Leased Retail Condominium
For Sale
Contact for pricing
4107 Oleander Drive, Wilmington, NC 28403
Retail condominium unit along Oleander Drive, offered for sale with a tenant lease extending through December 2029.
Property Size1,694 SF
Price / SF$309.92
Days on Market42
Property Features for 4107 Oleander Drive
General Information
Standard status
Active
Size
1,694 SF
Property subtype
Retail
Net Operating Income
$38,316
Building Details
Tenancy
Single
Listing Agency:
Lee & Associates - Wilmington
Listed By:
Sandy Thorpe · License #296845
Source:
Crexi
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 10 at 5:31AM
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 Lee & Associates - Wilmington
Investment Insights
Based on property information with market context.
4107 Oleander Drive, Unit I is a retail condominium unit offering in Wilmington. The property is presented as an investment asset with an existing tenant in place through December 2029.
The unit is located along Oleander Drive, described as an established commercial corridor and a connector between Downtown Wilmington, Midtown Wilmington, and Wrightsville Beach. The marketing materials note significant daily traffic and convenient access to surrounding retail, medical, and recreational destinations.
This offering is a single unit sale within a retail condominium configuration, totaling 1,694 square feet as provided in the information. The secured lease term provides near-term income stability through the stated expiration date.
The unit is located along Oleander Drive, described as an established commercial corridor and a connector between Downtown Wilmington, Midtown Wilmington, and Wrightsville Beach. The marketing materials note significant daily traffic and convenient access to surrounding retail, medical, and recreational destinations.
This offering is a single unit sale within a retail condominium configuration, totaling 1,694 square feet as provided in the information. The secured lease term provides near-term income stability through the stated expiration date.
Key Highlights
- 1,694 SF retail condominium unit along Oleander Drive
- Leased to an established tenant with lease term through December 2029
- Commercial condominium located in Wilmington’s Midtown commercial corridor
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
$16,721
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
3.18%
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%
$334,420
$334.4K
Cap Rate 7%
$238,871
$238.9K
Cap Rate 9%
$185,789
$185.8K
Market Conditions
NOI Build-Up for 1,694 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
$26.6K $15.72/SF
− Vacancy
−$2.7K −$1.62/SF
EGI
$23.9K $14.10/SF
− OpEx
−$7.2K −$4.23/SF
NOI
$16.7K $9.87/SF
Area
Wilmington, NC
Vacancy
10.30%
Lease Rate
$15.72 /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%
$334,420
Cap Rate 7%
$238,871
Cap Rate 9%
$185,789
Alternative Uses
Best Use
Retail
$238.9K
$209.0K – $278.7K
NOI $16,721 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$20.74M
$18.15M – $24.20M
NOI $1,451,943 @ 7.0% cap · market cap 276.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,739
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail condominium unit along Oleander Drive, offered for sale with a tenant lease extending through December 2029.
Where is this storefront property located?
The property is located at 4107 Oleander Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1,694 SF retail condominium unit along Oleander Drive; Leased to an established tenant with lease term through December 2029; Commercial condominium located in Wilmington’s Midtown commercial corridor
