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    Property profile & analytics

    805 Pne Grv Dr Dr Wilmington, NC 28409

    • Retail properties
    • 46,209 SF
    • 4.67 lot acres
    For Sale
    View listing
    $6,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 805 Pne Grv Dr Dr

    Year built
    2001
    Lot size
    4.67 lot acres
    Property size
    46,209 SF
    Property type
    Retail properties

    Description

    This exceptional retail property, located at 805 Pine Grove Dr Drive Unit 805 in Wilmington, NC, presents a unique investment opportunity. Boasting a substantial 46,209 square feet of versatile space, this property is ideally suited for a variety of retail uses. Its strategic location in the heart of Wilmington ensures high visibility and significant foot traffic, maximizing potential for success. The property includes a generous 125 designated parking spaces, providing ample convenience for customers and contributing to a positive shopping experience. The building sits on a 4.67-acre lot, offering potential for future expansion or development. This prime location is further enhanced by its proximity to major thoroughfares and high-traffic areas. While a Department of Transportation project is anticipated to commence in late 2024, pending funding, this development is expected to further enhance the area's accessibility and appeal. The asking price for this exceptional retail center is $6,500,000. This represents a compelling investment opportunity in a thriving market with strong growth potential. The property's size, parking availability, and prime location combine to create a truly exceptional retail offering.

    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

    • Value Estimation
      $7,365,000
      46,209 SF

      805 Pne Grv Dr

      GROCERY, SUPERMARKET • 46,209 SF
      805 Pne Grv Dr, Wilmington, NC 28409-5601
      View Details
    • Value Estimation
      $1,240,000
      7,606 SF

      810 Pne Grv Dr

      RETAIL STORES (PERSONAL SERVICES) • 7,606 SF
      810 Pne Grv Dr, Wilmington, NC 28409
      View Details
    • Value Estimation
      $775,000
      5,063 SF

      3301 Masonboro Loop Rd

      SHOPPING CENTER, STRIP CENTER • 5,063 SF
      3301 Masonboro Loop Rd, Wilmington, NC 28409-3727
      View Details
    • Value Estimation by Request
      1,750 SF

      1117 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 1,750 SF
      1117 Elm St, Wilmington, NC 28409
      View Details
    • Value Estimation by Request
      0.75 Acres

      316 Frst Park Rd

      RESTAURANT • 0.75 Acres
      316 Frst Park Rd, Wilmington, NC 28409-5716
      View Details
    • Value Estimation by Request
      840 SF

      5836 Greenville Loop Rd

      RETAIL STORES (PERSONAL SERVICES) • 840 SF
      5836 Greenville Loop Rd, Wilmington, NC 28409
      View Details

    Similar Nearby for Sale

    • $6,500,000
      46,209 SF

      Wilmington Retail Center - Prime Location

      High-traffic retail space, ample parking.
      805 Pne Grv Dr Dr, Wilmington, NC 28409
      View Details
    • $204,900
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      Residential Land Near Wrightsville Beach

      Build-ready 0.43-acre lot near Wrightsville Beach, no HOA.
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    • $249,000
      0.82 Acres

      Coastal Homesite with Water Access

      Rare 0.82-acre homesite with Intracoastal Waterway access near Carolina Beach.
      1307 Burnett Rd, Wilmington, NC 28409
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    • $897,500
      0.39 Acres

      Marsh Front Homesite with Views

      Homesite in gated community with Intracoastal Waterway views and beach access.
      1347 Tidalwalk Dr, Wilmington, NC 28409
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    • $1,295,000
      2.11 Acres

      Wilmington Land with Redevelopment Potential

      2.11 acres with home, development potential near commercial district.
      4000 Masonboro Loop Rd, Wilmington, NC 28409
      View Details
    • $895,000
      1.37 Acres

      Residential Land in Wilmington, NC

      1.37-acre residential land with development potential in Wilmington, NC.
      5842 Greenville Loop Rd, Wilmington, NC 28409
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      45,569 SF

      Prime Retail Redevelopment Opportunity

      Redevelopment opportunity in a dynamic, fast-growing Wilmington corridor.
      805 Pine Grove Dr, Wilmington, NC 28409
      View Details
    • $22 SF/Yr
      19,072 SF

      Masonboro Loop Retail Center

      Wilmington, NC retail space available. High-traffic location.
      3315 Masonboro Loop Rd, Wilmington, NC 28409
      View Details
    • $28 SF/Yr
      10,150 SF

      New Class A Office Space

      New office building with customizable floor plans for lease.
      701 Piner Rd, Wilmington, NC 28409
      View Details
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    Wilmington, NC 28409
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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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