Updated Downtown Office
802 Princess Street, Wilmington, NC 28401
For Sale
New
$585,000
Commercial Sale, Wilmington, NC
Property Size1,392 SF
Lot Size0.09 Acres
Price / SF$420.26
Days on Market2
Property Features for 802 Princess Street
General Information
Property type
Property subtype
Zoning
Subdivision
Directions
Standard status
APN
Size
Lot size
Additional Details
Property Use
Condition
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Building Details
Year built
Flooring type
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License NC #234605
(910) 512-2205
Added: Nov 10
Last Checked: Nov 11 at 2:06PM
MLS# 100615561
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,392-square-foot office unit at 802 Princess Street has been updated and includes LVT/LVP flooring and electric heat. The property was built in 1964 and occupies a 0.09-acre lot.
Situated in downtown Wilmington, the space is within the UMX (Urban Mixed-Use) district. Its existing office classification and mixed-use zoning define the property’s commercial setting.
Situated in downtown Wilmington, the space is within the UMX (Urban Mixed-Use) district. Its existing office classification and mixed-use zoning define the property’s commercial setting.
Key Highlights
- 1,392 square feet of updated commercial space
- Located in the UMX (Urban Mixed‑Use) district
- LVT/LVP flooring and electric heat
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,679
Cap Rate
3.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$353,580
$353.6K
Cap Rate 7%
$252,557
$252.6K
Cap Rate 9%
$196,433
$196.4K
Market Conditions
NOI Build-Up for 1,392 SF
Gross rent
$29.1K $20.88/SF
− Vacancy
−$5.5K −$3.95/SF
EGI
$23.6K $16.93/SF
− OpEx
−$5.9K −$4.23/SF
NOI
$17.7K $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 Rate 5%
$353,580
Cap Rate 7%
$252,557
Cap Rate 9%
$196,433
Alternative Uses
Best Use
Office B
$252.6K
$221.0K – $294.7K
NOI $17,679 @ 7.0% cap · market cap 3.02%
Second Best
Retail
$196.3K
$171.8K – $229.0K
NOI $13,740 @ 7.0% cap · market cap 2.35%
Theoretical Best
Office A
$348.3K
$304.8K – $406.4K
NOI $24,384 @ 7.0% cap · market cap 4.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,609
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Office Units in Wilmington
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - UMX zoning supports a mix of commercial uses in downtown Wilmington.
Where is this office unit located?
The property is located at 802 Princess Street Wilmington, NC.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 1,392 square feet of updated commercial space; Located in the UMX (Urban Mixed‑Use) district; LVT/LVP flooring and electric heat
