Two-Story Office
For Sale
$7,000,000
5041 New Centre Drive, Wilmington, NC 28403
Commercial Sale, Wilmington, NC
Property Size30,722 SF
Lot Size2.19 Acres
Price / SF$227.85
Days on Market348
Property Features for 5041 New Centre Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RB
Parking features
Off Street
Subdivision
Not In Subdivision
Lot features
Level
Directions
South on S. College Rd, right on New Centre, building on right
Standard status
Active
APN
R04916-001-006-001
Size
30,722 SF
Lot size
2.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
(2.19 Acres) Parcel B-R Jerry A Cook Survey
Tax Annual Amount
35057
Legal Description
(2.19 Acres) Parcel B-R Jerry A Cook Survey
Utilities
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Amenities
mature landscaping
paved parking
LED lighting
I wave cold plasma generators
fiber optic cable
on site staff
handicap accessible bathrooms
wide stairwell with landing
two-story foyer
Building Details
Year built
1979
Flooring type
Tile, Marble, Carpet
Building materials
Block, Concrete, Stucco, Steel Frame
Roof type
Membrane
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Gwen J Hawley · License #77787
(910) 262-7427
Added: Sep 10, 2025
Changed: Aug 19
Last Checked: Aug 23 at 6:06PM
MLS# 100529913
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 30,722-square-foot office building occupies a 2.19-acre site and was constructed in 1979 with concrete, block, stucco, and steel-frame components. The two-story layout includes a foyer, wide stair access, an updated elevator, and male and female restrooms on both levels with handicap access. Tile, marble, and carpet flooring are used throughout, while rooftop air-conditioning units include LED lighting and I Wave cold plasma generators. Fiber optic cable extends throughout the building, and on-site staff maintain the property daily.
The property is located at 5041 New Centre Drive in Wilmington, North Carolina, with access to South College Road, Market Street, downtown, Wrightsville Beach, and I 40. The site provides off-street paved parking, mature landscaping, public water service, and a membrane roof. Tenants are in place on annual leases.
The property is located at 5041 New Centre Drive in Wilmington, North Carolina, with access to South College Road, Market Street, downtown, Wrightsville Beach, and I 40. The site provides off-street paved parking, mature landscaping, public water service, and a membrane roof. Tenants are in place on annual leases.
Key Highlights
- 30,722‑square‑foot office building on a 2.19‑acre maintained site
- Two‑story building with updated elevator and wide stairwell access
- Paved off‑street parking with mature landscaping
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
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 - Maintained commercial building with elevator access, fiber optic connectivity, and paved parking across a landscaped site.
Where is this office building located?
The property is located at 5041 New Centre Drive 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: 30,722‑square‑foot office building on a 2.19‑acre maintained site; Two‑story building with updated elevator and wide stairwell access; Paved off‑street parking with mature landscaping
