Renovated Mixed-Use
For Sale
$979,000
5018 Oleander Drive, Wilmington, NC 28403
Residential Income, Wilmington, NC
Property Size3,900 SF
Lot Size0.46 Acres
Price / SF$273.54
Days on Market420
Property Features for 5018 Oleander Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
ROD
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 1
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Interior features
Ceiling Fan(s)
Accessibility
Accessible Approach with Ramp
Appliances
Electric Oven, Refrigerator, Dishwasher
Subdivision
Piney Woods
Lot features
Level
Elementary school
Winter Park
Middle school
Roland Grise
High school
Hoggard
Directions
From Downtown Wilmington, take Dawson street east. Follow it to merge on to Oleander. Follow Oleander, cross over College Road. The property is 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
Lt 48 B Piney Woods S/D
Tax Annual Amount
4675
Legal Description
Lt 48 B Piney Woods S/D
Utilities
Utilities
Propane
Heating system
Electric (Heating), Forced Air, Propane (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1954
Floors in Building
1
Number of units
3
Flooring type
Vinyl, Tile
Building materials
Brick, Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Added: Jun 29, 2025
Changed: Aug 20
Last Checked: Aug 22 at 1:06PM
MLS# 100516487
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 mixed-use property includes two buildings with 3579 SF Heated and 347 SF enclosed space on a 0.459-acre parcel. The existing configuration includes a storefront, design studio, and one-bedroom apartment, with a layout suited to combined commercial and residential occupancy. Comprehensive renovation work has been completed, and the buildings include central air, forced-air and electric heating, vinyl and tile flooring, a shingle roof, and brick, vinyl siding, and wood-frame construction.
Located at 5018 Oleander Drive in Wilmington, the property occupies the Oleander Drive corridor and includes off-street parking, a driveway, porch, public water, and propane service. Accessibility features include an approach with ramp. The property is currently owner-occupied and was built in 1954.
Located at 5018 Oleander Drive in Wilmington, the property occupies the Oleander Drive corridor and includes off-street parking, a driveway, porch, public water, and propane service. Accessibility features include an approach with ramp. The property is currently owner-occupied and was built in 1954.
Key Highlights
- Two buildings with 3579 SF Heated and 347 SF enclosed space
- 0.459‑acre parcel along Oleander Drive in Wilmington
- Storefront, design studio, and one‑bedroom apartment
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
Multifamily LT 5
$43.82M
$38.34M – $51.13M
NOI $3,067,593 @ 7.0% cap · market cap 313.34%
Second Best
Mixed Use
$43.16M
$37.76M – $50.35M
NOI $3,021,047 @ 7.0% cap · market cap 308.58%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
621
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 renovated buildings combine commercial, studio, and residential space with flexible live/work functionality.
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 buildings with 3579 SF Heated and 347 SF enclosed space; 0.459‑acre parcel along Oleander Drive in Wilmington; Storefront, design studio, and one‑bedroom apartment
