Mixed-Use Property with Two
For Sale
$1,299,500
3417-3421 Wrightsville, Wilmington, NC 28403
CB zoning, on-site parking, and flexible commercial buildings support varied business configurations.
Property Size3,942 SF
Lot Size0.78 Acres
Price / SF$329.65
Days on Market11
Property Features for 3417-3421 Wrightsville
General Information
Standard status
Active
Size
3,942 SF
Lot size
0.78 Acres
Property subtype
Commercial
Zoning
CB
Amenities
Central air
Central Air Cooling
Electric Heating
Gas Pack Heating
Heat Pump Heating
Heating Heating
Natural Gas Heating
Off Street
On Site
Parking Lot
Paved
Private
Shingle Roof
Tile Flooring
Vinyl Flooring
Wood Flooring
Building Details
Year Built
1946
Buildings
2
Listing Agency:
INTRACOASTAL REALTY CORPORATION
(910) 512-2205
Listed By:
JEFFREY G HOVIS · License #234605
Source:
Corcoran
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 9 at 3:28AM
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 INTRACOASTAL REALTY CORPORATION
Investment Insights
Based on property information with market context.
This mixed-use offering brings together two adjoining parcels with approximately 3,942+ square feet of commercial improvements on nearly 0.78 acres. The buildings include a 900-square-foot structure at 3417 Wrightsville Avenue and an approximately 3,042-square-foot building at 3421 Wrightsville Avenue, creating distinct spaces that can be configured for retail, office, service, showroom, creative, medical-related, or other professional applications. The improvements date to 1946.
Community Business (CB) zoning, convenient access, on-site parking, and visibility along Wrightsville Avenue are established features of the combined property. The two-building layout provides a range of physical configurations for an owner-user, investor, redevelopment project, or expanding business, subject to applicable zoning and approvals.
Community Business (CB) zoning, convenient access, on-site parking, and visibility along Wrightsville Avenue are established features of the combined property. The two-building layout provides a range of physical configurations for an owner-user, investor, redevelopment project, or expanding business, subject to applicable zoning and approvals.
Key Highlights
- Two adjoining parcels totaling nearly 0.78 acres
- Approximately 3,942+ square feet of commercial space
- 900‑square‑foot building at 3417 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
Mixed Use
$47.54M
$41.59M – $55.46M
NOI $3,327,457 @ 7.0% cap · market cap 256.06%
Second Best
Office B
$715.2K
$625.8K – $834.4K
NOI $50,064 @ 7.0% cap · market cap 3.85%
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
Current Use
Location Intelligence
Trade Area within ½ mile
965
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?
Mixed-use property - CB zoning, on-site parking, and flexible commercial buildings support varied business configurations.
Where is this mixed-use property located?
The property is located at 3417-3421 Wrightsville 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: Two adjoining parcels totaling nearly 0.78 acres; Approximately 3,942+ square feet of commercial space; 900‑square‑foot building at 3417 Wrightsville Avenue
