Multi-Tenant Office
For Sale
$974,000
803 Dawson Street, Wilmington, NC 28401
Commercial Sale, Wilmington, NC
Property Size3,471 SF
Lot Size0.11 Acres
Price / SF$280.61
Days on Market197
Property Features for 803 Dawson Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
UMX
Parking
10
Subdivision
Dawson-Castle Street
Lot features
Corner Lot
Directions
Property is located at the corner of 8th and Dawson Street at the stop light.
Standard status
Active
APN
R05409-024-008-000
Size
3,471 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
803 Dawson
Tax Annual Amount
1714
Legal Description
803 Dawson
Utilities
Utilities
Water Available
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air, Heat Pump
Amenities
four restrooms
full kitchen
large covered terrace
Building Details
Year built
1920
Flooring type
Laminate, Tile
Building materials
Block, Stucco, Wood Frame
Roof type
Flat, Membrane
Listing Agency:
Town & Country Real Estate
(910) 763-7500
Listed By:
Jenna Toomey · License #257009
(910) 619-8192
Added: Feb 4
Changed: Aug 19
Last Checked: Aug 20 at 4:06PM
MLS# 100552841
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 3,471-square-foot office building dates to 1920 and is configured with 12 suites, including 11 occupied suites. The property includes four restrooms, a full kitchen, and a large covered terrace. Suite 821 offers an open office layout, private restroom, and private patio. Recent improvements include a newer membrane roof, updated HVAC, and upgraded plumbing and electrical systems.
Located at 803 Dawson Street in downtown Wilmington, the property occupies a corner site and includes an adjoining 82x60 lot that provides off-street parking. The property is zoned UMX and has water available. Construction includes block, stucco, and wood frame components, with laminate and tile flooring throughout portions of the building.
Located at 803 Dawson Street in downtown Wilmington, the property occupies a corner site and includes an adjoining 82x60 lot that provides off-street parking. The property is zoned UMX and has water available. Construction includes block, stucco, and wood frame components, with laminate and tile flooring throughout portions of the building.
Key Highlights
- 3,471 square feet with 12 office suites; 11 suites are occupied
- Adjoining 82x60 lot provides off‑street parking
- Recent roof, HVAC, plumbing, and electrical upgrades
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
$44,083
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
4.53%
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%
$881,660
$881.7K
Cap Rate 7%
$629,757
$629.8K
Cap Rate 9%
$489,811
$489.8K
Market Conditions
NOI Build-Up for 3,471 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
$72.5K $20.88/SF
− Vacancy
−$13.7K −$3.95/SF
EGI
$58.8K $16.93/SF
− OpEx
−$14.7K −$4.23/SF
NOI
$44.1K $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 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%
$881,660
Cap Rate 7%
$629,757
Cap Rate 9%
$489,811
Alternative Uses
Best Use
Office B
$629.8K
$551.0K – $734.7K
NOI $44,083 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$42.50M
$37.19M – $49.58M
NOI $2,975,025 @ 7.0% cap · market cap 305.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,026
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown corner property with an adjoining lot for off-street parking and flexible office use.
Where is this office building located?
The property is located at 803 Dawson Street Wilmington, NC.
What is the asking price?
The asking price for this property is $974,000.
What are key features of this property?
This property features: 3,471 square feet with 12 office suites; 11 suites are occupied; Adjoining 82x60 lot provides off‑street parking; Recent roof, HVAC, plumbing, and electrical upgrades
