3208 Pennington Dr, Wilmington, NC 28405

Building Details

Building Size 11,000 SF More

Buildings 1 More

Stories 2 More

Listing Agency: Lee & Associates - Raleigh Durham

Listed By: Russell Stewart Show Phone

Source: Lee-associates

Added: Aug 8 Changed: Oct 25 Last Checked: Nov 8 at 2:50AM

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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 Lee & Associates - Raleigh Durham

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Investment Insights

Based on property information with market context.

This approximately 11,000-square-foot flex building brings together executive office, flex, and production areas in a single facility. The interior includes a reception and waiting area, three conference rooms, private offices on both floors, and a large employee break room. A dedicated warehouse section provides three roll-up doors and space suited to production or storage. The property carries I-2 Industrial Zoning.

Located on Pennington Dr in Wilmington, the building is approximately 5 minutes from Wilmington International Airport (ILM). Its combination of office, warehouse, and flexible work areas supports operations requiring multiple functions within one building.

Key Highlights

• Approximately 11,000 SF flex building with office, production, and warehouse areas
• I‑2 Industrial Zoning
• Dedicated warehouse with 3 roll‑up doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$139,703

Cap Rate

4.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,794,060 $2.8M

Cap Rate 7%

$1,995,757 $2.0M

Cap Rate 9%

$1,552,256 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 11,000 SF

Gross rent

$229.7K $20.88/SF

− Vacancy

−$43.4K −$3.95/SF

EGI

$186.3K $16.93/SF

− OpEx

−$46.6K −$4.23/SF

NOI

$139.7K $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 Rate 5%

$2,794,060

Cap Rate 7%

$1,995,757

Cap Rate 9%

$1,552,256

Alternative Uses

Best Use

Office B

$2.00M

$1.75M – $2.33M (±1% cap)

NOI $139,703 @ 7.0% cap · market cap 4.74%

Second Best

Warehouse

$1.95M

$1.70M – $2.27M (±1% cap)

NOI $136,233 @ 7.0% cap · market cap 4.62%

Theoretical Best

Office A

$2.75M

$2.41M – $3.21M (±1% cap)

NOI $192,694 @ 7.0% cap · market cap 6.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Epproach Communications Telecommunications Service Harler Print Co (Bike/Boat/Book/etc) Store Personal Touch Detail ... Car Wash

Suggested Use

Top Pick Real Estate Agency Restaurant Hair Salon Spa & Massage Center Storage Facility Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

296

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 28405, NC

31,775

Population

17,073

Households

1.9

Avg Household Size

41

Median Age

41%

College-Educated

91%

High-School Grad

23.5 sq mi

ZIP Area

1,352

Density / Sq Mi

$67,809

Median Household Income

$41,265

Median Earnings

$1,405

Median Rent

$337,000

Median Home Value

Market

Properties on Market for Flex space in Wilmington

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Two-story facility combines professional offices, production space, and warehouse functions under one roof.

Where is this flex space located?

The property is located at 3208 Pennington Dr Wilmington, NC.

What is the asking price?

The asking price for this property is $2,950,000.

What are key features of this property?

This property features: Approximately 11,000 SF flex building with office, production, and warehouse areas; I‑2 Industrial Zoning; Dedicated warehouse with 3 roll‑up doors