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    Property profile & analytics

    805 Pne Grv Dr Dr Wilmington, NC 28403

    • Retail properties
    • 46,209 SF
    • 4.67 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 805 Pne Grv Dr Dr

    Lot size
    4.67 lot acres
    Property size
    46,209 SF
    Property type
    Retail properties
    Property subtype
    Land

    Description

    This exceptional 4.67-acre commercial property, located at 805 Pine Grove Dr Drive in Wilmington, North Carolina (zip code 28403), presents a significant investment opportunity. The property boasts a substantial 46,209 square feet of retail space, ideally suited for a variety of commercial ventures. Its prime location in the heart of Wilmington ensures high visibility and significant foot traffic, making it an attractive proposition for businesses seeking a strong presence in a thriving market. The site includes 125 designated parking spaces, providing ample convenience for customers and employees. This ensures a positive shopping experience and enhances the overall appeal of the property. A North Carolina Department of Transportation project is anticipated to commence in late 2024, pending funding approval. This development is expected to further enhance the area's accessibility and attractiveness. The asking price for this remarkable property is $7,500,000. This presents a rare chance to acquire a substantial retail space in a dynamic and growing area of Wilmington, North Carolina. The property is classified as both Retail and Land, offering flexibility for potential development and expansion. The property's size and location make it an ideal investment for those seeking a high-impact commercial presence in a bustling North Carolina city.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8707
    Latitude
    34.2004

    Comparable in this City

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      2501 Wrightsville Ave

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      106 Pine Grove Dr

      Land • 0.55 Acres
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      111 Kerr Ave

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      5523 Oleander Dr

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      4401 Oleander Dr

      Retail properties
      4401 Oleander Dr, Wilmington, NC 28403
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    Similar Nearby for Sale

    • $750,000
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      College Road Commercial Land

      Wilmington, NC: 0.55-acre prime tract
      106 Pine Grove Dr, Wilmington, NC 28403
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      Midtown Wilmington Mixed-Use Opportunity

      Commercial mixed-use property in Midtown Wilmington with flexible floor plan.
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      Wilmington Land For Sale

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      High-visibility corner lot, ideal for development.
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      7,763 sqft retail property on 1.26 acre lot.
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      Wilmington Land For Sale

      Land available in central Wilmington, close to downtown and Cargo District.
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    Similar Nearby for Lease

    • Contact for pricing
      117,346 SF

      Prime Wilmington Retail Space

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    • $20 SF/Yr
      261,240 SF

      Wilmington Retail Space Available

      Prime Wilmington retail/office space, flexible layouts.
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    • $25 SF/Yr
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      Retail/Office Space Near University

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      4401 Oleander Dr, Wilmington, NC 28403
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    • $29 SF/Yr
      43,600 SF

      Mixed-Use Development on Shipyard Blvd

      43,600 SF mixed-use development with high visibility and accessibility.
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      Retail Space Near University

      Retail space available in shopping center near University of Carolina.
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      Retail Space in University Centre

      Retail space available in Wilmington's University Centre shopping center.
      322-412 South College Rd, Wilmington, NC 28403
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    Wilmington, NC 28403
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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
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