Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    326 Racine Dr Wilmington, NC 28403-8815
    Back to Search
    Property profile & analytics

    326 Racine Dr Wilmington, NC 28403-8815

    View on Map
    • Garden apartment buildings
    • 73,932 SF
    • 4.18 lot acres
    Off-Market
    Last Sale May 26, 2022
    $67,000,000
    Property ID
    US53-0831255
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial Painting Solutions / Painting

    Property Details for 326 Racine Dr

    Year built
    1996
    Construction
    CONCRETE
    Lot size
    4.18 lot acres
    Property size
    73,932 SF
    Zone code
    MF-M,MULTI FAM MED DEN
    Property type
    Garden apartment buildings
    APN
    R04920-003-007-000
    APU
    R04920003007000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $49,872,000
      Market price range: $11.3M - $186M

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8692
    Latitude
    34.2359
    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
    $0.00
    $1,167,200
    $8,475,000
    $9,642,200
    -
    $1,167,200
    $8,475,000
    $9,642,200

    Comparable in this City

    • Value Estimation
      $3,605,000
      29,796 SF

      630 Carolina Bay Dr

      GARDEN APT, COURT APT (5+ UNITS) • 29,796 SF
      630 Carolina Bay Dr, Wilmington, NC 28403-2030
      View Details
    • Value Estimation
      $995,000
      27,827 SF

      3625 Caswell St

      GARDEN APT, COURT APT (5+ UNITS) • 27,827 SF
      3625 Caswell St, Wilmington, NC 28403-4132
      View Details
    • Value Estimation
      $5,820,000
      74,696 SF

      7205 Wrightsville Ave

      GARDEN APT, COURT APT (5+ UNITS) • 74,696 SF
      7205 Wrightsville Ave, Wilmington, NC 28403-7260
      View Details
    • Value Estimation
      $3,980,000
      191,552 SF

      3520 Park Ave

      GARDEN APT, COURT APT (5+ UNITS) • 191,552 SF
      3520 Park Ave, Wilmington, NC 28403-0843
      View Details
    • Value Estimation
      $1,225,000
      9,753 SF

      724 Kerr Ave

      GARDEN APT, COURT APT (5+ UNITS) • 9,753 SF
      724 Kerr Ave, Wilmington, NC 28403-8424
      View Details
    • Value Estimation
      $2,470,000
      88,410 SF

      820 Macmillan N Ave

      GARDEN APT, COURT APT (5+ UNITS) • 88,410 SF
      820 Macmillan N Ave, Wilmington, NC 28403-6417
      View Details

    Similar Nearby for Sale

    • New
      $9,950,000
      41,315 SF

      Wilmington Multifamily Investment Opportunity

      Rental portfolio with 54 units near downtown Wilmington.
      Lullwater Dr, Wilmington, NC 28403
      View Details
    • $3,550,000
      13,320 SF

      Wilmington Multifamily Investment Opportunity

      24-unit multifamily property near UNCW with income upside.
      145 Lullwater Dr, Wilmington, NC 28403
      View Details
    • $2,450,000

      Wilmington Multifamily Investment Opportunity

      Eleven townhome units in Wilmington, 100% occupied and professionally managed.
      942 Bonham Ave, Wilmington, NC 28403
      View Details
    • $379,000
      1,558 SF

      Townhome Near Wrightsville Beach

      Charming townhome near Wrightsville Beach, UNCW, and Mayfaire.
      6328 Wrightsville Ave, Wilmington, NC 28403
      View Details
    • $450,000
      Pending

      Wilmington Duplex Near Wrightsville Beach

      Duplex near Wrightsville Beach with income potential.
      145 Dogwood Dr, Wilmington, NC 28403
      View Details
    • $1,099,000
      Pending

      Wilmington Multifamily Investment Opportunity

      Four units near UNCW and Wrightsville Beach, fully leased.
      5727&5731 Wrightsville Ave, Wilmington, NC 28403
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Market Street Retail/Office Space

      Retail and office spaces available in high-visibility Market St corridor.
      2705 Market St, Wilmington, NC 28403
      View Details
    • $26 SF/Yr
      2,713 SF

      Office Space Facing Military Cutoff

      Office space featuring private offices, conference room, and kitchenette.
      1508 Military Cutoff Rd, Wilmington, NC 28403
      View Details
    • $24 SF/Yr
      1,509 SF

      Class A Office Suite

      Modern office suite in prime location near Wrightsville Beach.
      1442 Military Cutoff Rd, Wilmington, NC 28403
      View Details
    • Contact for pricing
      43,282 SF

      Retail Space in Wilmington Center

      Retail space available in shopping center anchored by Harris Teeter.
      3501 Oleander Dr, Wilmington, NC 28403
      View Details
    • Contact for pricing
      2,400 SF

      Wrightsville Avenue Retail Space Available

      Up to 6,600 SF retail space available for lease.
      3509 Wrightsville Ave, Wilmington, NC 28403
      View Details
    • Contact for pricing

      Land Outparcels in Autumn Hall

      Outparcels available in mixed-use development on Eastwood Road.
      Eastwood Rd, 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.
    326 Racine Dr
    Wilmington, NC 28403-8815
    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
    326 Racine Dr, 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!