Freestanding Office Building with
For Sale
$7,000,000
5041 New Centre Dr, Wilmington, NC 28403
Two-story office property with paved parking, elevator access, and fiber optic service throughout.
Property Size30,722 SF
Price / SF$227.85
Days on Market61
Property Features for 5041 New Centre Dr
General Information
Standard status
Active
Size
30,722 SF
Elevators
Yes
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
mature landscaping
LED lighting
cold plasma generators
fiber optic cable
Building Details
Year Built
1979
Buildings
1
Stories
2
Construction
steel beams and concrete
Tenancy
Multi
Listing Agency:
Intracoastal Realty Corporation
(706) 338-1251
Listed By:
Gwen J Hawley · License #324880
Source:
Barefootbrokers
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 25 at 4:04AM
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.
This freestanding, two-story office building occupies a maintained 2.19-acre site and was built in 1979. Steel framing, concrete construction, block and stucco exterior materials, and fireproof sheetrock contribute to the building’s construction profile. An updated elevator and wide stairwell serve the second floor, while accessible male and female restrooms are located on both levels. The property also features LED lighting, rooftop air-conditioning units equipped with I Wave cold plasma generators, and fiber optic cable throughout the building. Daily on-site maintenance supports the common areas and building operations.
The property is located on New Centre Drive in Wilmington, with access to South College Road, Market Street, downtown, Wrightsville Beach, and I-40. The site includes mature landscaping and extensive paved parking. Tenants are in place under annual leases, and the property is zoned RB.
The property is located on New Centre Drive in Wilmington, with access to South College Road, Market Street, downtown, Wrightsville Beach, and I-40. The site includes mature landscaping and extensive paved parking. Tenants are in place under annual leases, and the property is zoned RB.
Key Highlights
- Freestanding two‑story office building on 2.19 acres
- Updated elevator and wide stairwell provide second‑floor access
- Male and female bathrooms on both floors with handicap access
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
$390,177
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
5.57%
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%
$7,803,540
$7.8M
Cap Rate 7%
$5,573,957
$5.6M
Cap Rate 9%
$4,335,300
$4.3M
Market Conditions
NOI Build-Up for 30,722 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
$641.5K $20.88/SF
− Vacancy
−$121.2K −$3.95/SF
EGI
$520.2K $16.93/SF
− OpEx
−$130.1K −$4.23/SF
NOI
$390.2K $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%
$7,803,540
Cap Rate 7%
$5,573,957
Cap Rate 9%
$4,335,300
Alternative Uses
Best Use
Office B
$5.57M
$4.88M – $6.50M
NOI $390,177 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$376.17M
$329.15M – $438.87M
NOI $26,332,102 @ 7.0% cap · market cap 376.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,317
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?
Office building - Two-story office property with paved parking, elevator access, and fiber optic service throughout.
Where is this office building located?
The property is located at 5041 New Centre Dr Wilmington, NC.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: Freestanding two‑story office building on 2.19 acres; Updated elevator and wide stairwell provide second‑floor access; Male and female bathrooms on both floors with handicap access
