Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    244 Princess St Wilmington, NC 28401
    Property profile & analytics

    244 Princess St, Wilmington, NC 28401

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Carolinas Insurance / Insurance Agency
    • Grayson H Cheek, PLLC / Law Firm
    • CMIT Solutions / Tech Support Center / IT Consulting Firm
    • Local Shade / Clothing & Fashion Store
    • Bauen Group, Inc / General Contractor

    Property Details for 244 Princess St

    Year built
    1941
    Property type
    Retail properties & Spaces

    Description

    This exceptional 2,016 square-foot retail space, located at 244 Princess Street in Wilmington, NC's vibrant Central Business District, presents a unique investment opportunity. Built in 1941, this two-story building boasts a prominent street-level presence with a large storefront window ensuring high visibility. The interior layout is ideal for office or retail use, featuring a spacious reception/waiting area, seven private offices, a break room, and two restrooms. The space is divided between approximately 900 square feet on the street level and 1100 square feet on the lower level

    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
    -77.9464
    Latitude
    34.2367

    Comparable in this City

    • Value Estimation by Request

      1540 2Nd St

      Office Spaces
      1540 2Nd St, Wilmington, NC 28401
      View Details
    • Value Estimation by Request
      3,000 SF

      Confidential Area

      Restaurants
      0 Confidential Area, Navassa, NC 28401
      View Details
    • Value Estimation by Request
      3,069 SF

      1201 Castle St

      Individual retail properties
      1201 Castle St, Wilmington, NC 28401
      View Details
    • Value Estimation by Request
      3,015 SF

      Unknown

      Restaurants
      0 Unknown, Wilmington, NC 28401
      View Details
    • Value Estimation by Request

      108 Front St

      Retail properties & Spaces
      108 Front St, Wilmington, NC 28401
      View Details
    • Value Estimation by Request
      0.05 Acres

      822 Castle St

      RESTAURANT
      822 Castle St, Wilmington, NC 28401-5329
      View Details

    Similar Nearby for Sale

    • $1,990,000
      4,818 SF

      Downtown Wilmington Restaurant - For Sale

      Prime location, 4,818 sq ft, fully equipped.
      102 2Nd St, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Downtown Wilmington Mixed-Use Redevelopment

      Shell condition property in historic downtown Wilmington with redevelopment potential.
      255 N Front St, Wilmington, NC 28401
      View Details
    • Contact for pricing
      3,950 SF

      Upgraded Retail Center For Sale

      Recently upgraded 3,950 SF retail center in Wilmington, NC.
      1930 Carolina Beach Rd, Wilmington, NC 28401
      View Details
    • Contact for pricing
      1,516 SF

      Mixed-Use Property in Soda Pop District

      Mixed-use property in the heart of the Soda Pop District.
      1120 Princess St, Wilmington, NC 28401
      View Details
    • Contact for pricing
      44,841 SF

      Wilmington Mixed-Use Development Opportunity

      1.9-acre commercial property in Opportunity Zone, high-traffic area.
      1315 S 5Th Ave, Wilmington, NC 28401
      View Details
    • Contact for pricing
      2,034 SF

      End-Cap Retail Space For Sale

      2,034 SF retail space leased through 2031.
      109 Market St, Wilmington, NC 28401
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo
      680 SF

      Retail Space in Castle Street

      Commercial lease in Wilmington's Castle Street District with parking.
      812 Castle St, Wilmington, NC 28401
      View Details
    • Contact for pricing
      4,860 SF

      Versatile Space for Lease

      Unique space suitable for retail or food and beverage businesses.
      110 Greenfield St, Wilmington, NC 28401
      View Details
    • Contact for pricing
      1,486 SF

      Downtown Retail Space Available

      Prime retail space suitable for restaurant or coffee shop.
      101 North 3Rd St, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Restaurant Space in Wilmington Food Court

      Move-in ready restaurant space in a vibrant outdoor food court.
      609 S 15Th St, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Prime Retail Space on Castle

      Retail space in a vibrant, walkable district with outdoor patio.
      604 Castle St, Wilmington, NC 28401
      View Details
    • Contact for pricing

      Rare City Block for Lease

      City block near downtown Wilmington with two buildings and parking.
      1507 Greenfield St, Wilmington, NC 28401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    244 Princess St
    Wilmington, NC 28401
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    244 Princess St, Wilmington, NC, 28401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!