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    Property profile & analytics

    1403 S 5Th Ave Wilmington, NC 28401

    • Warehouses
    • 1,200 SF
    • 0.98 lot acres
    For Sale
    View listing
    $815,000
    Last Sale
    May 26, 2021
    $425,000
    Value Estimations
    Cap Rate Potential
    2.3%
    Warehouses
    Location Intelligence
    Property ID
    US53-1803963
    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

    • Warehouses

    Property Details for 1403 S 5Th Ave

    Year built
    1978
    Construction
    STEEL FRAME
    Lot size
    0.98 lot acres
    Property size
    1,200 SF
    Zone code
    UMX
    Property type
    Warehouses
    APN
    R05417-006-004-000
    APU
    R05417006004000

    Description

    This exceptional 0.97-acre parcel in Wilmington, North Carolina, presents a unique opportunity for mixed-use development. Located at 1403 S 5th Ave, in New Hanover County, zip code 28401 (34.2178547, -77.9407796), this commercially zoned property boasts UMX zoning, allowing for a variety of uses. A concept plan suggests the potential for a significant development, including approximately 69 multi-family units, 70 parking spaces, and one retail space, aligning with zoning requirements. The strategic location directly across from the planned Seaboard Social Hall offers exceptional visibility and access to amenities. The asking price is $875,000. This land is ideal for developers seeking a prime location with high development potential in a thriving North Carolina market. The property's versatility and prime location make it an attractive investment for those seeking a high-return opportunity. The 0.97-acre lot size provides ample space for a substantial project, while the UMX zoning ensures flexibility in development plans. This is a rare chance to acquire a significant piece of land in a rapidly growing area. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $660,000
      ML approach
      $500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $457,000
      Market price range: $165k - $613k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $430,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9404
    Latitude
    34.2178
    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
    2024
    $1,132
    $75,200
    $54,900
    $130,100
    -
    $75,200
    $54,900
    $130,100

    Comparable in this City

    • Value Estimation
      $425,000
      3,200 SF

      2202 Burnett Blvd

      WAREHOUSE, STORAGE • 3,200 SF
      2202 Burnett Blvd, Wilmington, NC 28401-7002
      View Details
    • Value Estimation
      $295,000
      1,110 SF

      307 Martin St

      WAREHOUSE, STORAGE • 1,110 SF
      307 Martin St, Wilmington, NC 28401-6235
      View Details
    • Value Estimation
      $265,000
      672 SF

      1316 Hooper St

      WAREHOUSE, STORAGE • 672 SF
      1316 Hooper St, Wilmington, NC 28401-6187
      View Details
    • Value Estimation
      $395,000
      5,000 SF

      2200 Us Hwy 421st Na

      WAREHOUSE, STORAGE • 5,000 SF
      2200 Us Hwy 421st Na, Wilmington, NC 28401-2443
      View Details
    • Value Estimation by Request
      1,658 SF

      712 Surrey St

      WAREHOUSE, STORAGE • 1,658 SF
      712 Surrey St, Wilmington, NC 28401
      View Details
    • Value Estimation
      $1,500,000
      16,896 SF

      920 Princess St

      WAREHOUSE, STORAGE • 16,896 SF
      920 Princess St, Wilmington, NC 28401-4246
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $20 SF/Yr
      1,500 SF

      Versatile Office/Flex Space Available

      Office/flex space with convenient access and functional layout.
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      View Details
    • $16 SF/Yr
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      Flex space in Wilmington, NC, with office and warehouse components.
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    • $4 SF/Yr
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      Wilmington Warehouse Space Available

      Industrial warehouse, 2,500-5,000 sq ft
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      View Details
    • $15 SF/Yr
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      New Industrial/Flex Space Available

      New 12,000 SF industrial/flex space for pre-lease in Wilmington.
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    • $9 SF/Yr
      77,423 SF

      Industrial Space Near Interstate 140

      Available industrial space in Wilmington Trade Center near Interstate 140.
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    • $35 SF/Yr
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      Adaptable Flex Space in Wilmington

      Flex space in Wilmington's Soda Pop District for rent.
      920 Princess St, Wilmington, NC 28401
      View Details
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    Wilmington, NC 28401
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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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