Flex Space with Loading
For Sale
$920,000
3421 Wrightsville Avenue, Wilmington, NC 28403
Community Business zoning supports office, medical, retail, and service-oriented configurations.
Property Size3,042 SF
Lot Size0.39 Acres
Price / SF$302.43
Days on Market26
Property Features for 3421 Wrightsville Avenue
General Information
Standard status
Active
Size
3,042 SF
Total Parking Spaces
20
Lot size
0.39 Acres
Property subtype
Commercial
Zoning
CB
Additional Details
Road Access
Yes
Building Details
Building Size
3,042 SF
Year Built
1983
Buildings
1
Units
1
Listing Agency:
Intracoastal Realty Corporation
(910) 512-2205
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Source:
Thomasrealtysold
Added: Jul 30
Changed: Aug 23
Last Checked: Aug 23 at 6:39AM
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 building occupies a 0.387-acre parcel and offers a reconfigurable interior for a range of commercial layouts. The property is suited to professional office, medical or wellness, retail, showroom, creative studio, and service-oriented operations. A 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 building provides an established commercial footprint with practical operating features.
The property is located on Wrightsville Avenue in Wilmington, near Wrightsville Beach, Midtown Wilmington, Novant Health, UNCW, and Historic Downtown. Its Community Business (CB) zoning and proximity to established neighborhoods and commercial centers provide a broad setting for flexible commercial occupancy.
The property is located on Wrightsville Avenue in Wilmington, near Wrightsville Beach, Midtown Wilmington, Novant Health, UNCW, and Historic Downtown. Its Community Business (CB) zoning and proximity to established neighborhoods and commercial centers provide a broad setting for flexible commercial occupancy.
Key Highlights
- 3,042‑square‑foot flex building on a 0.387‑acre parcel
- Community Business (CB) zoning
- Reconfigurable layout for office, medical, retail, showroom, studio, or 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
$31,026
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
3.37%
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%
$620,520
$620.5K
Cap Rate 7%
$443,229
$443.2K
Cap Rate 9%
$344,733
$344.7K
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
$47.5K $15.60/SF
− Vacancy
−$3.1K −$1.03/SF
EGI
$44.3K $14.57/SF
− OpEx
−$13.3K −$4.37/SF
NOI
$31.0K $10.20/SF
Area
Wilmington, NC
Vacancy
6.60%
Lease Rate
$15.60 /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%
$620,520
Cap Rate 7%
$443,229
Cap Rate 9%
$344,733
Alternative Uses
Best Use
Industrial
$443.2K
$387.8K – $517.1K
NOI $31,026 @ 7.0% cap · market cap 3.37%
Second Best
Flex RnD
$411.6K
$360.1K – $480.2K
NOI $28,810 @ 7.0% cap · market cap 3.13%
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Moe's Southwest Grill — 3512 Oleander Dr, Wilmington, NC 28403
- Irv's Signature Catering — 1016 College Rd, Wilmington, NC 28403
- Clean Eatz — 4389 Oleander Dr, Wilmington, NC 28403
Frequently Asked Questions
What type of property is this?
Flex space - Community Business zoning supports office, medical, retail, and service-oriented configurations.
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 flex building on a 0.387‑acre parcel; Community Business (CB) zoning; Reconfigurable layout for office, medical, retail, showroom, studio, or service uses
