Medical-Ready Office
For Sale
Contact for pricing
34 Covil Avenue, Wilmington, NC 28403
Move-in ready office building with private offices, conference space, and multiple kitchenette areas plus ample on-site parking.
Property Size3,832 SF
Price / SF$326.20
Days on Market270
Property Features for 34 Covil Avenue
General Information
Standard status
Active
Size
3,832 SF
Property subtype
OFFICE
Amenities
on-site parking
conference rooms
kitchenette areas
Listing Agency:
BlueCoast Commercial, LLC
Listed By:
Chase Hall · License #255181
(910) 777-3813
Source:
Moodyscre
Added: Nov 18, 2025
Changed: Aug 14
Last Checked: Aug 14 at 8:10AM
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 BlueCoast Commercial, LLC
Investment Insights
Based on property information with market context.
This office building at 34 Covil Avenue offers a flexible professional layout designed for a range of office uses. The space includes 13 private offices, an open reception area, two conference rooms, and three kitchenette areas. The building also provides a combination of private and collaborative work settings for day-to-day operations.
The property is located in midtown Wilmington, just off Market Street and Independence Boulevard, with convenient access to downtown Wilmington and other major commercial corridors in the area. Ample on-site parking is available for staff and visitors.
With its ready-to-occupy configuration and defined meeting and work areas, the building can support professional teams looking for multiple offices and conference space in a single location.
The property is located in midtown Wilmington, just off Market Street and Independence Boulevard, with convenient access to downtown Wilmington and other major commercial corridors in the area. Ample on-site parking is available for staff and visitors.
With its ready-to-occupy configuration and defined meeting and work areas, the building can support professional teams looking for multiple offices and conference space in a single location.
Key Highlights
- ±3,832 RSF office building at 34 Covil Avenue in Midtown Wilmington
- Flexible interior layout with 13 private offices, open reception/work area, and conference space
- Includes 2 conference rooms and 3 kitchenette areas
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
$48,667
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
3.89%
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%
$973,340
$973.3K
Cap Rate 7%
$695,243
$695.2K
Cap Rate 9%
$540,744
$540.7K
Market Conditions
NOI Build-Up for 3,832 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
$80.0K $20.88/SF
− Vacancy
−$15.1K −$3.95/SF
EGI
$64.9K $16.93/SF
− OpEx
−$16.2K −$4.23/SF
NOI
$48.7K $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 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%
$973,340
Cap Rate 7%
$695,243
Cap Rate 9%
$540,744
Alternative Uses
Best Use
Office B
$695.2K
$608.3K – $811.1K
NOI $48,667 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$46.92M
$41.06M – $54.74M
NOI $3,284,442 @ 7.0% cap · market cap 262.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
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?
Office building - Move-in ready office building with private offices, conference space, and multiple kitchenette areas plus ample on-site parking.
Where is this office building located?
The property is located at 34 Covil Avenue Wilmington, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: ±3,832 RSF office building at 34 Covil Avenue in Midtown Wilmington; Flexible interior layout with 13 private offices, open reception/work area, and conference space; Includes 2 conference rooms and 3 kitchenette areas
