Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    20 Garris Rd Wilmington, NC 28403-2341
    Back to Search
    Property profile & analytics

    20 Garris Rd, Wilmington, NC 28403-2341

    View on Map
    • Warehouses
    • 100,556 SF
    • 2.04 lot acres
    Off-Market
    Last Sale Jan 25, 2022
    $1,070,000
    Property ID
    US53-2439995
    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.
    Value Estimations
    $1,320,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 20 Garris Rd

    Year built
    2019
    Lot size
    2.04 lot acres
    Zone code
    RB,REGIONAL BUSINESS
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    R04912-004-002-000
    APU
    R04912004002000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 25, 2022 $1,070,000 Grsh III LLC Garris Road Storage Holdings I LLC Special Warranty Deed —
    Jan 25, 2022 $5,205,500 Grsh II LLC Garris Road Storage Holdings I LLC Special Warranty Deed —
    Dec 21, 2018 — Garris Road Storage Hldgs I Ll — Grant Deed · related $6.1M · Iberia Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,250,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8685
    Latitude
    34.2449
    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
    $0.00
    $585,900
    $8,949,400
    $9,535,300
    -
    $585,900
    $8,949,400
    $9,535,300

    Comparable in this City

    • Value Estimation by Request
      0.25 Acres

      49 Hillsdale Dr

      MINI-WAREHOUSE, STORAGE
      49 Hillsdale Dr, Wilmington, NC 28403
      View Details
    • Value Estimation
      $820,000
      7,560 SF

      426 College Rd

      MINI-WAREHOUSE, STORAGE
      426 College Rd, Wilmington, NC 28403-1604
      View Details
    • Value Estimation
      $525,000
      4,500 SF

      110 Hinton Ave

      MINI-WAREHOUSE, STORAGE
      110 Hinton Ave, Wilmington, NC 28403-4734
      View Details
    • Value Estimation
      $1,350,000
      15,604 SF

      14 Jacksonville St

      MINI-WAREHOUSE, STORAGE
      14 Jacksonville St, Wilmington, NC 28403-0699
      View Details
    • Value Estimation
      $885,000
      5,850 SF

      20 Jacksonville St

      MINI-WAREHOUSE, STORAGE
      20 Jacksonville St, Wilmington, NC 28403
      View Details
    • Value Estimation
      $1,685,000
      15,600 SF

      120 Vision Dr

      MINI-WAREHOUSE, STORAGE
      120 Vision Dr, Wilmington, NC 28403
      View Details

    Similar Nearby for Sale

    • 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
    • $2,995,000

      Commercial Land with Multi-Use Building

      1.82 acres with 12,000 SF building in Wilmington, NC.
      1940 Dawson St, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Land Near Novant Regional Hospital

      0.77-acre vacant lot in Wilmington's medical corridor.
      1810 New Hanover Medical Park Dr, Wilmington, NC 28403
      View Details
    • $999,999

      Free-Standing Office Building on Market

      High-visibility office building with ample parking and large offices.
      2909 Market St, Wilmington, NC 28403
      View Details
    • Contact for pricing
      Pending

      Acre Parcel in Midtown Wilmington

      Almost 1 acre parcel in midtown Wilmington for sale.
      2501 Wrightsville Ave, 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

    Similar Nearby for Lease

    • New
      $1,150 /Mo
      648 SF

      Flexible Office-Light Industrial Unit

      Office reception and private bathroom fronting Hinton Avenue, with a rear open work area and rolling garage door.
      109 Hinton Ave, Wilmington, NC 28403
      View Details
    • Contact for pricing
      58,950 SF

      Centrally Located Industrial Facility

      58,950 SF industrial facility in central New Hanover County.
      2405 Wrightsville Ave, Wilmington, NC 28403
      View Details
    • Contact for pricing
      40,000 SF

      Wilmington Land Assemblage For Sale

      6.11 acres with income and redevelopment potential in Wilmington, NC.
      1003 S 17Th St, 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
    • Contact for pricing
      2,581 SF

      Versatile Office/Flex Space Available

      Office/flex space in desirable Seagate community, suitable for various uses.
      5740 Park Ave, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Freestanding Office Building in Wilmington

      Office space for lease with ample parking and convenient access.
      1890 Dawson St, 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.
    20 Garris Rd
    Wilmington, NC 28403-2341
    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

    Thank You for Inquiry
    20 Garris Rd, Wilmington, NC, 28403
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!