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 Market200
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
private patio
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 23 at 11:06AM
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 UMX-zoned office property contains a 3,471-square-foot building arranged into 12 suites, with 11 currently occupied. Suite 821 includes an open office area, restroom, and private patio. Common and building features include four restrooms, a full kitchen, and a large covered terrace. Recent improvements include a newer roof, HVAC updates, and upgraded plumbing and electrical systems. Construction incorporates block, stucco, and wood frame materials, with laminate and tile flooring, central air, and heat pump systems.
The property includes an adjoining 0.114-acre lot measuring 82 by 60 feet, providing off-street parking. Located in downtown Wilmington at the corner of Dawson Street, the site combines multi-suite office use with additional land and parking capacity.
The property includes an adjoining 0.114-acre lot measuring 82 by 60 feet, providing off-street parking. Located in downtown Wilmington at the corner of Dawson Street, the site combines multi-suite office use with additional land and parking capacity.
Key Highlights
- 12‑suite office building with 11 occupied suites
- 3,471‑square‑foot building on a 0.114‑acre site
- Adjoining 82 by 60‑foot lot provides off‑street parking
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
20,000 VPD
Traffic count
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 - Renovated office property with adjoining parking lot, covered terrace, kitchen, and private patio.
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: 12‑suite office building with 11 occupied suites; 3,471‑square‑foot building on a 0.114‑acre site; Adjoining 82 by 60‑foot lot provides off‑street parking
