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Property profile & analytics
OFF-MARKET
Estimated value
$9,105,000
Office buildings
1612 Military Cutoff Rd Wilmington, NC 28403-5737
Entity Owned
17-yr Hold
Free & Clear
Property ID
US53-2388596
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2008
Construction
STEEL FRAME
Total area
33,258 SF
Lot
2.7 ac (117,612 SF)
Zoning code
O&I-1
APN
R05612-004-016-000
UPID
US53-2388596
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Coastal Maintenance Service Hardware & Home Improvement General Contractor
-
Vantaca (Bike/Boat/Book/etc) Store Corporate Office
-
Rhine Law Firm Law Firm
-
The Lea/Schultz Law Firm Law Firm
-
Lea/Schultz Law Firm Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.93M
Comparable Approach
Comparable
$10.86M
Blend (final)
Blend
$9.11M
Owner & transaction history
Airlie Commons LLC · 17 yrs held
Airlie Commons LLC
since 2008
5 recorded transactions
Zoning & alternative use
O&I-1 · Wilmington, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$13.6M
+16.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Wilmington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wilmington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$7,510,000
6.5%
$6,930,000
7%
$6,435,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$11,640,000
Current use
RESTAURANT
$13,600,000
Change: +17% · Conversion: Moderate
COMMERCIAL (GENERAL)
$10,440,000
Change: -10% · Conversion: Easy
MEDICAL BUILDING
$10,090,000
Change: -13% · Conversion: Easy
AUTO REPAIR, GARAGE
$9,495,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$9.11M
Range $8.19M – $10.02M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$274 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$67,581
Tax year 2023
Assessed value
$7,997,700
Assessed 2023
Previous assessed
$7,997,700
+0.0% YoY
Effective rate
0.85%
On assessed value
Assessed land
$1,555,900
Assessed improvement
$6,441,800
Land market value
$1,555,900
Improvement market value
$6,441,800
Total market value
$7,997,700
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2008
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
2
Units
9
Total area
33,258 SF
Lot
2.7 ac (117,612 SF)
Zoning code
O&I-1
APN
R05612-004-016-000
UPID
US53-2388596
Jurisdiction
NEW HANOVER
Zoning & alternative use
O&I-1 · Wilmington, NC
Zoning O&I-1 · permitted uses
O&I-1 · Wilmington, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Wilmington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$11.6M
RESTAURANT
Est. value
$13.6M
COMMERCIAL (GENERAL)
Est. value
$10.4M
MEDICAL BUILDING
Est. value
$10.1M
AUTO REPAIR, GARAGE
Est. value
$9.5M
OFFICE BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
MEDICAL BUILDING
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Units
9
Lot
2.7 ac
Current owner
From public records · entity-resolved
Airlie Commons LLC
Entity
Free & Clear · 17 yrs held
Mailing address
1612 MILITARY CUTOFF RD STE #101, WILMINGTON, NC 28403-5738
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 29, 2008
—
Airlie Commons LLC
Matthew Reed Builders LLC
Grant Deed
related
—
Oct 15, 2007
$950,000
Matthew Reed Builders LLC
Elr Properties LLC
Warranty Deed
$950,000 · North State Bank
Aug 16, 2006
$780,000
Elr Properties LLC
Burke,margaret A
Warranty Deed
$700,000 · High Point Bank & Trust Co
—
—
Airlie Commons LLC
—
Deed Of Trust
related
$304,669 · Vantagesouth Bank
—
—
Airlie Commons LLC
—
Deed Of Trust
related
$511,935 · Vantagesouth Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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