Brooklyn Arts District Multi-Parcel
For Sale
$3,995,000
711 N 5th, Wilmington, NC 28401
0.94 acre industrial warehouse assemblage in Wilmington's Brooklyn Arts District.
Property Size12,000 SF
Lot Size0.94 Acres
Price / SF$332.92
Days on Market112
Property Features for 711 N 5th
General Information
Standard status
Active
Size
12,000 SF
Lot size
0.94 Acres
Property subtype
Commercial
Amenities
Central air
Additional Parking
Central Air Cooling
Concrete Flooring
Electric Heating
Flat Roof
Forced Air Heating
Heat Pump Cooling
Heat Pump Heating
Heating Heating
Level
Off Street
On Site
Open Lot
Parking Lot
Paved
Private
Unpaved
Building Details
Year Built
1969
Listing Agency:
INTRACOASTAL REALTY CORP
(910) 470-7253
Listed By:
SARAH W DE VRIES · License #205366
Source:
Corcoran
Added: Apr 22
Changed: Aug 9
Last Checked: Aug 8 at 5:43AM
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 CORP
Investment Insights
Based on property information with market context.
This rare multi-parcel offering is located in Wilmington's Brooklyn Arts District. The 0.94 acre assemblage includes five contiguous parcels with a 12,000 square foot industrial warehouse, currently operating as ACME Art Studios. Positioned in the Central Business District, the property is suited for infill redevelopment consistent with the City's vision for higher-density, walkable mixed-use environments. The site offers potential for residential, live/work, or mixed-use development in one of downtown's fastest-growing districts. The property is surrounded by ongoing revitalization, local businesses, and cultural venues.
Key Highlights
- Rare 0.94‑acre multi‑parcel assemblage in Wilmington's Brooklyn Arts District.
- 12,000 sq.ft.+/- Industrial Warehouse currently operating as ACME Art Studios.
- Positioned in the Central Business District, ideal for infill redevelopment.
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
$152,403
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
3.81%
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%
$3,048,060
$3.0M
Cap Rate 7%
$2,177,186
$2.2M
Cap Rate 9%
$1,693,367
$1.7M
Market Conditions
NOI Build-Up for 12,000 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
$250.6K $20.88/SF
− Vacancy
−$47.4K −$3.95/SF
EGI
$203.2K $16.93/SF
− OpEx
−$50.8K −$4.23/SF
NOI
$152.4K $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%
$3,048,060
Cap Rate 7%
$2,177,186
Cap Rate 9%
$1,693,367
Alternative Uses
Best Use
Mixed Use
$144.70M
$126.62M – $168.82M
NOI $10,129,244 @ 7.0% cap · market cap 253.55%
Second Best
Office B
$2.18M
$1.91M – $2.54M
NOI $152,403 @ 7.0% cap · market cap 3.81%
Theoretical Best
Multifamily LT 5
$146.93M
$128.57M – $171.42M
NOI $10,285,308 @ 7.0% cap · market cap 257.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,536
Businesses Nearby
Balanced
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Port of Wilmington Cold Storage — 720 N 3rd St STE 301, Wilmington, NC 28401
- City Storage North — 420 N 4th St, Wilmington, NC 28401
- 21 front street self storage — 21 N Front St, Wilmington, NC 28401
- Craftspace Commercial — 921 Princess St, Wilmington, NC 28401
Frequently Asked Questions
What type of property is this?
Warehouse - 0.94 acre industrial warehouse assemblage in Wilmington's Brooklyn Arts District.
Where is this warehouse located?
The property is located at 711 N 5th Wilmington, NC.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: Rare 0.94‑acre multi‑parcel assemblage in Wilmington's Brooklyn Arts District.; 12,000 sq.ft.+/- Industrial Warehouse currently operating as ACME Art Studios.; Positioned in the Central Business District, ideal for infill redevelopment.
