Office buildings
Entity Owned
4-yr Hold
Free & Clear
Entity Owned 
For Lease
1 / 3
$14,100,000
115 North 3Rd St, Wilmington, NC 28401
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Property summary
AI-generated overview
A Class-A office building containing approximately 50,765 square feet is located in downtown Wilmington, North Carolina, at the corner of N 3rd Street and Chestnut Street. The property is positioned for street-level visibility and provides accessibility for visitors and employees. It is leased together with an adjacent surface parking lot for off-street parking convenience. The building sits within walking distance of downtown amenities, including restaurants, retailers, and service providers, as well as nearby mixed-use and residential development.
Property profile
Verified
Property type
Office buildings
Use group
SKYSCRAPER/HIGH-RISE (COM OFFICES)
Year built
1990
Construction
STEEL FRAME
Total area
50,765 SF
Lot
0.66 ac (28,575 SF)
Zoning code
CBD,CENTRAL BUS DIST
APN
R04817-017-002-001
UPID
US53-1985426
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Law Firm
-
Telecommunications Service Mobile Phone Store
-
Insurance Agency
-
Real Estate Agency
-
Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$11.87M
CAP Approach
CAP
$10.58M
Comparable Approach
Comparable
$8.50M
Blend (final)
Blend
$14.10M
Owner & transaction history
since 2022
Last sale
$10.5M
3 recorded transactions
Zoning & alternative use
CBD,CENTRAL BUS DIST · Wilmington, NC
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
4 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$14.10M
Value range
$12.69M – $15.51M
±10% around blend
Estimated value / SF
$278 / SF
Confidence
Property data
75
Market benchmarks
100
Comparable evidence
60
$12.69M
blend $14.10M
$15.51M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
50,765 SF
Lot area
0.66 ac
Year built
1990
Stories
4
APN
R04817-017-002-001
Assessed value
$6,676,700
3
Income approach: direct capitalization
Partial preview
Income approach indication
$10.58M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$11.46M
@ 6.5% CAP return
$10.58M
@ 7% CAP return
$9.83M
4
Sales comparison
Partial preview
Sales approach indication
$8.50M
Range $4.18M – $15.93M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$14.10M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 66 sales
$358
-22%
Submarket 306 sales
$325
-14%
County 321 sales
$334
-17%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $278/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
Not available
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
4.90%
Implied, in-place cap rate for this office buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.90%
9.0%
NOI (est.)
$732k *
Last sale · Apr 2022
$10.45M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$14.93M
Move the market yield to see immediate price impact.
Value / SF
$294
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
4.40%4.90%5.40%
$658k
$14.96M
$13.44M
$12.19M
$732k
$16.62M
$14.93M
$13.55M
$805k
$18.29M
$16.42M
$14.90M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$6,676,700
Assessed 2023
Previous assessed
$6,676,700
+0.0% YoY
Assessed land
$719,300
Assessed improvement
$5,957,400
Land market value
$719,300
Improvement market value
$5,957,400
Total market value
$6,676,700
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
SKYSCRAPER/HIGH-RISE (COM OFFICES)
Status
For Lease
Year built
1990
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
4
Units
10
Bathrooms
10
Total area
50,765 SF
Lot
0.66 ac (28,575 SF)
Zoning code
CBD,CENTRAL BUS DIST
APN
R04817-017-002-001
UPID
US53-1985426
Jurisdiction
NEW HANOVER
Zoning & alternative use
CBD,CENTRAL BUS DIST · Wilmington, NCZoning CBD,CENTRAL BUS DIST · permitted uses
CBD,CENTRAL BUS DIST · Wilmington, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1990
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
4
Units
10
Bathrooms
10
Lot
0.66 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
CBD,CENTRAL BUS DIST
Jurisdiction
Wilmington, NC
Recorded code
CBD,CENTRAL BUS DIST
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for CBD,CENTRAL BUS DIST in Wilmington, NC.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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