Historic Bed And
For Sale
$1,995,000
412 S 3rd St, Wilmington, NC 28401
Renovated hospitality property includes an owner’s suite and a separate parcel used for parking.
Property Size6,290 SF
Price / SF$317.17
Days on Market14
Property Features for 412 S 3rd St
General Information
Standard status
Active
Size
6,290 SF
Property subtype
Residential
Additional Details
Business Included
Yes
Listing Agency:
Intracoastal Realty Corporation
(910) 512-2205
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Source:
Exprealty
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 20 at 9:57AM
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.
The C.W. Worth House is a historic bed-and-breakfast property with 6,290 square feet of improvements. Seven guest rooms are complemented by a main owner’s suite, with each guest room offering a private entrance and bathroom. Interior living spaces have been renovated and furnished to support guest stays, while the property’s historic character remains part of the overall setting.
A separate vacant parcel is included and is currently used for parking. The property is located within Wilmington’s Historic District near downtown, the River Walk, and dining options. The business has advanced bookings and has received recognition including Select Registry Property, TripAdvisor Travelers’ Choice, Best Hotel/Bed & Breakfast in the Cape Fear Region, and USA Today’s #1 10 Best Readers’ Choice Best Bed & Breakfast award.
A separate vacant parcel is included and is currently used for parking. The property is located within Wilmington’s Historic District near downtown, the River Walk, and dining options. The business has advanced bookings and has received recognition including Select Registry Property, TripAdvisor Travelers’ Choice, Best Hotel/Bed & Breakfast in the Cape Fear Region, and USA Today’s #1 10 Best Readers’ Choice Best Bed & Breakfast award.
Key Highlights
- Seven guest rooms plus a main owner’s suite
- 6,290‑square‑foot historic bed‑and‑breakfast property
- Guest rooms feature private entrances and bathrooms
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
$64,455
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
3.23%
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%
$1,289,100
$1.3M
Cap Rate 7%
$920,786
$920.8K
Cap Rate 9%
$716,167
$716.2K
Market Conditions
NOI Build-Up for 6,290 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
$169.8K $27.00/SF
− Vacancy
−$34.1K −$5.43/SF
EGI
$135.7K $21.57/SF
− OpEx
−$71.2K −$11.33/SF
NOI
$64.5K $10.25/SF
Area
Wilmington, NC
Vacancy
20.10%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,289,100
Cap Rate 7%
$920,786
Cap Rate 9%
$716,167
Alternative Uses
Best Use
Hotel Hospitality
$920.8K
$805.7K – $1.07M
NOI $64,455 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$77.02M
$67.39M – $89.85M
NOI $5,391,215 @ 7.0% cap · market cap 270.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,705
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28401, NC
22,204
Population
13,017
Households
1.7
Avg Household Size
41
Median Age
34%
College-Educated
88%
High-School Grad
31.0 sq mi
ZIP Area
716
Density / Sq Mi
$52,159
Median Household Income
$35,739
Median Earnings
$1,183
Median Rent
$263,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hoge-Wood House Bed & Breakfast — 407 S 3rd St, Wilmington, NC 28401
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- South End Bungalow — 1013 S 7th St, Wilmington, NC 28401
- The Inn at City Club — 23 S 2nd St, Wilmington, NC 28401
- Nacho Mama's - Serious Hospitality — 416 S Front St, Wilmington, NC 28401
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Renovated hospitality property includes an owner’s suite and a separate parcel used for parking.
Where is this bed & breakfast located?
The property is located at 412 S 3rd St Wilmington, NC.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Seven guest rooms plus a main owner’s suite; 6,290‑square‑foot historic bed‑and‑breakfast property; Guest rooms feature private entrances and bathrooms
