Renovated Mixed-Use
For Sale
$979,000
5018 Oleander Drive, Wilmington, NC 28403
Two buildings combine a storefront, design studio, and one-bedroom apartment.
Property Size3,579 SF
Price / SF$273.54
Days on Market411
Property Features for 5018 Oleander Drive
General Information
Standard status
Active
Size
3,579 SF
Property subtype
Commercial
Zoning
ROD
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$4,675
Building Details
Building Size
3,579 SF
Year Built
1954
Buildings
2
Listing Agency:
The Bluffs Real Estate Company
(336) 503-7879
Listed By:
Elle Finnigan
(336) 503-7879
Source:
Hamiltonrealtygroupnc
Added: Jun 27, 2025
Changed: Aug 9
Last Checked: Aug 11 at 4:50AM
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 The Bluffs Real Estate Company
Investment Insights
Based on property information with market context.
This mixed-use property includes two buildings with approximately 3,900 square feet in total, comprising 3,579 SF heated space and 347 SF of enclosed space. The improvements include a storefront, design studio, and one-bedroom apartment, creating a combination of commercial and residential components. Recent renovation work supports a range of layouts across the buildings, with space suited to office, studio, professional practice, or live-work use as described in the property information.
The property occupies nearly half an acre at 5018 Oleander Drive in Wilmington, along the Oleander Drive corridor. Built in 1954, the buildings are currently owner-occupied and offer a multi-component configuration within Midtown Wilmington.
The property occupies nearly half an acre at 5018 Oleander Drive in Wilmington, along the Oleander Drive corridor. Built in 1954, the buildings are currently owner-occupied and offer a multi-component configuration within Midtown Wilmington.
Key Highlights
- Two‑building mixed‑use property totaling approximately 3,900 square feet
- 3,579 SF heated space plus 347 SF enclosed space
- Storefront, design studio, and one‑bedroom apartment included
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
$45,454
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
4.64%
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%
$909,080
$909.1K
Cap Rate 7%
$649,343
$649.3K
Cap Rate 9%
$505,044
$505.0K
Market Conditions
NOI Build-Up for 3,579 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
$74.7K $20.88/SF
− Vacancy
−$14.1K −$3.95/SF
EGI
$60.6K $16.93/SF
− OpEx
−$15.2K −$4.23/SF
NOI
$45.5K $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%
$909,080
Cap Rate 7%
$649,343
Cap Rate 9%
$505,044
Alternative Uses
Best Use
Mixed Use
$43.16M
$37.76M – $50.35M
NOI $3,021,047 @ 7.0% cap · market cap 308.58%
Second Best
Office B
$649.3K
$568.2K – $757.6K
NOI $45,454 @ 7.0% cap · market cap 4.64%
Theoretical Best
Multifamily LT 5
$43.82M
$38.34M – $51.13M
NOI $3,067,593 @ 7.0% cap · market cap 313.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
558
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine a storefront, design studio, and one-bedroom apartment.
Where is this mixed-use property located?
The property is located at 5018 Oleander Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Two‑building mixed‑use property totaling approximately 3,900 square feet; 3,579 SF heated space plus 347 SF enclosed space; Storefront, design studio, and one‑bedroom apartment included
