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    Downtown Wilmington Executive Office Suite Title is generated by Realmo AI

    404 N 3rd Street, Wilmington, NC 28401

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    For Lease
    $2,000/Mo $23 SF/Yr (calc)

    COMMERCIAL - Wilmington, NC

    Property size:
    1,036 SF
    Lot size:
    0.32 Acres
    Added:
    Feb 19, 2026
    Days on Market:
    79
    Last Refresh:
    May 9 at 10:06 pm

    Property Features for 404 N 3rd Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    CBD
    Parking
    8
    Standard status
    Active
    APN
    R04813-032-004-000
    Size
    1,036 SF
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PT LOTS 4-5 BLK 220 WILM
    Tax Annual Amount
    4134
    Expense value
    2350
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    1952

    We can help!

    Listing Contact
    Christian A Cardamone
    Christian A Cardamone

    Listing agent Christian A Cardamone License #238762

    Listing office Aloha Wilmington Real Estate 1901 Kent St. Ste A, Wilmington, NC

    Listing date Feb 19, 2026

    MLS# 100555526

    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.

    HighLights

    • Prime downtown Wilmington location near dining, shopping, and the riverwalk.
    • Spacious 1000+ sq ft executive suite with open bullpen and private offices.
    • Furnished office space ideal for start‑ups and independent professionals.
    • Includes shared conference space, kitchenette, internet, and mailbox.
    • On‑site parking and 24/7 access.
    • Affordable lease in the Double Eagle Building.

    Overview

    This executive office suite is available for lease in downtown Wilmington, North Carolina. Located on the second floor of the Double Eagle Building, the Double Eagle Flex Space provides furnished office space suitable for start-ups and independent professionals. The dedicated suite measures over 1000 square feet and features an open bullpen area surrounded by private office rooms, making it suitable for a small team. The property is located in the heart of downtown Wilmington, North Carolina, near lunch spots, shopping, and the river walk. Included with the space are a shared conference space, on-site parking, 24/7 access, kitchenette, internet, and mailbox. The lot size is 0.32 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rising Tide Pictures Film Production Specialty Software Systems, ... (Bike/Boat/Book/etc) Store Robert Louis Armstrong ... Law Firm Trifoli Insurance Group Insurance Agency Wright Criminal Defense Law Firm

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.946192
    Latitude
    34.240356

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    FAQs

    What type of property is this?
    Office units - Furnished office space in the heart of downtown Wilmington.
    Where is this office units located?
    The property is located at 404 N 3rd Street Wilmington, NC.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: Prime downtown Wilmington location near dining, shopping, and the riverwalk.; Spacious 1000+ sq ft executive suite with open bullpen and private offices.; Furnished office space ideal for start‑ups and independent professionals.
    (910) 262-3399
    We can help!
    Listing Contact
    Christian A Cardamone
    Christian A Cardamone
    Real Estate License ID: 238762
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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