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    601 Old Wilmington Rd Wallace, NC 28466

    Sponsored
    For Lease
    $3 SF/Yr

    700,000 SF Warehouse, Prime Location

    Lot size:
    700,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This expansive 700,000-square-foot industrial facility, situated on 54.36 acres in Wallace, North Carolina, presents a significant investment opportunity. The single-story building, constructed in 1951 and renovated in 1971, offers a flexible layout suitable for various uses including warehouse, manufacturing, distribution, and R&D. Currently, 450,000 square feet is available, divisible into minimum 10,000-square-foot spaces, with a maximum contiguous space of 150,000 square feet. The property boasts 30-foot ceilings, 13 dock-high doors, 7 loading docks, 3 drive-ins, and ample parking for 450 vehicles. Conveniently located on 601 Old Wilmington Rd, with 2000 feet of frontage on NC 117 and near East Carter Street, this Class C property benefits from its strategic location within Foreign-Trade Zone #214. Its proximity to major transportation arteries, including CSX Railroad, the Port of Wilmington (44 miles), ILM International Airport (39 miles), and Interstates 40 and 95, ensures efficient logistics. Municipal water and sewer services are available, along with an internal road loop and truck courts. The property's zoning is Industrial, and its APN is #330500478561 / #330500488011. This location offers access to a substantial workforce, with over 54 million people within a 400-mile radius.

    Property Features for 601 Old Wilmington Rd

    General Information

    Property type
    Life science properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    700,000 SF
    Class
    C
    Total Rate
    175000

    Building Details

    Year Built/Renovated
    1951/1971
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    South Offices
    Size
    15,000 SF
    Rate per SF
    $8
    Space
    D6-E
    Size
    30,000 SF
    Rate per SF
    $3
    Space
    D7-C
    Size
    4,500 SF
    Rate per SF
    $4
    Space
    D7-A
    Size
    82,000 SF
    Rate per SF
    $3
    Space
    D2-A
    Size
    75,000 SF
    Rate per SF
    $4
    Space
    North Offices
    Size
    15,000 SF
    Rate per SF
    $8
    Space
    D7-B
    Size
    26,000 SF
    Rate per SF
    $3
    Space
    D 5
    Size
    150,000 SF
    Rate per SF
    $4
    Space
    D6-D
    Size
    108,000 SF
    Rate per SF
    $4
    Space
    D6-A
    Size
    14,000 SF
    Rate per SF
    $3

    We can help!

    Listing Contact
    Frank Efird Jr.
    Frank Efird Jr.

    Learn more

    HighLights

    • 150,000 SF of industrial space available for lease in District 5.
    • Ample employee and truck parking with gated, fenced, and paved lot, including lighting.
    • Building features five dock‑high doors.
    • 30‑foot ceiling clearance.
    • Equipped with new LED motion sensor lighting.
    • Laydown yard included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Life science properties

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wallace
    County
    Duplin
    State
    North Carolina
    Longitude
    -77.985997544601
    Latitude
    34.727530365872

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    Nearby Similar for Lease

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      Wallace NC Industrial Center

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      Duplin County Industrial Center

      54 acre industrial center for lease in Duplin County.
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      View Details
    • $10 SF/Yr
      66,000 SF

      Wallace Retail & Office Spaces

      Retail, office, flex warehouse, and RV parking spaces available for rent.
      715-805 N Norwood St, Wallace, NC 28466
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      New Retail Space Near Walmart

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      Retail Space in Wallace Corridor

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      Retail Space Available For Rent

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    FAQs

    What type of property is this?
    Life science property - 700,000 SF Warehouse, Prime Location
    Where is this life science property located?
    The property is located at 601 Old Wilmington Rd Wallace, NC.
    What is the lease rate?
    The lease rate is $3-$8 SF/Yr.
    What are key features of this property?
    This property features: 150,000 SF of industrial space available for lease in District 5.; Ample employee and truck parking with gated, fenced, and paved lot, including lighting.; Building features five dock-high doors.
    Request Owner's contact information
    601 Old Wilmington Rd Wallace, NC 28466
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    Wallace, NC 28466
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    601 Old Wilmington Rd Wallace, NC 28466
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    We can help!
    Listing Contact
    Frank Efird Jr.
    Frank Efird Jr.
    Real Estate License ID: NC 106541
    Learn more
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