PM
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 Coldwell Banker Sea Coast Advantage
Investment Insights
Based on property information with market context.
Constructed in 2011, this 2,699-square-foot medical office is arranged for healthcare and professional operations. The interior includes four exam rooms with sinks and windows, three private offices, two nurse stations, reception and waiting areas, a kitchenette, file and utility rooms, and two ADA-accessible restrooms.
The property provides 13 on-site parking spaces, along with fiber internet availability and an alarm system. A deep water well supports landscape irrigation. O&I zoning and the existing configuration support physician, dental, therapy, chiropractic, behavioral health, wellness, veterinary subject to approvals, and other professional office uses.
The property provides 13 on-site parking spaces, along with fiber internet availability and an alarm system. A deep water well supports landscape irrigation. O&I zoning and the existing configuration support physician, dental, therapy, chiropractic, behavioral health, wellness, veterinary subject to approvals, and other professional office uses.
Key Highlights
- 2,699‑square‑foot medical office constructed in 2011
- Four exam rooms with sinks and windows
- Three private offices and two nurse stations
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
$34,278
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
3.26%
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%
$685,560
$685.6K
Cap Rate 7%
$489,686
$489.7K
Cap Rate 9%
$380,867
$380.9K
Market Conditions
NOI Build-Up for 2,699 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
$56.4K $20.88/SF
− Vacancy
−$10.7K −$3.95/SF
EGI
$45.7K $16.93/SF
− OpEx
−$11.4K −$4.23/SF
NOI
$34.3K $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%
$685,560
Cap Rate 7%
$489,686
Cap Rate 9%
$380,867
Alternative Uses
Best Use
Office B
$489.7K
$428.5K – $571.3K
NOI $34,278 @ 7.0% cap · market cap 3.26%
Second Best
Healthcare Medical
$326.2K
$285.4K – $380.6K
NOI $22,835 @ 7.0% cap · market cap 2.17%
Theoretical Best
Multifamily LT 5
$33.05M
$28.92M – $38.56M
NOI $2,313,337 @ 7.0% cap · market cap 220.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,028
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28403, NC
38,134
Population
20,424
Households
1.9
Avg Household Size
30
Median Age
48%
College-Educated
94%
High-School Grad
14.0 sq mi
ZIP Area
2,724
Density / Sq Mi
$50,988
Median Household Income
$30,991
Median Earnings
$1,293
Median Rent
$337,600
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?
Medical Office Space - Healthcare-oriented facility with private offices, patient reception areas, and ADA-accessible restrooms.
Where is this medical office space located?
The property is located at 2515 Delaney Ave Wilmington, NC.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 2,699‑square‑foot medical office constructed in 2011; Four exam rooms with sinks and windows; Three private offices and two nurse stations
