Versatile Commercial Property Near Medical
For Sale
Contact for pricing
3101 Princess Place Dr, Wilmington, NC
Community business zoned property ideal for various ventures.
Property Size3,598 SF
Lot Size0.31 Acres
Price / SF$194.55
Days on Market693
Property Features for 3101 Princess Place Dr
General Information
Standard status
Active
Size
3,598 SF
Lot size
0.31 Acres
Property subtype
RETAIL
Listing Agency:
Berkshire Hathaway HomeService
(910) 520-1180
Listed By:
Lynn Harris
(910) 520-1180
Source:
Moodyscre
Added: Sep 27, 2024
Changed: Aug 8
Last Checked: Aug 8 at 5:00AM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
This property, zoned for community business, is located on Princess Place Drive, adjacent to the Novant Michael Jordan Medical Clinic currently under construction. The property offers 3,598 heated square feet and was previously used as a daycare licensed for 84 children. It features a full commercial kitchen, and all FF&E will convey with the sale. The layout includes classrooms, offices, and recreational areas. Parking is available, along with a fenced outdoor space suitable for play or community events. This property is ideal for a food truck commissary, hospitality, residential group home, community center, kennel, rehab facility, educational facility, medical and professional offices, and other allowable uses.
Key Highlights
- Community Business (CB) zoning offers a wide range of potential uses.
- Located adjacent to the Novant Michael Jordan Medical Clinic.
- Includes a full commercial kitchen with all FF&E conveying.
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
$38,051
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
5.44%
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%
$761,020
$761.0K
Cap Rate 7%
$543,586
$543.6K
Cap Rate 9%
$422,789
$422.8K
Market Conditions
NOI Build-Up for 3,598 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
$56.6K $15.72/SF
− Vacancy
−$5.8K −$1.62/SF
EGI
$50.7K $14.10/SF
− OpEx
−$12.7K −$3.53/SF
NOI
$38.1K $10.58/SF
Area
Wilmington, NC
Vacancy
10.30%
Lease Rate
$15.72 /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%
$761,020
Cap Rate 7%
$543,586
Cap Rate 9%
$422,789
Alternative Uses
Best Use
Specialty Retail
$543.6K
$475.6K – $634.2K
NOI $38,051 @ 7.0% cap · market cap 5.44%
Second Best
Industrial
$524.2K
$458.7K – $611.6K
NOI $36,697 @ 7.0% cap · market cap 5.24%
Theoretical Best
Multifamily LT 5
$44.06M
$38.55M – $51.40M
NOI $3,083,878 @ 7.0% cap · market cap 440.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Learning Center — 2310 Scientific Park Dr, Wilmington, NC 28405
- Child Development Center — 3802 Princess Pl Dr, Wilmington, NC 28405
- Busy Bee Christian Child Care — 10 Kenwood Ave, Wilmington, NC 28405
- Kings Kids — 10 Kenwood Ave, Wilmington, NC 28405
- Children's Learning Center of Wilmington — 71 Darlington Ave, Wilmington, NC 28403
Frequently Asked Questions
What type of property is this?
Day care center - Community business zoned property ideal for various ventures.
Where is this day care center located?
The property is located at 3101 Princess Place Dr Wilmington, NC.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Community Business (CB) zoning offers a wide range of potential uses.; Located adjacent to the Novant Michael Jordan Medical Clinic.; Includes a **full commercial kitchen with all FF&E conveying**.
