Industrial Warehouse
For Sale
$3,995,000
711 N 5th Avenue, Wilmington, NC 28401
COMMERCIAL - Wilmington, NC
Property Size12,653 SF
Lot Size0.94 Acres
Price / SF$315.74
Days on Market120
Property Features for 711 N 5th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CBD
Parking
25
Parking features
Off Street, Paved or Surfaced, Parking Lot
Lot features
Open Lot, Level, Cleared, Undeveloped
Directions
Take Martin Luther King Pkwy. and continue on to Third St. Turn left onto Brunswick St. then turn right onto Fifth Ave. ACME Art is on the right.
Standard status
Active
APN
R04813-014-027-000
Size
12,653 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Lts 4/5 Blk 264 Wilm, Nwm 4 + Pt Nem 4 Blk 264, E 1/2 3 Blk 264, Nw 1/4 3 Blk 264, Sw 1/4 3 Blk 264
Tax Annual Amount
15943
Legal Description
Pt Lts 4/5 Blk 264 Wilm, Nwm 4 + Pt Nem 4 Blk 264, E 1/2 3 Blk 264, Nw 1/4 3 Blk 264, Sw 1/4 3 Blk 264
Utilities
Heating system
Electric (Heating), Forced Air, Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Water source
Public
Building Details
Year built
1969
Number of units
2
Flooring type
Concrete
Building materials
Block, Concrete, Brick, Steel Frame
Roof type
Flat
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Sarah W DeVries · License #205366
(910) 470-7253
Added: Apr 22
Changed: Aug 19
Last Checked: Aug 19 at 6:06PM
MLS# 100568713
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 industrial warehouse assemblage comprises five contiguous parcels totaling 0.94 acres in Wilmington’s Brooklyn Arts District. The property includes existing warehouse improvements with block, concrete, brick, and steel-frame construction, concrete flooring, a flat roof, and a 1969 build year. Electric forced-air and heat-pump heating systems are paired with central air and heat-pump cooling. The site is currently operating as ACME Art Studios, providing an established creative-use context within the existing improvements.
Located at 711 N 5th Avenue and N. 4th Street, the property is within the Central Business District and includes paved, off-street parking. The assemblage sits among local businesses and cultural venues in an area described as undergoing revitalization. The source information identifies residential, live/work, and mixed-use development as potential directions consistent with the city’s higher-density, walkable planning vision.
Located at 711 N 5th Avenue and N. 4th Street, the property is within the Central Business District and includes paved, off-street parking. The assemblage sits among local businesses and cultural venues in an area described as undergoing revitalization. The source information identifies residential, live/work, and mixed-use development as potential directions consistent with the city’s higher-density, walkable planning vision.
Key Highlights
- 0.94‑acre assemblage of five contiguous parcels
- Existing industrial warehouse improvements with 1969 build year
- Central Business District zoning
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
$160,696
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
4.02%
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%
$3,213,920
$3.2M
Cap Rate 7%
$2,295,657
$2.3M
Cap Rate 9%
$1,785,511
$1.8M
Market Conditions
NOI Build-Up for 12,653 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
$264.2K $20.88/SF
− Vacancy
−$49.9K −$3.95/SF
EGI
$214.3K $16.93/SF
− OpEx
−$53.6K −$4.23/SF
NOI
$160.7K $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%
$3,213,920
Cap Rate 7%
$2,295,657
Cap Rate 9%
$1,785,511
Alternative Uses
Best Use
Mixed Use
$152.58M
$133.51M – $178.01M
NOI $10,680,444 @ 7.0% cap · market cap 267.35%
Second Best
Office B
$2.30M
$2.01M – $2.68M
NOI $160,696 @ 7.0% cap · market cap 4.02%
Theoretical Best
Multifamily LT 5
$154.93M
$135.56M – $180.75M
NOI $10,845,000 @ 7.0% cap · market cap 271.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,061
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Five connected parcels combine existing warehouse improvements with Central Business District zoning and paved off-street parking.
Where is this warehouse located?
The property is located at 711 N 5th Avenue 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: 0.94‑acre assemblage of five contiguous parcels; Existing industrial warehouse improvements with 1969 build year; Central Business District zoning
