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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1016 2nd St Wilmington, NC 28401-5606

    • Office buildings
    • 620 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $320,000
    Show details
    Cap Rate Potential
    2.7%
    Office buildings
    Location Intelligence
    Property ID
    US53-1914914
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 1016 2nd St

    Year built
    1959
    Construction
    WOOD FRAME
    Lot size
    0.26 lot acres
    Property size
    620 SF
    Zone code
    LI
    Property type
    Office buildings
    APN
    R05413-015-013-000
    APU
    R05413015013000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $327,000
      Market price range: $138k - $365k
      AI Estimate
      $190,000
      Market price range: $51.1k - $195k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $220,000
      Current use
      MEDICAL BUILDING
      $200,000
      Change: -9% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9462
    Latitude
    34.222
    CBSA code
    48900
    CBSA name
    WILMINGTON, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $0.00
    $44,400
    $104,800
    $149,200
    -
    $44,400
    $104,800
    $149,200

    Comparable in this City

    • Value Estimation
      $1,040,000
      39,948 SF

      272 Frnt St

      OFFICE BUILDING • 39,948 SF
      272 Frnt St, Wilmington, NC 28401-4059
      View Details
    • Value Estimation
      $1,040,000
      39,600 SF

      152 Frnt St

      OFFICE BUILDING • 39,600 SF
      152 Frnt St, Wilmington, NC 28401-4044
      View Details
    • Value Estimation
      $1,025,000
      21,884 SF

      1650 Greenfield St

      OFFICE BUILDING • 21,884 SF
      1650 Greenfield St, Wilmington, NC 28401-6456
      View Details
    • Value Estimation
      $1,065,000
      84,760 SF

      20 4th St

      OFFICE BUILDING • 84,760 SF
      20 4th St, Wilmington, NC 28401-4553
      View Details
    • Value Estimation
      $290,000
      456 SF

      206 4th St Ste, Unit 14

      OFFICE BUILDING • 456 SF
      206 4th St Ste, Wilmington, NC 28401-4028
      View Details
    • Value Estimation
      $285,000
      456 SF

      206 4th St Ste, Unit 6

      OFFICE BUILDING • 456 SF
      206 4th St Ste, Wilmington, NC 28401-4028
      View Details

    Similar Nearby for Sale

    • $248,000
      585 SF

      Downtown Waterfront Retail/Office Opportunity

      Retail or office building on Wilmington's Downtown Waterfront.
      106 N Water St, Wilmington, NC 28401
      View Details
    • $11,850,000
      66,164 SF

      Wilmington Medical Office For Sale

      Medical office building in Wilmington's established medical district.
      1202 Medical Center Dr, Wilmington, NC 28401
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    • $1,900,000
      7,445 SF

      Turnkey Medical Office For Sale

      Move-in-ready medical facility in a prime location.
      1222 Medical Center Dr, Wilmington, NC 28401
      View Details
    • $800,000
      4,790 SF

      Medical Office Condominium Near Hospital

      Medical office condominium in Wilmington Medical Park, near hospital.
      1604 Physicians Dr, Wilmington, NC 28401
      View Details
    • $695,000
      2,522 SF

      Medical Space Near Hospital

      2,522 SF medical space in Hospital Plaza Office Park.
      1902-1906 Meeting Ct, Wilmington, NC 28401
      View Details
    • $525,000
      2,129 SF

      Corner Lot on Carolina Beach

      Corner lot with high traffic and business zoning.
      1846 Carolina Beach Rd, Wilmington, NC 28401
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      26,000 SF

      Class-A Office Space in Wilmington

      Iconic 370,000 SF tower with turnkey office space available.
      929 N Front St, Wilmington, NC 28401
      View Details
    • $22 SF/Yr
      4,300 SF

      Freestanding Building on 16th Street

      Freestanding building with ample parking and flexible space options.
      1984 S 16Th St, Wilmington, NC 28401
      View Details
    • $4,700,000
      21,600 SF

      Downtown Wilmington Office Building

      23,750 SF building in downtown Wilmington for lease.
      243 N Front St, Wilmington, NC 28401
      View Details
    • $12 SF/Yr
      3,000 SF

      Stand-Alone Office Building For Rent

      Stand-alone office building featuring 10 offices, 2 conference rooms.
      1320 S 16Th St, Wilmington, NC 28401
      View Details
    • $31 SF/Yr
      2,729 SF

      Class-A Office Building For Rent

      Class-A office building with on-site parking and recent renovations.
      300 North 3Rd St, Wilmington, NC 28401
      View Details
    • $25 SF/Yr
      15,822 SF

      Downtown Wilmington Class-A Office Space

      Class-A office building with parking in downtown Wilmington, NC.
      115 North 3Rd St, Wilmington, NC 28401
      View Details
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    1016 2nd St
    Wilmington, NC 28401-5606
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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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