Flexible Flex Space with Loading
For Sale
$920,000
3421 Wrightsville Ave, Wilmington, NC 28403
Community Business zoning and a garage-door loading area support adaptable commercial operations.
Property Size3,042 SF
Lot Size0.39 Acres
Price / SF$302.43
Days on Market34
Property Features for 3421 Wrightsville Ave
General Information
Standard status
Active
Size
3,042 SF
Lot size
0.39 Acres
Property subtype
Commercial
Zoning
CB
Additional Details
Road Access
Yes
Amenities
loading area with garage door
Building Details
Year Built
1983
Buildings
1
Building Size
3,042 SF
Listing Agency:
Intracoastal Realty Corporation
(910) 512-2205
Listed By:
Jeffrey G Hovis · License #234605
Source:
Coastalrealtyassociates
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 11:37AM
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 3,042-square-foot flex space occupies a 0.387-acre parcel and includes a reconfigurable interior suited to professional office, medical or wellness, retail, showroom, studio, and service uses. A dedicated loading area with a garage door supports deliveries, inventory handling, and light warehouse functions, while on-site parking serves employees and customers. Built in 1983, the property is zoned Community Business (CB).
The building fronts Wrightsville Avenue in Wilmington, with access to Wrightsville Beach, Midtown Wilmington, Novant Health, UNCW, Historic Downtown, established neighborhoods, and commercial centers. Its combination of adaptable space, loading functionality, parking, and corridor exposure supports both owner-user and investment applications.
The building fronts Wrightsville Avenue in Wilmington, with access to Wrightsville Beach, Midtown Wilmington, Novant Health, UNCW, Historic Downtown, established neighborhoods, and commercial centers. Its combination of adaptable space, loading functionality, parking, and corridor exposure supports both owner-user and investment applications.
Key Highlights
- 3,042‑square‑foot commercial building on a 0.387‑acre parcel
- Zoned Community Business (CB)
- Flexible interior layout for office, medical, retail, showroom, studio, and service uses
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
$38,634
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
4.20%
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%
$772,680
$772.7K
Cap Rate 7%
$551,914
$551.9K
Cap Rate 9%
$429,267
$429.3K
Market Conditions
NOI Build-Up for 3,042 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
$63.5K $20.88/SF
− Vacancy
−$12.0K −$3.95/SF
EGI
$51.5K $16.93/SF
− OpEx
−$12.9K −$4.23/SF
NOI
$38.6K $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%
$772,680
Cap Rate 7%
$551,914
Cap Rate 9%
$429,267
Alternative Uses
Best Use
Office B
$551.9K
$482.9K – $643.9K
NOI $38,634 @ 7.0% cap · market cap 4.20%
Second Best
Industrial
$443.2K
$387.8K – $517.1K
NOI $31,026 @ 7.0% cap · market cap 3.37%
Theoretical Best
Multifamily LT 5
$37.25M
$32.59M – $43.46M
NOI $2,607,325 @ 7.0% cap · market cap 283.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Under-served
Demand for This Use
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.
Similar Off Market Nearby
- Clean Eatz — 4389 Oleander Dr, Wilmington, NC 28403
- Moe's Southwest Grill — 3512 Oleander Dr, Wilmington, NC 28403
- Irv's Signature Catering — 1016 College Rd, Wilmington, NC 28403
Frequently Asked Questions
What type of property is this?
Flex space - Community Business zoning and a garage-door loading area support adaptable commercial operations.
Where is this flex space located?
The property is located at 3421 Wrightsville Ave Wilmington, NC.
What is the asking price?
The asking price for this property is $920,000.
What are key features of this property?
This property features: 3,042‑square‑foot commercial building on a 0.387‑acre parcel; Zoned Community Business (CB); Flexible interior layout for office, medical, retail, showroom, studio, and service uses
