Add Listing
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

    1602 College Rd Wilmington, NC 28403-7308

    • Turn key restaurants
    • 7,713 SF
    • 1.50 lot acres
    OFF-MARKET
    Last Sale
    Aug 06, 2025
    $2,600,000
    Value Estimations
    $2,660,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0083742
    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

    • Diamond Catering Services / Take-out & Catering / Catering Service
    • Carolina BBQ & Seafood / Restaurant

    Property Details for 1602 College Rd

    Year built
    1978
    Construction
    WOOD FRAME
    Lot size
    1.50 lot acres
    Property size
    7,713 SF
    Zone code
    RB,REGIONAL BUSINESS
    Property type
    Turn key restaurants
    APN
    R06107-012-002-001
    APU
    R06107012002001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,777,000
      Market price range: $2.24M - $4.48M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,155,000
      Current use
      OFFICE BUILDING
      $2,700,000
      Change: -14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8878
    Latitude
    34.2082
    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
    $12,999
    $634,100
    $904,200
    $1,538,300
    -
    $634,100
    $904,200
    $1,538,300

    Comparable in this City

    • Value Estimation
      $1,005,000
      3,120 SF

      630 College Rd

      RESTAURANT • 3,120 SF
      630 College Rd, Wilmington, NC 28403-3202
      View Details
    • Value Estimation
      $1,765,000
      7,094 SF

      614 College Rd

      RESTAURANT • 7,094 SF
      614 College Rd, Wilmington, NC 28403-3202
      View Details
    • Value Estimation by Request
      1,450 SF

      2002 Castle St

      RESTAURANT • 1,450 SF
      2002 Castle St, Wilmington, NC 28403-2108
      View Details
    • Value Estimation
      $1,105,000
      10,200 SF

      21 Van Campen Blvd

      RESTAURANT • 10,200 SF
      21 Van Campen Blvd, Wilmington, NC 28403-1639
      View Details
    • Value Estimation
      $655,000
      7,056 SF

      1610 Pavillion Pl

      RESTAURANT • 7,056 SF
      1610 Pavillion Pl, Wilmington, NC 28403-3735
      View Details
    • Value Estimation
      $1,030,000
      10,111 SF

      5130 New Ctr Dr

      RESTAURANT • 10,111 SF
      5130 New Ctr Dr, Wilmington, NC 28403-1630
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Restaurant Building with Drive-Through

      Restaurant building with drive-through, updated interior and exterior.
      4023 Market St, Wilmington, NC 28403
      View Details
    • Contact for pricing
      16,091 SF

      Leased Retail Center For Sale

      Fully leased retail strip center in Wilmington, North Carolina.
      3534 Oleander Dr, Wilmington, NC 28403
      View Details
    • New
      Contact for pricing
      1,223 SF

      Wilmington Office/Retail Opportunity

      Office or retail space near College Road and Oleander Drive.
      208 Treadwell St, Wilmington, NC 28403
      View Details
    • Contact for pricing
      7,763 SF

      Retail Property on College Road

      7,763 sqft retail property on 1.26 acre lot.
      302 S College Rd, Wilmington, NC 28403
      View Details
    • Contact for pricing

      NAPA Auto Parts For Sale

      Automotive retail property with established NAPA Auto Parts tenant.
      3722 Market St, Wilmington, NC 28403
      View Details
    • Contact for pricing
      1,405 SF

      Wilmington Commercial Lots with Warehouse

      Two commercial lots with warehouse in Wilmington's Cargo District.
      2113 Wrightsville Ave, Wilmington, NC 28403
      View Details

    Similar Nearby for Lease

    • $9,000 /Mo
      35,284 SF

      Wilmington Corner Lot For Lease

      Corner lot in Wilmington, NC, zoned for regional business.
      2726 Shipyard Blvd, Wilmington, NC 28403
      View Details
    • Contact for pricing
      8,500 SF

      Retail Space Near University

      Retail space available in shopping center near University of Carolina.
      200 Racine Dr, Wilmington, NC 28403
      View Details
    • Contact for pricing
      54,662 SF

      Wilmington Retail Opportunity For Lease

      54,662 SF retail building on 8.6 acres available for lease.
      111 Cinema Dr, Wilmington, NC 28403
      View Details
    • Contact for pricing
      4,200 SF

      Retail Space Near UNC-Wilmington

      7,108-SF retail space on 1.51 acres, near Super Walmart.
      6 Van Campen Blvd, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Retail Space in Wilmington, NC

      Retail space available for rent in Wilmington, North Carolina.
      815 College Rd, Wilmington, NC 28403
      View Details
    • Contact for pricing
      4,800 SF

      Versatile Flex/Industrial Buildings For Lease

      Two adjoining flex/industrial buildings totaling 7,300 SF for lease.
      20 Covil Ave, Wilmington, NC 28403
      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.
    1602 College Rd
    Wilmington, NC 28403-7308
    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.
    Sign Up Successful!
    You now have access to more from Realmo!