Office Units with On-Site
For Sale
$1,299,500
3417-3421 Wrightsville Avenue, Wilmington, NC 28403
Commercial Sale, Wilmington, NC
Property Size3,942 SF
Lot Size0.77 Acres
Price / SF$329.65
Days on Market24
Property Features for 3417-3421 Wrightsville Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB
Parking
20
Parking features
Parking Lot, Off Street
Subdivision
Highwood Park
Lot features
Rectangular Lot
Directions
From downtown take Market Street, turn right on Covil, turn left on Wrightsville Avenue and property is on the Right.
Standard status
Active
APN
R05513-007-006-000
Size
3,942 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Fenley Wilmington
Tax Annual Amount
6359
Legal Description
Pt Fenley Wilmington
Utilities
Heating system
Electric (Heating), Natural Gas, Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1946
Number of units
2
Flooring type
Lvt/lvp, Tile, Vinyl, Wood
Building materials
Brick, Wood Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 22 at 7:06PM
MLS# 100593090
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.
Investment Insights
Based on property information with market context.
This office-oriented commercial offering includes two adjoining parcels with approximately 3,942 square feet of improvements. The buildings include a 900-square-foot structure at 3417 Wrightsville Avenue and an approximately 3,042-square-foot building at 3421 Wrightsville Avenue. Interior finishes include LVT/LVP, tile, vinyl, and wood flooring, while central air provides cooling. Construction materials include brick, wood siding, and wood framing.
The property is located along Wrightsville Avenue in Wilmington, with convenient access and parking provided through an on-site lot and off-street spaces. Community Business (CB) zoning applies to the combined offering. Public water serves the property, and the improvements were built in 1946.
The property is located along Wrightsville Avenue in Wilmington, with convenient access and parking provided through an on-site lot and off-street spaces. Community Business (CB) zoning applies to the combined offering. Public water serves the property, and the improvements were built in 1946.
Key Highlights
- Approximately 3,942 square feet of commercial improvements across two adjoining parcels
- 900‑square‑foot building at 3417 Wrightsville Avenue
- Approximately 3,042‑square‑foot building at 3421 Wrightsville Avenue
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
$50,064
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
3.85%
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%
$1,001,280
$1.0M
Cap Rate 7%
$715,200
$715.2K
Cap Rate 9%
$556,267
$556.3K
Market Conditions
NOI Build-Up for 3,942 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
$82.3K $20.88/SF
− Vacancy
−$15.6K −$3.95/SF
EGI
$66.8K $16.93/SF
− OpEx
−$16.7K −$4.23/SF
NOI
$50.1K $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%
$1,001,280
Cap Rate 7%
$715,200
Cap Rate 9%
$556,267
Alternative Uses
Best Use
Office B
$715.2K
$625.8K – $834.4K
NOI $50,064 @ 7.0% cap · market cap 3.85%
Second Best
Retail
$555.9K
$486.4K – $648.5K
NOI $38,910 @ 7.0% cap · market cap 2.99%
Theoretical Best
Multifamily LT 5
$48.27M
$42.23M – $56.31M
NOI $3,378,724 @ 7.0% cap · market cap 260.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
992
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - The offering combines two adjoining parcels with CB zoning and on-site parking.
Where is this office units located?
The property is located at 3417-3421 Wrightsville Avenue Wilmington, NC.
What is the asking price?
The asking price for this property is $1,299,500.
What are key features of this property?
This property features: Approximately 3,942 square feet of commercial improvements across two adjoining parcels; 900‑square‑foot building at 3417 Wrightsville Avenue; Approximately 3,042‑square‑foot building at 3421 Wrightsville Avenue
