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    Downtown Wilmington Commercial Space Available Title is generated by Realmo AI

    271 N Front Street, Wilmington, NC 28401

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    Claim this Listing
    For Lease
    $4,200/Mo $24 SF/Yr (calc)

    COMMERCIAL - Wilmington, NC

    Property size:
    2,096 SF
    Added:
    Apr 2, 2026
    Days on Market:
    44
    Last Refresh:
    May 15 at 12:06 pm

    Property Features for 271 N Front Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    CBD
    Rooms
    Basement
    Standard status
    Active
    APN
    R04720-007-022-002
    Size
    2,096 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Unit 271 B Shrier Bldg Condominium and Unit 271 A Shrier Bldg Condominium
    Expense value
    4200
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Heating system
    Forced Air, Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1891
    Number of units
    1
    Flooring type
    Concrete, Hardwood
    Building materials
    Block, Brick, Stucco, Wood Frame
    Roof type
    Membrane

    We can help!

    Listing Contact
    Jeffrey G Hovis
    Jeffrey G Hovis

    Listing agent Jeffrey G Hovis License #234605

    Listing office Intracoastal Realty Corp 1900 Eastwood Road, Suite 38, Wilmington, NC

    Listing date Apr 2, 2026

    MLS# 100564529

    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.

    HighLights

    • Prime Downtown Wilmington Location
    • Two floors plus loft office space (1080 sq ft first floor, 214 sq ft loft)
    • Heated and cooled basement (802 sq ft)
    • Available for lease end of June/early July
    • Mix of hardwood and concrete flooring
    • Historic building (Year Built: 1891)

    Overview

    Located in the heart of Downtown Wilmington, this commercial space is available for lease. The property features two floors and an office loft area. The first floor offers 1,080 square feet of space, complemented by a 214-square-foot loft-style office area. The basement level provides 802 square feet of heated and cooled space, along with an additional 296 square feet designated for storage or utilities. The total property size is 2,096 square feet. This location is suitable for various business ventures. The space is anticipated to be available by the end of June or early July.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    New Elements Gallery Interior Designer

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Law Firm Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.949225
    Latitude
    34.23857

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    FAQs

    What type of property is this?
    Office units - Two-story commercial space with loft in downtown Wilmington.
    Where is this office units located?
    The property is located at 271 N Front Street Wilmington, NC.
    What is the lease rate?
    The lease rate is $4,200 /Mo.
    What are key features of this property?
    This property features: Prime Downtown Wilmington Location; Two floors plus loft office space (1080 sq ft first floor, 214 sq ft loft); Heated and cooled basement (802 sq ft)
    (910) 512-2205
    We can help!
    Listing Contact
    Jeffrey G Hovis
    Jeffrey G Hovis
    Real Estate License ID: 234605
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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