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    Property profile & analytics

    232 Causeway Dr, Unit unit 1C 1D Wrightsville Beach, NC 28480

    • Office buildings
    • 12,130 SF
    • 0.57 lot acres
    For Lease
    View listing
    $7,543 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0659887
    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

    • DocsInk / Software Company
    • Butler Daniel & Associates, PLLC / Legal Services
    • Sea Scape Properties / Vacation Home Rental Agency
    • Southland Entertainment / Video Arcade
    • Bald Head Island / Real Estate Agency

    Property Details for 232 Causeway Dr

    Year built
    2001
    Construction
    WOOD FRAME
    Lot size
    0.57 lot acres
    Property size
    12,130 SF
    Zone code
    C-3,COMMERCIAL
    Property type
    Office buildings
    APN
    R05719-004-003-000
    APU
    R05719004003000

    Description

    This exceptional 1,232 square foot office space at 232 Causeway Drive, Unit 1C, Wrightsville Beach, is immediately available for single-tenant occupancy. The property boasts a highly desirable location, offering unparalleled convenience and accessibility. The interior features three private offices, a dedicated conference room, a welcoming reception area, and ample storage space. Modern amenities include air conditioning, central heating, and drop ceilings. Enjoy the added benefit of a private balcony. On-site parking is available, including both surface and covered options. Excellent signage opportunities are also available. This property's prime location places it within walking distance of several popular restaurants, including Mellow Mushroom, Poe's Tavern, and Drift Coffee and Cafe, with Blue Water Waterfront Grill a short walk further. The beach is a mere 3-minute drive away, and major shopping centers like Lumina Station and Mayfaire Town Center are easily accessible within a short drive. The Wilmington International Airport is approximately a 22-minute drive from the property. This is a rare opportunity to secure a well-appointed office space in a thriving coastal community. Don't miss out!

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,620,000
      6.5%
      $3,340,000
      7%
      $3,100,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,662,000
      Market price range: $2.40M - $6.19M
      AI Estimate
      $3,530,000
      Market price range: $2.14M - $4.70M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,055,000
      Current use
      RESTAURANT
      $4,945,000
      Change: +22% Conversion: Moderate
      RETAIL STORES
      $3,885,000
      Change: -4% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $3,880,000
      Change: -4% Conversion: Difficult
      MEDICAL BUILDING
      $3,680,000
      Change: -9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Wrightsville Beach
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8083
    Latitude
    34.2151
    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
    $19,508
    $1,382,600
    $2,214,700
    $3,597,300
    -
    $1,382,600
    $2,214,700
    $3,597,300

    Comparable in this City

    • Value Estimation by Request
      810 SF

      2030 Eastwood Rd

      OFFICE BUILDING • 810 SF
      2030 Eastwood Rd, Wrightsville Beach, NC 28480
      View Details
    • Value Estimation by Request
      810 SF

      2030 Eastwood Rd

      OFFICE BUILDING • 810 SF
      2030 Eastwood Rd, Wrightsville Beach, NC 28480
      View Details
    • Value Estimation by Request
      810 SF

      2030 Eastwood Rd

      OFFICE BUILDING • 810 SF
      2030 Eastwood Rd, Wrightsville Beach, NC 28480
      View Details
    • Value Estimation by Request
      981 SF

      2030 Eastwood Rd

      OFFICE BUILDING • 981 SF
      2030 Eastwood Rd, Wrightsville Beach, NC 28480
      View Details
    • Value Estimation by Request
      802 SF

      2002 Eastwood Rd, Unit 305

      OFFICE BUILDING • 802 SF
      2002 Eastwood Rd, Wrightsville Beach, NC 28480
      View Details
    • Value Estimation
      $600,000
      2,110 SF

      534 Cswy Dr

      OFFICE BUILDING • 2,110 SF
      534 Cswy Dr, Wrightsville Beach, NC 28480-1905
      View Details

    Similar Nearby for Sale

    • $2,395,000

      Oceanfront Townhome at Station One

      Updated 3BR/3BA oceanfront townhome in Wrightsville Beach's Station One.
      101 S Lumina Ave, Wrightsville Beach, NC 28480
      View Details
    • $2,060,000
      3,682 SF

      Wrightsville Beach Multifamily Investment Opportunity

      Six rental units steps from the sand in Wrightsville Beach.
      12 Nathan St, Wrightsville Beach, NC 28480
      View Details
    • $2,385,000

      Renovated Oceanfront Townhome at Station One

      Renovated 3 bed, 3 bath oceanfront townhome in Wrightsville Beach.
      101 S Lumina Ave, Wrightsville Beach, NC 28480
      View Details
    • $2,060,000
      0.11 Acres

      Wrightsville Beach Land Opportunity

      Rare land with panoramic ocean and channel views.
      12 Nathan St, Wrightsville Beach, NC 28480
      View Details
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    232 Causeway Dr, Unit unit 1C 1D
    Wrightsville Beach, NC 28480
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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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