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

    2929 Market Street Wilmington, NC 28403

    • Hotels
    • 5,106 SF
    • 4.01 lot acres
    For Sale
    View listing
    $4,500,000
    Last Sale
    Mar 27, 2020
    $1,025,000
    Value Estimations
    Cap Rate Potential
    5.1%
    Hotels
    Location Intelligence
    Property ID
    US53-0950826
    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

    • Azalea Inn & Suites / Motel
    • America's Best Inn Wilmington / Motel / Hotel

    Property Details for 2929 Market Street

    Year built
    1963
    Construction
    STEEL & CONCRETE
    Lot size
    4.01 lot acres
    Property size
    5,106 SF
    Zone code
    O&I-1
    Property type
    Hotels
    APN
    R04913-019-001-000
    APU
    R04913019001000

    Description

    This exceptional 4.005-acre commercial land parcel, located at 2929 Market Street in Wilmington, North Carolina, presents a compelling investment opportunity. Boasting 360 feet of high-visibility frontage on Market Street, this property enjoys exposure to over 25,000 vehicles daily, ensuring maximum brand visibility. Its prime location is just two miles from downtown Wilmington and directly adjacent to the desirable Forest Hills neighborhood. The site benefits from excellent transit access via WAVE Transit and proximity to the forthcoming Independence Boulevard Extension, promising enhanced connectivity and reduced traffic congestion. Furthermore, its location along Route 17 places it less than four miles from New Hanover County International Airport, offering convenient access for both employees and customers. Zoned O&I-1, this versatile property is ideally suited for a wide range of commercial developments, including hotels, restaurants, daycare centers, medical offices, or retail and mixed-use projects. The property's APN is 313817.00.0394.000 and is offered at an asking price of $4,500,000. This is a rare chance to acquire a strategically positioned site in a thriving Wilmington market, poised for significant growth and return on investment. The property's central location, high visibility, and flexible zoning make it an attractive proposition for developers seeking a high-impact commercial venture. Don't miss this chance to secure a prime piece of Wilmington real estate.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,015,000
      ML approach
      $1,115,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $870,000
      6.5%
      $805,000
      7%
      $745,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9079
    Latitude
    34.2405
    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
    2022
    $0.00
    $608,600
    $410,300
    $1,018,900
    -
    $608,600
    $410,300
    $1,018,900

    Comparable in this City

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      $1,310,000
      61,013 SF

      1989 Eastwood Rd

      HOTEL • 61,013 SF
      1989 Eastwood Rd, Wilmington, NC 28403-7214
      View Details
    • Value Estimation
      $1,295,000
      57,690 SF

      305 Eastwood Rd

      HOTEL • 57,690 SF
      305 Eastwood Rd, Wilmington, NC 28403-1813
      View Details
    • Value Estimation
      $1,250,000
      67,668 SF

      151 College Rd

      HOTEL • 67,668 SF
      151 College Rd, Wilmington, NC 28403-1607
      View Details
    • Value Estimation
      $1,050,000
      47,883 SF

      4929 New Ctr Dr

      HOTEL • 47,883 SF
      4929 New Ctr Dr, Wilmington, NC 28403-1662
      View Details
    • Value Estimation
      $1,070,000
      37,300 SF

      245 Eastwood Rd

      HOTEL • 37,300 SF
      245 Eastwood Rd, Wilmington, NC 28403-0519
      View Details
    • Value Estimation
      $460,000
      2,694 SF

      2916 Market St

      HOTEL • 2,694 SF
      2916 Market St, Wilmington, NC 28403-1222
      View Details

    Similar Nearby for Sale

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      High-visibility corner lot, ideal for development.
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    • $180,000
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      Midtown Condo with Greenspace View

      Two-bedroom, one-bath condo in a desirable, walkable midtown location.
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      Wilmington Multifamily Investment Opportunity

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    Similar Nearby for Lease

    • $20 SF/Yr
      261,240 SF

      Wilmington Retail Space Available

      Prime Wilmington retail/office space, flexible layouts.
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      View Details
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      Prime Executive Office Suite

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    • $20 SF/Yr
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      Midtown Wilmington Office Space

      Prime Office, 3,863+ SF Available
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    • $25 SF/Yr
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      Retail/Office Space Near University

      1,500 SF retail or office space near UNCW.
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      View Details
    • $29 SF/Yr
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      Mixed-Use Development on Shipyard Blvd

      43,600 SF mixed-use development with high visibility and accessibility.
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      View Details
    • $18 SF/Yr
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      New Flex Space For Lease

      New flex space with excellent access and ample parking.
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    2929 Market Street
    Wilmington, NC 28403
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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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