Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1402 Hospital Plz Dr Wilmington, NC 28401-6659

    • Garden apartment buildings
    • 90,553 SF
    • 5.07 lot acres
    OFF-MARKET
    Last Sale
    Aug 05, 2024
    Value Estimations
    $3,355,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0926752
    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

    • James Relyea / Physician
    • Melanie Holler / Physician
    • Holiday Lake Shore Commons / Retirement Community

    Property Details for 1402 Hospital Plz Dr

    Year built
    1991
    Construction
    CONCRETE
    Lot size
    5.07 lot acres
    Property size
    90,553 SF
    Zone code
    O&I-1
    Property type
    Garden apartment buildings
    APN
    R06006-005-012-000
    APU
    R06006005012000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9289
    Latitude
    34.2085
    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
    2023
    $75,645
    $1,409,600
    $7,542,500
    $8,952,100
    -
    $1,409,600
    $7,542,500
    $8,952,100

    Comparable in this City

    • Value Estimation
      $1,490,000
      1,594 SF

      1301 Little John Cir

      GARDEN APT, COURT APT (5+ UNITS) • 1,594 SF
      1301 Little John Cir, Wilmington, NC 28401-6614
      View Details
    • Value Estimation
      $3,290,000
      112,948 SF

      15 Castle St

      GARDEN APT, COURT APT (5+ UNITS) • 112,948 SF
      15 Castle St, Wilmington, NC 28401-5077
      View Details
    • Value Estimation
      $580,000
      4,372 SF

      1107 4th St

      GARDEN APT, COURT APT (5+ UNITS) • 4,372 SF
      1107 4th St, Wilmington, NC 28401-5659
      View Details
    • Value Estimation
      $1,275,000
      20,343 SF

      501 17th St

      GARDEN APT, COURT APT (5+ UNITS) • 20,343 SF
      501 17th St, Wilmington, NC 28401-5548
      View Details
    • Value Estimation
      $2,465,000
      21,072 SF

      900 Wellington Ave

      GARDEN APT, COURT APT (5+ UNITS) • 21,072 SF
      900 Wellington Ave, Wilmington, NC 28401
      View Details
    • Value Estimation
      $2,415,000
      16,668 SF

      422 3rd St

      GARDEN APT, COURT APT (5+ UNITS) • 16,668 SF
      422 3rd St, Wilmington, NC 28401-5100
      View Details

    Similar Nearby for Sale

    • $1,100,000
      5,467 SF

      708 Market Street

      Multifamily properties • 5,467 SF
      708 Market St, Wilmington, NC 28401
      View Details
    • $5,799,900
      24,768 SF

      Wilmington Multifamily Investment Opportunity

      Portfolio of eight duplexes near downtown Wilmington.
      1405 Corbett St, Wilmington, NC 28401
      View Details
    • $1,465,000
      4,848 SF

      Wilmington Mixed-Use Investment Opportunity

      8-unit mixed-use property near historic district with strong rental history.
      719 Princess St, Wilmington, NC 28401
      View Details
    • New
      $859,000
      3,104 SF

      Wilmington Duplex: Short-Term Rental Income

      Fully furnished duplex in Wilmington, NC, generating substantial rental income.
      312 Church St, Wilmington, NC 28401
      View Details
    • $725,000
      3,096 SF

      Wilmington Duplex: Investment Opportunity

      Rare opportunity to own a cash-flowing duplex in Wilmington, NC.
      1308 Corbett St, Wilmington, NC 28401
      View Details
    • $539,900
      2,240 SF

      Historic Wilmington Duplex: Move-In Ready

      Charming, updated duplex in Wilmington's Historic District, ideal for investors.
      117 S 7Th St, Wilmington, NC 28401
      View Details

    Similar Nearby for Lease

    • $4 SF/Yr
      70,000 SF

      Wilmington Warehouse Space Available

      Industrial warehouse, 2,500-5,000 sq ft
      1200 Castle Hayne Rd, Wilmington, NC 28401
      View Details
    • Contact for pricing
      12,000 SF

      New Industrial/Flex Space Available

      New 12,000 SF industrial/flex space for pre-lease in Wilmington.
      311 Metro Cir, Wilmington, NC 28401
      View Details
    • $850 /Mo
      160 SF

      Unique Cargo District Office Space

      Shipping container workspace in Wilmington's vibrant Cargo District.
      708 S 17Th St, Wilmington, NC 28401
      View Details
    • $11 SF/Yr
      2,000 SF

      Downtown Warehouse in Soda Pop District

      Versatile warehouse space in downtown's vibrant Soda Pop District.
      921 Princess St, Wilmington, NC 28401
      View Details
    • $4,500 /Mo

      Laydown Yard in Roymac Park

      2.02 acre laydown yard with convenient highway and port access.
      310 Metro Cir, Wilmington, NC 28401
      View Details
    • Contact for pricing
      5 SF

      Wilmington Industrial Site For Lease

      5.67-acre industrial site ideal for manufacturers, contractors, and logistics.
      217 Sutton Lake Rd, 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.
    1402 Hospital Plz Dr
    Wilmington, NC 28401-6659
    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

    Google sign-in failed. Please try again or use another login method.