Office Building with
For Sale
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514 Chestnut St, Wilmington, NC 28401
A ground-level plan combines office and support areas with two bathrooms.
Property Size1,586 SF
Price / SF$283.67
Days on Market15
Property Features for 514 Chestnut St
General Information
Standard status
Active
Size
1,586 SF
Property subtype
OFFICE
Zoning
HD
Site & Location
Neighborhood
Northside
Additional Details
Property Use
Office
Amenities
private garden area
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Maus, Warwick, Matthews & Co.
(910) 791-0400
Listed By:
John Futch
(919) 619-3010
Source:
Moodyscre
Added: Oct 16
Changed: Oct 26
Last Checked: Oct 28 at 5:11AM
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 Maus, Warwick, Matthews & Co.
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Investment Insights
Based on property information with market context.
This historic 1,586-square-foot office building has a reception area, waiting room, four offices, a data room, an employee break room, and two bathrooms. One office currently serves as a conference room. A private garden occupies part of the rear yard.
The property is in the HD (Historic District), where office and residential uses are represented. It is near the New Hanover County Courthouse and Register of Deeds, with restaurants in the CBD also nearby. The building was adapted from residential use for a law office; returning it to residential use would involve bathroom changes and installation of a kitchen area.
The property is in the HD (Historic District), where office and residential uses are represented. It is near the New Hanover County Courthouse and Register of Deeds, with restaurants in the CBD also nearby. The building was adapted from residential use for a law office; returning it to residential use would involve bathroom changes and installation of a kitchen area.
Key Highlights
- 1,586‑square‑foot historic office building
- Reception area, waiting room, four offices, data room, break room, and two bathrooms
- One office is currently used as a conference room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,143
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$402,860
$402.9K
Cap Rate 7%
$287,757
$287.8K
Cap Rate 9%
$223,811
$223.8K
Market Conditions
NOI Build-Up for 1,586 SF
Gross rent
$33.1K $20.88/SF
− Vacancy
−$6.3K −$3.95/SF
EGI
$26.9K $16.93/SF
− OpEx
−$6.7K −$4.23/SF
NOI
$20.1K $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 Rate 5%
$402,860
Cap Rate 7%
$287,757
Cap Rate 9%
$223,811
Alternative Uses
Best Use
Office B
$287.8K
$251.8K – $335.7K
NOI $20,143 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$19.42M
$16.99M – $22.66M
NOI $1,359,375 @ 7.0% cap · market cap 302.15%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,518
Businesses Nearby
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Business Placement
Demographics for 28401, NC
22,204
Population
13,017
Households
1.7
Avg Household Size
41
Median Age
34%
College-Educated
88%
High-School Grad
31.0 sq mi
ZIP Area
716
Density / Sq Mi
$52,159
Median Household Income
$35,739
Median Earnings
$1,183
Median Rent
$263,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - A ground-level plan combines office and support areas with two bathrooms.
Where is this office building located?
The property is located at 514 Chestnut St Wilmington, NC.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 1,586‑square‑foot historic office building; Reception area, waiting room, four offices, data room, break room, and two bathrooms; One office is currently used as a conference room
