Purpose-Built Medical
For Sale
$1,050,000
2515 Delaney Avenue, Wilmington, NC 28403
Commercial Sale, Wilmington, NC
Property Size2,699 SF
Lot Size0.36 Acres
Price / SF$389.03
Days on Market47
Property Features for 2515 Delaney Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
O&I
Parking
13
Parking features
Off Street
Subdivision
Glen Meade
Directions
From S 17th St. Turn left onto Wellington Ave. Turn right onto Delaney Ave. Turn left. Destination will be on the right.
Standard status
Active
APN
R06015-002-009-000
Size
2,699 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lt 5R Ph 1 Glen Meade S/D
Tax Annual Amount
5038
Legal Description
Lt 5R Ph 1 Glen Meade S/D
Utilities
Heating system
Electric (Heating)
Amenities
fiber internet
alarm system
deep water well for landscape irrigation
kitchenette
Building Details
Year built
2011
Number of units
1
Building materials
Brick Veneer
Listing Agency:
Coldwell Banker Sea Coast Advantage · Coldwell Banker Real Estate
(910) 799-3435
Listed By:
Sherwood Strickland Group
(910) 367-9131
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 100586718
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 2011, this 2,699-square-foot medical office combines clinical, administrative, and support areas within a purpose-built layout. 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. Brick veneer construction and electric heating are also in place.
The property includes 13 off-street parking spaces, fiber internet availability, an alarm system, and a deep water well used for landscape irrigation. O&I zoning supports the existing medical office configuration and a range of professional and healthcare applications identified for the property, including physician, dental, therapy, chiropractic, behavioral health, wellness, and veterinary uses subject to approvals.
The property includes 13 off-street parking spaces, fiber internet availability, an alarm system, and a deep water well used for landscape irrigation. O&I zoning supports the existing medical office configuration and a range of professional and healthcare applications identified for the property, including physician, dental, therapy, chiropractic, behavioral health, wellness, and veterinary uses subject to approvals.
Key Highlights
- 2,699‑square‑foot medical office built 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - O&I-zoned facility with exam rooms, private offices, ADA-accessible restrooms, and dedicated parking.
Where is this medical office space located?
The property is located at 2515 Delaney Avenue 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 built in 2011; Four exam rooms with sinks and windows; Three private offices and two nurse stations
