Live-Work Space with One-Bedroom
For Sale
$979,000
5018 Oleander Drive, Wilmington, NC 28403
MULTI_FAMILY - Wilmington, NC
Property Size3,579 SF
Lot Size0.46 Acres
Price / SF$273.54
Days on Market415
Property Features for 5018 Oleander Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
ROD
Parking features
Driveway, Paved or Surfaced
Subdivision
Seagate
Directions
East on Oleander past long leaf park- property will be on the right.
Standard status
Active
APN
R06108-009-001-000
Size
3,579 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 48 B Piney Woods
Tax Annual Amount
4675
Legal Description
LOT 48 B Piney Woods
Utilities
Utilities
Water Available
Heating system
Propane (Heating), Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1954
Flooring type
Tile, Wood
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Lisa W Wayne · License #193183
(910) 520-3856
Added: Jun 27, 2025
Changed: Aug 10
Last Checked: Aug 15 at 9:06AM
MLS# 100516272
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 renovated live-work property consists of two buildings totaling about 3,900 square feet, including 3,579 SF heated and 347 SF enclosed space. The configuration includes a storefront, a design studio, and a one-bedroom apartment, creating a flexible setup for office, professional practice, creative studio, or a combination of uses. The buildings are currently owner-occupied.
Located on Oleander Drive in Midtown Wilmington, the property sits on a 0.459-acre lot along the high-visibility corridor. The site is in a ROD (Residential Office) zoning district.
Improvements include vinyl siding and a shingle roof. Interior finishes noted include wood and tile flooring. Heating is provided via propane, electric, and heat pump systems, with cooling by heat pump. Parking is available via driveway with paved or surfaced access, and water is available through public water.
Located on Oleander Drive in Midtown Wilmington, the property sits on a 0.459-acre lot along the high-visibility corridor. The site is in a ROD (Residential Office) zoning district.
Improvements include vinyl siding and a shingle roof. Interior finishes noted include wood and tile flooring. Heating is provided via propane, electric, and heat pump systems, with cooling by heat pump. Parking is available via driveway with paved or surfaced access, and water is available through public water.
Key Highlights
- Two buildings totaling about 3,900 SF, including 3,579 SF heated and 347 SF enclosed
- 0.459‑acre lot along the high‑visibility Oleander Drive corridor
- ROD (Residential Office) zoning for residential and commercial use
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
Single-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Renovated two-building live-work property in the ROD zoning district with a storefront, design studio, and one-bedroom apartment.
Where is this live-work space 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 buildings totaling about 3,900 SF, including 3,579 SF heated and 347 SF enclosed; 0.459‑acre lot along the high‑visibility Oleander Drive corridor; ROD (Residential Office) zoning for residential and commercial use
