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

    1508 Medical Ctr Dr Wilmington, NC 28401-7507

    • Medical offices
    • 2,280 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Nov 20, 2024
    $585,000
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    3.3%
    Medical offices
    Location Intelligence
    Property ID
    US53-1919451
    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

    • Moore Robert M MD / Orthopedic Surgeon
    • Moore Orthopaedics PA / Orthopedic Surgeon
    • Robert Morgan Moore / Orthopedic Surgeon

    Property Details for 1508 Medical Ctr Dr

    Year built
    1965
    Construction
    WOOD FRAME
    Lot size
    0.46 lot acres
    Property size
    2,280 SF
    Zone code
    O&I-1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    R06011-003-007-000
    APU
    R06011003007000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $585,000
      ML approach
      $585,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $420,000
      Market price range: $170k - $582k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $740,000
      Current use
      OFFICE BUILDING
      $815,000
      Change: +10% Conversion: Easy
      WAREHOUSE, STORAGE
      $670,000
      Change: -10% Conversion: Difficult
      RETAIL STORES
      $665,000
      Change: -11% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $650,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9256
    Latitude
    34.2041
    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
    $4,027
    $236,000
    $240,600
    $476,600
    -
    $236,000
    $240,600
    $476,600

    Comparable in this City

    • Value Estimation
      $1,745,000
      10,611 SF

      2215 Yaupon Dr

      MEDICAL CLINIC • 10,611 SF
      2215 Yaupon Dr, Wilmington, NC 28401-7334
      View Details
    • Value Estimation
      $1,360,000
      7,516 SF

      2215 Yaupon Dr

      MEDICAL CLINIC • 7,516 SF
      2215 Yaupon Dr, Wilmington, NC 28401-7334
      View Details
    • Value Estimation
      $2,015,000
      9,514 SF

      20 Orange St

      MEDICAL CLINIC • 9,514 SF
      20 Orange St, Wilmington, NC 28401-4419
      View Details
    • Value Estimation
      $3,445,000
      15,886 SF

      1500 Physicians Dr

      MEDICAL CLINIC • 15,886 SF
      1500 Physicians Dr, Wilmington, NC 28401-7356
      View Details
    • Value Estimation
      $6,565,000
      30,958 SF

      2520 Troy Dr

      MEDICAL CLINIC • 30,958 SF
      2520 Troy Dr, Wilmington, NC 28401-7661
      View Details
    • Value Estimation
      $535,000
      4,430 SF

      1516 Doctors Cir

      MEDICAL CLINIC • 4,430 SF
      1516 Doctors Cir, Wilmington, NC 28401-7404
      View Details

    Similar Nearby for Sale

    • $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
      View Details
    • $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
    • $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
    • $1,500,000
      0.20 Acres

      Historic Downtown Wilmington Office

      Prime location, 5,000 sq ft, parking.
      101 3Rd St, Wilmington, NC 28401
      View Details
    • $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
    • $499,900
      3,692 SF

      Spacious Mixed-Use Property on Large Lot

      3-bedroom property with B-1 zoning, ideal for residential or commercial.
      120 Yorktown Dr, Wilmington, NC 28401
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      10,960 SF

      Office/Medical Space Near Hospital

      Office and medical space with excellent visibility and access.
      2222 S 17Th St, Wilmington, NC 28401
      View Details
    • $8 SF/Yr
      102,419 SF

      Bottle Works Building: Wilmington, NC

      Historic building, mixed-use spaces, prime location.
      921 Princess St, Wilmington, NC 28401
      View Details
    • $20 SF/Yr
      2,728 SF

      Downtown Wilmington Open Plan Office

      Open plan office space in historic downtown Wilmington.
      228 Front St, Wilmington, NC 28401
      View Details
    • $3,500 /Mo
      1,800 SF

      Second Floor Office Space

      1800 sq ft office space for rent.
      108 Grace St, Wilmington, NC 28401
      View Details
    • $1,500 /Mo
      350 SF

      Unique Studio Space in Wilmington

      One-of-a-kind studio in the Cargo District for rent.
      707 S 16Th St, Wilmington, NC 28401
      View Details
    • $3,000 /Mo
      1,229 SF

      Wilmington Commercial Space For Rent

      Flexible commercial space with UMX zoning in Wilmington, NC.
      1120 S 3Rd St, 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.
    1508 Medical Ctr Dr
    Wilmington, NC 28401-7507
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.