Office-Warehouse Investment
For Sale
Contact for pricing
5228 US-421, Wilmington, NC 28401
Well-appointed office and warehouse space on a sizable site, currently fully occupied by a single logistics-related tenant.
Property Size32,297 SF
Lot Size2.80 Acres
Price / SF$115.65
Days on Market59
Property Features for 5228 US-421
General Information
Standard status
Active
Size
32,297 SF
Lot size
2.80 Acres
Property subtype
INDUSTRIAL
Occupancy
100%
Building Details
Tenancy
Single
Listing Agency:
BlueCoast Commercial, LLC
(910) 443-5368
Listed By:
Connor Bennett
(910) 443-5368
Source:
Moodyscre
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 8 at 8:04AM
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 BlueCoast Commercial, LLC
Investment Insights
Based on property information with market context.
This offering combines well-appointed office space with warehouse distribution space in a single, cohesive property. The site totals approximately +/-32,000 square feet of improvements on roughly +/-2.8 acres, with ample rear acreage that may support additional outdoor storage needs or future development options. The property is 100% occupied by one tenant.
Located at 5228 US-421 in Wilmington, North Carolina, the facility sits within an industrial corridor described as one of Southeastern North Carolina’s most active. The public remarks also reference regional logistics growth tied to ongoing port expansion and last-mile and regional distribution demand.
For buyers looking for an operational asset, the property is currently leased and occupied by Miracle Movers, an established local moving and logistics operator in the Wilmington market since 2012. The tenant operates multiple locations across North and South Carolina, bringing a regional footprint to the business. Please contact the listing broker to review lease terms and coordinate showings; the tenant should not be disturbed and all tours must be arranged through the broker.
Located at 5228 US-421 in Wilmington, North Carolina, the facility sits within an industrial corridor described as one of Southeastern North Carolina’s most active. The public remarks also reference regional logistics growth tied to ongoing port expansion and last-mile and regional distribution demand.
For buyers looking for an operational asset, the property is currently leased and occupied by Miracle Movers, an established local moving and logistics operator in the Wilmington market since 2012. The tenant operates multiple locations across North and South Carolina, bringing a regional footprint to the business. Please contact the listing broker to review lease terms and coordinate showings; the tenant should not be disturbed and all tours must be arranged through the broker.
Key Highlights
- Approximately +/-32,000 SF of well‑appointed office and warehouse space
- About +/-2.8 acres with rear acreage for outdoor storage or potential future development
- 100% occupied by a single logistics‑related tenant (Miracle Movers)
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
$329,406
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
8.82%
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%
$6,588,120
$6.6M
Cap Rate 7%
$4,705,800
$4.7M
Cap Rate 9%
$3,660,067
$3.7M
Market Conditions
NOI Build-Up for 32,297 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
$503.8K $15.60/SF
− Vacancy
−$33.3K −$1.03/SF
EGI
$470.6K $14.57/SF
− OpEx
−$141.2K −$4.37/SF
NOI
$329.4K $10.20/SF
Area
Wilmington, NC
Vacancy
6.60%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$6,588,120
Cap Rate 7%
$4,705,800
Cap Rate 9%
$3,660,067
Alternative Uses
Best Use
Warehouse
$5.71M
$5.00M – $6.67M
NOI $399,993 @ 7.0% cap · market cap 10.71%
Second Best
Industrial
$4.71M
$4.12M – $5.49M
NOI $329,406 @ 7.0% cap · market cap 8.82%
Theoretical Best
Multifamily LT 5
$395.46M
$346.03M – $461.37M
NOI $27,682,048 @ 7.0% cap · market cap 741.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Well-appointed office and warehouse space on a sizable site, currently fully occupied by a single logistics-related tenant.
Where is this flex space located?
The property is located at 5228 US-421 Wilmington, NC.
What is the asking price?
The asking price for this property is $3,735,000.
What are key features of this property?
This property features: Approximately +/-32,000 SF of well‑appointed office and warehouse space; About +/-2.8 acres with rear acreage for outdoor storage or potential future development; 100% occupied by a single logistics‑related tenant (Miracle Movers)
