Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3505 Converse Rd Ste, Unit 175 Wilmington, NC 28403-6174

    • Office Properties & Spaces
    • 5,518 SF
    • 2.43 lot acres
    OFF-MARKET
    Value Estimations
    $1,565,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4766712
    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

    • Office Properties & Spaces

    Property Details for 3505 Converse Rd Ste

    Year built
    2001
    Lot size
    2.43 lot acres
    Property size
    5,518 SF
    Zone code
    RB,REGIONAL BUSINESS
    Property type
    Office Properties & Spaces
    APN
    R06113-001-007-003
    APU
    R06113001007003

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,245,000
      6.5%
      $1,150,000
      7%
      $1,070,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,801,000
      Market price range: $656k - $1.80M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,930,000
      Current use
      RESTAURANT
      $2,255,000
      Change: +17% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,730,000
      Change: -10% Conversion: Easy
      MEDICAL BUILDING
      $1,675,000
      Change: -13% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,575,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9072
    Latitude
    34.1989
    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
    $0.00
    $1,369,900
    $1,369,900
    -
    $0.00
    $1,369,900
    $1,369,900

    Comparable in this City

    • Value Estimation by Request
      560 SF

      102 Old Eastwood Rd Ste A3

      CONDOMINIUM OFFICES • 560 SF
      102 Old Eastwood Rd Ste A3, Wilmington, NC 28403-0512
      View Details
    • Value Estimation by Request
      560 SF

      102 Old Eastwood Rd Ste A2

      CONDOMINIUM OFFICES • 560 SF
      102 Old Eastwood Rd Ste A2, Wilmington, NC 28403-0512
      View Details
    • Value Estimation by Request
      225 SF

      265 Racine Dr Ste 100a

      CONDOMINIUM OFFICES • 225 SF
      265 Racine Dr Ste 100a, Wilmington, NC 28403-8745
      View Details
    • Value Estimation by Request
      795 SF

      5020 Randall Pkwy

      CONDOMINIUM OFFICES • 795 SF
      5020 Randall Pkwy, Wilmington, NC 28403-2829
      View Details
    • Value Estimation by Request
      960 SF

      3803 Wrightsville Ave Ste, Unit 9

      CONDOMINIUM OFFICES • 960 SF
      3803 Wrightsville Ave Ste, Wilmington, NC 28403-6232
      View Details
    • Value Estimation by Request
      960 SF

      3801 Wrightsville Ave Ste, Unit 5

      CONDOMINIUM OFFICES • 960 SF
      3801 Wrightsville Ave Ste, Wilmington, NC 28403-6234
      View Details

    Similar Nearby for Sale

    • New
      $979,000
      3,579 SF

      Midtown Wilmington Mixed-Use Opportunity

      Commercial mixed-use property in Midtown Wilmington with flexible floor plan.
      5018 Oleander Dr, Wilmington, NC 28403
      View Details
    • $999,999
      3,812 SF

      Free-Standing Office Building For Sale

      Commercial office building with high visibility and ample parking.
      2909 Market St, 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
    • $979,000

      Midtown Wilmington Mixed-Use Property

      Commercial mixed-use property in Midtown Wilmington with flexible floor plan.
      5018 Oleander Dr, Wilmington, NC 28403
      View Details
    • $175,000

      Carolina Place Office Condo

      Second-floor office space with tenant in place until 2027.
      5024 Randall Pkwy, Wilmington, NC 28403
      View Details
    • $2,450,000
      10,487 SF

      Market Street Office Building

      Two-story office building with high visibility and ample parking.
      2419 Market St, Wilmington, NC 28403
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1 SF

      Wilmington Executive Office Suite

      Prime Wilmington Office, 1 Acre Lot
      902 College Rd, Wilmington, NC 28403
      View Details
    • $18 SF/Yr
      24,022 SF

      Crossroads Executive Suites

      Wilmington, NC Office Space Available
      890 Kerr Ave, Wilmington, NC 28403
      View Details
    • $20 SF/Yr
      261,240 SF

      Wilmington Retail Space Available

      Prime Wilmington retail/office space, flexible layouts.
      111 Kerr Ave, Wilmington, NC 28403
      View Details
    • $28 SF/Yr
      841 SF

      Prime Executive Office Suite

      841 sq ft, 4 rooms, Kent Street
      1901 Kent St, Wilmington, NC 28403
      View Details
    • $20 SF/Yr
      11,550 SF

      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.
      4401 Oleander Dr, 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.
    3505 Converse Rd Ste, Unit 175
    Wilmington, NC 28403-6174
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.