Market Street Income
For Sale
Contact for pricing
3405 Market Street, Wilmington, NC
Two-tenant retail building with high visibility and occupancy history.
Property Size18,200 SF
Lot Size1.27 Acres
Price / SF$126.37
Days on Market661
Property Features for 3405 Market Street
General Information
Standard status
Active
Size
18,200 SF
Lot size
1.27 Acres
Property subtype
RETAIL
Listing Agency:
Maus, Warwick, Matthews & Co.
(910) 791-0400
Listed By:
Hansen Matthews
(910) 791-0400
Source:
Moodyscre
Added: Oct 22, 2024
Changed: Aug 8
Last Checked: Jul 16 at 5:59AM
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 Maus, Warwick, Matthews & Co.
Investment Insights
Based on property information with market context.
This income property on Market Street offers great retail visibility, making it a suitable long-term investment. Originally constructed as a furniture store, the building has been home to Linprint for nearly 20 years, while Fleabody’s Antique Mall has occupied the adjacent unit for nearly a decade. The building encompasses approximately 18,200 square feet and is situated on 1.25 acres. The property also fronts both Henry & Clay Streets on the side yard. Access to a fenced rear yard and parking area is available from either side street. The Linprint space includes a large loading dock in the rear. The property has an excellent history of occupancy.
Key Highlights
- Priced below $130 per square foot, offering significant value.
- Excellent history of occupancy, indicating stable income potential.
- Located on Market Street with great retail visibility.
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
$179,645
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
7.81%
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%
$3,592,900
$3.6M
Cap Rate 7%
$2,566,357
$2.6M
Cap Rate 9%
$1,996,056
$2.0M
Market Conditions
NOI Build-Up for 18,200 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
$286.1K $15.72/SF
− Vacancy
−$29.5K −$1.62/SF
EGI
$256.6K $14.10/SF
− OpEx
−$77.0K −$4.23/SF
NOI
$179.6K $9.87/SF
Area
Wilmington, NC
Vacancy
10.30%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
30.00%
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%
$3,592,900
Cap Rate 7%
$2,566,357
Cap Rate 9%
$1,996,056
Alternative Uses
Best Use
Retail
$2.57M
$2.25M – $2.99M
NOI $179,645 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$222.85M
$194.99M – $259.99M
NOI $15,599,383 @ 7.0% cap · market cap 678.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,268
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Hotels & Casinos 39%
Dining 12%
Shell
Shops & Services
12,670 visits/mo
0.5 miles
Embassy Suites by Hilton Wilmington Riverfront
Hotels & Casinos
8,717 visits/mo
0.4 miles
Shuckin' Shack Oyster Bar
Dining
4,230 visits/mo
0.1 miles
Wells Fargo
Shops & Services
3,947 visits/mo
0.4 miles
Hampton Inn Wilmington Downtown
Hotels & Casinos
3,551 visits/mo
0.3 miles
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-tenant retail building with high visibility and occupancy history.
Where is this retail space located?
The property is located at 3405 Market Street Wilmington, NC.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Priced below $130 per square foot, offering significant value.; Excellent history of occupancy, indicating stable income potential.; Located on Market Street with great retail visibility.
