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    Property profile & analytics

    3408 Wilshire Blvd Wilmington, NC 28403

    • Office buildings
    • 11,550 SF
    • 0.85 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0987805
    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

    • AssistedCare At Home / Home Health Care Service
    • Kathleen Godsey / Social Worker
    • Eldercare At Home / Home Health Care Service
    • Hire Quest Direct / Employment Agency
    • Dr. Karen Kinney / Emergency Care Physician / Practitioner Service Location

    Property Details for 3408 Wilshire Blvd

    Year built
    1985
    Construction
    CONCRETE
    Lot size
    0.85 lot acres
    Property size
    11,550 SF
    Zone code
    O&I-1
    Property type
    Office buildings
    APN
    R05509-018-006-000
    APU
    R05509018006000

    Description

    3408 Wilshire Blvd, Wilmington, NC presents a fantastic opportunity for businesses seeking a well-located office space. This single-story, 11,550 square foot building, constructed in 1985, is situated on a 0.85-acre lot in the Midtown submarket, offering excellent visibility and accessibility. The property features a traditional office layout, currently offering 3,863 square feet of vacant space suitable for multiple tenants. Its convenient location in central Wilmington provides easy access to downtown Wilmington, a mix of residential areas, local businesses, and retail establishments, ensuring high traffic and visibility. The proximity to shopping centers, restaurants, and a variety of professional services caters to a diverse clientele. Furthermore, its close proximity to the University of North Carolina Wilmington (UNCW) makes it an attractive location for businesses targeting both the student population and the broader community. Ample parking is available, adding to the overall convenience and appeal. The property is zoned O&I and its APN is 3137-24-4107.000. This is an exceptional opportunity to establish a presence in a thriving and dynamic area of Wilmington. The cross street is Wrightsville Ave.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,610,000
      6.5%
      $2,405,000
      7%
      $2,235,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,326,000
      Market price range: $1.37M - $3.77M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,625,000
      MEDICAL BUILDING
      $3,505,000
      AUTO REPAIR, GARAGE
      $3,295,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9004
    Latitude
    34.2235
    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
    $10,502
    $123,200
    $1,534,000
    $1,657,200
    -
    $123,200
    $1,534,000
    $1,657,200

    Comparable in this City

    • Value Estimation by Request
      560 SF

      102 Old Eastwood Rd Ste C2

      OFFICE BUILDING • 560 SF
      102 Old Eastwood Rd Ste C2, Wilmington, NC 28403-1876
      View Details
    • Value Estimation
      $3,170,000
      13,914 SF

      5911 Oleander Dr

      OFFICE BUILDING • 13,914 SF
      5911 Oleander Dr, Wilmington, NC 28403-4787
      View Details
    • Value Estimation
      $5,625,000
      22,918 SF

      102 Autumn Hall Dr

      OFFICE BUILDING • 22,918 SF
      102 Autumn Hall Dr, Wilmington, NC 28403-2056
      View Details
    • Value Estimation
      $6,100,000
      27,096 SF

      101 Autumn Hall Dr

      OFFICE BUILDING • 27,096 SF
      101 Autumn Hall Dr, Wilmington, NC 28403-1974
      View Details
    • Value Estimation
      $1,190,000
      5,448 SF

      210 Avondale Ave

      OFFICE BUILDING • 5,448 SF
      210 Avondale Ave, Wilmington, NC 28403-7059
      View Details
    • Value Estimation
      $8,020,000
      39,286 SF

      3205 Randall Pkwy

      OFFICE BUILDING • 39,286 SF
      3205 Randall Pkwy, Wilmington, NC 28403-2564
      View Details

    Similar Nearby for Sale

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      Wilmington Office Building For Sale

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      Midtown Wilmington Mixed-Use Property

      Commercial mixed-use property in Midtown Wilmington with flexible floor plan.
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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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    • $20 SF/Yr
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      Midtown Wilmington Office Space

      Prime Office, 3,863+ SF Available
      3408 Wilshire Blvd, Wilmington, NC 28403
      View Details
    • $25 SF/Yr
      1,500 SF

      Retail/Office Space Near University

      1,500 SF retail or office space near UNCW.
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    • $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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    • $17 SF/Yr
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      Office Space Near Downtown Wilmington

      Office unit with private offices, restroom, and kitchenette available for rent.
      2202 Wrightsville Ave, Wilmington, NC 28403
      View Details
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    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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