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    Property profile & analytics

    5000 Market St Wilmington, NC 28405

    • Strip malls
    • 37,860 SF
    • 6.33 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Last Sale
    Dec 16, 2021
    $6,350,000
    Value Estimations
    $7,650,000
    Cap Rate Potential
    5.3%
    Strip malls
    Location Intelligence
    Property ID
    US53-1431572
    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

    • Miller-Motte College / Adult Education School / Technical School

    Property Details for 5000 Market St

    Year built
    1972
    Construction
    WOOD FRAME
    Lot size
    6.33 lot acres
    Property size
    37,860 SF
    Zone code
    RB,REGIONAL BUSINESS
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    R04915-002-009-000
    APU
    R04915002009000

    Description

    This exceptional retail property, located at 5000 Market Street in Wilmington, North Carolina, offers a unique investment opportunity. The 6.33-acre site boasts three buildings totaling 91,637 square feet, situated on a high-traffic corridor averaging 35,000 vehicles daily. Currently, the property features six suites, with 38,549 square feet of vacant space available for lease. The minimum divisible space is 1,931 square feet, while a maximum of 38,549 contiguous square feet is available. This flexible space, previously occupied by Miller-Motte College, a regional technical college, can be leased as-is or converted to a "vanilla box" format to suit larger tenants' needs. The property's prime location on Market Street places it near major retailers such as Costco, Target, Walmart, and Academy Sports, ensuring high visibility and foot traffic. Built in 1972, the single-story buildings offer convenient access and ample space. The property's proximity to I-40, S. Kerr Avenue, and N. College Road further enhances its accessibility and desirability. This is an excellent opportunity to establish a presence in a thriving Wilmington retail market. The property is less than one mile from I-40 and strategically positioned between S. Kerr Ave. and N. College Road. Miller-Motte College, occupying approximately 41,400 square feet, remains a significant tenant on the property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,575,000
      ML approach
      $8,620,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,675,000
      6.5%
      $6,160,000
      7%
      $5,720,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,596,000
      Market price range: $5.81M - $12.3M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $8,355,000
      Current use
      MEDICAL BUILDING
      $11,485,000
      Change: +37% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $10,810,000
      Change: +29% Conversion: Difficult
      RETAIL STORES
      $10,325,000
      Change: +24% Conversion: Easy
      OFFICE BUILDING
      $9,375,000
      Change: +12% Conversion: Moderate
      WAREHOUSE, STORAGE
      $9,340,000
      Change: +12% 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
    -77.8829
    Latitude
    34.2425
    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
    $60,750
    $1,928,400
    $5,260,900
    $7,189,300
    -
    $1,928,400
    $5,260,900
    $7,189,300

    Comparable in this City

    • Value Estimation
      $450,000
      750 SF

      6778 Market St

      SHOPPING CENTER, STRIP CENTER • 750 SF
      6778 Market St, Wilmington, NC 28405-3704
      View Details
    • Value Estimation
      $385,000
      4,800 SF

      14 Kenwood Ave

      SHOPPING CENTER, STRIP CENTER • 4,800 SF
      14 Kenwood Ave, Wilmington, NC 28405-2931
      View Details
    • Value Estimation
      $545,000
      10,836 SF

      6841 Market St

      SHOPPING CENTER, STRIP CENTER • 10,836 SF
      6841 Market St, Wilmington, NC 28405-7133
      View Details
    • Value Estimation
      $720,000
      12,345 SF

      400 Arboretum Dr

      SHOPPING CENTER, STRIP CENTER • 12,345 SF
      400 Arboretum Dr, Wilmington, NC 28405
      View Details
    • Value Estimation
      $330,000
      4,536 SF

      5042 Market St

      SHOPPING CENTER, STRIP CENTER • 4,536 SF
      5042 Market St, Wilmington, NC 28405-3430
      View Details
    • Value Estimation
      $390,000
      11,750 SF

      6621 Market St

      SHOPPING CENTER, STRIP CENTER • 11,750 SF
      6621 Market St, Wilmington, NC 28405
      View Details

    Similar Nearby for Sale

    • $2,700,000

      Market Street Retail Investment Opportunity

      Three-building retail property with road frontage and full occupancy.
      6747 Market St, Wilmington, NC 28405
      View Details
    • $2,750,000

      Leased Retail Property For Sale

      Fully leased retail property with long-term leases available for sale.
      6841 Market St, Wilmington, NC 28405
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    • $3,500,000

      Wilmington Retail/Showroom Opportunity

      8,000 SF retail/showroom building with high visibility.
      4616 Coddington Loop, Wilmington, NC 28405
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    • Contact for pricing
      4,650 SF

      New 7-Eleven in Wilmington, NC

      New construction 7-Eleven located in Wilmington's commercial corridor.
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    • $700,000
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      Versatile Commercial Property Near Medical Clinic

      Community business zoned property ideal for various ventures.
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      Wilmington Redevelopment Opportunity For Sale

      Redevelopment opportunity in Wilmington with existing buildings and ample frontage.
      2010 Princess Place Dr, Wilmington, NC 28405
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space on Military Cutoff

      Retail space available with high traffic and excellent access.
      1121 Military Cutoff Rd, Wilmington, NC 28405
      View Details
    • $23 SF/Yr
      2,750 SF

      Retail Space in University Square

      Retail space available in established Wilmington shopping destination.
      806-839 S College Rd, Wilmington, NC 28405
      View Details
    • $18 SF/Yr
      20,000 SF

      Retail Space Near Costco, Academy

      Pad-ready junior box space in Wilmington's commercial district.
      0-0 Gingerwood Dr, Wilmington, NC 28405
      View Details
    • Contact for pricing
      1,200 SF

      Retail Spaces on Military Cutoff

      Two 1,200 SF retail spaces with excellent access.
      1113 Military Cutoff Rd, Wilmington, NC 28405
      View Details
    • $850 /Mo
      650 SF

      Retail Space in Cardinal Trade

      Retail space available for lease in Cardinal Trade Center.
      122 Cardinal Drive Ext, Wilmington, NC 28405
      View Details
    • $16 SF/Yr
      58,005 SF

      Wilmington Commercial Space For Lease

      Up to 58,005 SF available in high-traffic Wilmington corridor.
      5744 Market St, Wilmington, NC 28405
      View Details
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    5000 Market St
    Wilmington, NC 28405
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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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