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

    1601 College Rd Wilmington, NC 28403-7359

    • Office buildings
    • 5,600 SF
    • 0.37 lot acres
    OFF-MARKET
    Last Sale
    Jul 13, 2023
    $1,100,000
    Value Estimations
    $1,200,000
    Show details
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence
    Property ID
    US53-0926759
    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

    • Coastal Shield Insurance / Insurance Agency
    • Network Real Estate / Real Estate Agency
    • Neal Johnson, Network Real Estate / Real Estate Agency
    • Bgwoods / Construction Company
    • Grey Outdoor, LLC / Marketing & Advertising / Advertising Agency

    Property Details for 1601 College Rd

    Year built
    1983
    Construction
    WOOD FRAME
    Lot size
    0.37 lot acres
    Property size
    5,600 SF
    Zone code
    RB,REGIONAL BUSINESS
    Property type
    Office buildings
    APN
    R06107-011-009-000
    APU
    R06107011009000

    Description

    This exceptional traditional office suite, identified as Suite 207, is situated at 1601 College Rd, Wilmington, NC 28403, offering a prime location in New Hanover County. The suite is part of a two-story building constructed in 1983, encompassing a total of 5,900 square feet. The building features convenient elevator access. Suite 207 is categorized as a traditional office space within a multi-tenant building. The property's zoning is designated as RB. The precise location is further defined by its proximity to Parkway Drive, and its parcel number is 3136-68-5682.000. This presents a fantastic opportunity for businesses seeking established office space in a well-located building. The building itself consists of one structure with two stories, offering a blend of accessibility and functionality. Interested parties should note the property's convenient location and established infrastructure. Further details regarding the specific square footage of Suite 207 are available upon request. The building's age and established presence in the Wilmington area contribute to its appeal. This offering represents a solid opportunity within a thriving commercial district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,215,000
      ML approach
      $1,310,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,265,000
      6.5%
      $1,165,000
      7%
      $1,085,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,308,000
      Market price range: $665k - $1.83M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,960,000
      Current use
      COMMERCIAL (GENERAL)
      $1,760,000
      Change: -10% Conversion: Easy
      MEDICAL BUILDING
      $1,700,000
      Change: -13% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,600,000
      Change: -18% 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
    -77.8868
    Latitude
    34.2081
    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
    $7,873
    $288,800
    $642,900
    $931,700
    -
    $288,800
    $642,900
    $931,700

    Comparable in this City

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      3329 Wrightsville Ave, Unit B

      OFFICE BUILDING • 500 SF
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      $6,960,000
      30,722 SF

      5041 New Ctr Dr

      OFFICE BUILDING • 30,722 SF
      5041 New Ctr Dr, Wilmington, NC 28403-1680
      View Details
    • Value Estimation
      $625,000
      1,560 SF

      6338 Oleander Dr

      OFFICE BUILDING • 1,560 SF
      6338 Oleander Dr, Wilmington, NC 28403-3531
      View Details

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    1601 College Rd
    Wilmington, NC 28403-7359
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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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