Office Building with Large
For Sale
$550,000
5013 Oleander Drive, Wilmington, NC 28403
Commercial Sale, Wilmington, NC
Property Size2,052 SF
Lot Size0.46 Acres
Price / SF$268.03
Days on Market342
Property Features for 5013 Oleander Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
ROD
Parking
10
Parking features
Off Street
Subdivision
Oleander
Directions
Driving toward the beach on Oleander, just past the turn on Pine Grove Dr on the left
Standard status
Active
APN
R06108-006-007-000
Size
2,052 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 61 Sec B Piney Woods
Tax Annual Amount
3212
Legal Description
Lot 61 Sec B Piney Woods
Utilities
Utilities
Water Available
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
2002
Flooring type
Vinyl, Carpet
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Coldwell Banker Sea Coast Advantage-Midtown · Coldwell Banker Real Estate
(910) 799-5531
Listed By:
Wade S Wilson · License #253396
(910) 619-3502
Added: Oct 29, 2025
Changed: Sep 28
Last Checked: Oct 5 at 6:06AM
MLS# 100538574
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 2,052-square-foot office property was built in 2002 and features vinyl siding, a shingle roof, and a mix of vinyl and carpet flooring. Heating and cooling are provided by an electric heat pump system. The building includes a large doublewide modular structure that may be adapted into multiple office areas, subject to applicable approvals.
The 0.459-acre parcel fronts Oleander Drive in Wilmington and includes a sizable backyard with alley access. Public water is available, and on-site off-street parking supports day-to-day commercial use. The property carries ROD zoning, providing an office-oriented framework for evaluating its next use.
The 0.459-acre parcel fronts Oleander Drive in Wilmington and includes a sizable backyard with alley access. Public water is available, and on-site off-street parking supports day-to-day commercial use. The property carries ROD zoning, providing an office-oriented framework for evaluating its next use.
Key Highlights
- 2,052‑square‑foot office property built in 2002
- 0.459‑acre parcel with a large backyard
- Backyard access provided by an alley
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
$26,061
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
4.74%
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%
$521,220
$521.2K
Cap Rate 7%
$372,300
$372.3K
Cap Rate 9%
$289,567
$289.6K
Market Conditions
NOI Build-Up for 2,052 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
$42.8K $20.88/SF
− Vacancy
−$8.1K −$3.95/SF
EGI
$34.7K $16.93/SF
− OpEx
−$8.7K −$4.23/SF
NOI
$26.1K $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%
$521,220
Cap Rate 7%
$372,300
Cap Rate 9%
$289,567
Alternative Uses
Best Use
Office B
$372.3K
$325.8K – $434.4K
NOI $26,061 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$25.13M
$21.98M – $29.31M
NOI $1,758,788 @ 7.0% cap · market cap 319.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - ROD-zoned office property with off-street parking, public water, and a flexible interior layout.
Where is this office building located?
The property is located at 5013 Oleander Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,052‑square‑foot office property built in 2002; 0.459‑acre parcel with a large backyard; Backyard access provided by an alley
