Flex Space with Loading
For Sale
$920,000
3421 Wrightsville Avenue, Wilmington, NC 28403
Commercial Sale, Wilmington, NC
Property Size3,042 SF
Lot Size0.39 Acres
Price / SF$302.43
Days on Market22
Property Features for 3421 Wrightsville Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB
Parking
20
Parking features
Off Street
Subdivision
Highwood Park
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
R05513-007-007-000
Size
3,042 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Fenley Wilmington
Tax Annual Amount
3625
Legal Description
Pt Fenley Wilmington
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Number of units
1
Flooring type
Laminate
Building materials
Brick Veneer, 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 20 at 11:06AM
MLS# 100593088
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 3,042-square-foot commercial building provides an adaptable interior suited to professional office, retail, showroom, creative studio, service, or medical and wellness configurations. The floor plan can be reworked as needs change, while an on-site loading area with a garage door supports deliveries, inventory handling, and light warehouse activity. Interior finishes include laminate flooring, with central air conditioning and natural gas heating. The property includes off-street parking and public water service.
Set on a 0.387-acre parcel along Wrightsville Avenue, the property carries CB zoning, or Community Business. Its Wilmington setting places it near Wrightsville Beach, Midtown Wilmington, Novant Health, UNCW, and Historic Downtown. The building was constructed in 1983 and features brick veneer, wood siding, and wood-frame construction with a shingle roof.
Set on a 0.387-acre parcel along Wrightsville Avenue, the property carries CB zoning, or Community Business. Its Wilmington setting places it near Wrightsville Beach, Midtown Wilmington, Novant Health, UNCW, and Historic Downtown. The building was constructed in 1983 and features brick veneer, wood siding, and wood-frame construction with a shingle roof.
Key Highlights
- 3,042‑square‑foot commercial building on a 0.387‑acre parcel
- CB zoning designates the property Community Business
- On‑site loading area includes a garage door
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
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
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Similar Off Market Nearby
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- Clean Eatz — 4389 Oleander Dr, Wilmington, NC 28403
Frequently Asked Questions
What type of property is this?
Flex space - CB-zoned commercial building offers a reconfigurable layout, delivery access, and off-street parking.
Where is this flex space located?
The property is located at 3421 Wrightsville Avenue 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; CB zoning designates the property Community Business; On‑site loading area includes a garage door
