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    Property profile & analytics

    505 Covil Ave Wilmington, NC 28403-2631

    • Manufacturing properties
    • 21,373 SF
    • 1.66 lot acres
    OFF-MARKET
    Value Estimations
    $2,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1380299
    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

    • Grainger Industrial Supply / (Bike/Boat/Book/etc) Store / Building Supply

    Property Details for 505 Covil Ave

    Year built
    1989
    Construction
    STEEL & CONCRETE
    Lot size
    1.66 lot acres
    Property size
    21,373 SF
    Zone code
    LI
    Property type
    Manufacturing properties
    APN
    R05505-004-003-005
    APU
    R05505004003005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,365,000
      Market price range: $723k - $3.44M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,510,000
      Current use
      RETAIL STORES
      $3,000,000
      Change: +20% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $2,685,000
      Change: +7% Conversion: Difficult
      MEDICAL BUILDING
      $2,620,000
      Change: +4% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $2,475,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.904
    Latitude
    34.2299
    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
    2024
    $12,414
    $319,700
    $1,107,200
    $1,426,900
    -
    $319,700
    $1,107,200
    $1,426,900

    Comparable in this City

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      $515,000
      3,040 SF

      2007 Dawson St

      LUMBER & WOOD PRODUCT MFG • 3,040 SF
      2007 Dawson St, Wilmington, NC 28403-2352
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    • Value Estimation by Request
      3,360 SF

      2145 Dexter St

      LUMBER & WOOD PRODUCT MFG • 3,360 SF
      2145 Dexter St, Wilmington, NC 28403-0235
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    • Value Estimation
      $850,000
      6,900 SF

      2137 Wrightsville Ave

      LUMBER & WOOD PRODUCT MFG • 6,900 SF
      2137 Wrightsville Ave, Wilmington, NC 28403-0270
      View Details
    • Value Estimation by Request
      1,800 SF

      209 Old Eastwood Rd

      LUMBER & WOOD PRODUCT MFG • 1,800 SF
      209 Old Eastwood Rd, Wilmington, NC 28403-1853
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    • Value Estimation by Request
      0.18 Acres

      2146 Fowler St

      LUMBER & WOOD PRODUCT MFG • 0.18 Acres
      2146 Fowler St, Wilmington, NC 28403
      View Details
    • Value Estimation
      $1,725,000
      18,682 SF

      3801 Market St

      LUMBER & WOOD PRODUCT MFG • 18,682 SF
      3801 Market St, Wilmington, NC 28403-1401
      View Details

    Similar Nearby for Sale

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      Commercial Land with Multi-Use Building

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      1,405 SF

      Wilmington Commercial Lots with Warehouse

      Two commercial lots with warehouse in Wilmington's Cargo District.
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      Commercial Property with 1940s Charm

      Commercial-zoned property with multiple rooms suitable for office use.
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      Airlie at Wrightsville Sound Homesite

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      Prime Wilmington Development Opportunity

      CS-zoned land in Wilmington's growth corridor with high visibility.
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      Wilmington Land For Sale

      Land available in central Wilmington, close to downtown.
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    Similar Nearby for Lease

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      648 SF

      Wilmington Commercial Unit For Lease

      648 sq ft commercial unit ideal for office/industrial use.
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      New Flex Space For Lease

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      4,800 SF

      Versatile Flex/Industrial Buildings For Lease

      Two adjoining flex/industrial buildings totaling 7,300 SF for lease.
      20 Covil Ave, Wilmington, NC 28403
      View Details
    • $18 SF/Yr
      2,581 SF

      Versatile Office/Flex Space Available

      Office/flex space in desirable Seagate community, suitable for various uses.
      5740 Park Ave, Wilmington, NC 28403
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    • $1,275 /Mo
      856 SF

      Flexible Office/Retail Space Available

      Move-in ready, adaptable space in prime Wilmington location.
      109 Hinton Ave Unit, Wilmington, NC 28403
      View Details
    • Contact for pricing
      58,950 SF

      Centrally Located Industrial Facility

      58,950 SF industrial facility in central New Hanover County.
      2405 Wrightsville Ave, Wilmington, NC 28403
      View Details
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    505 Covil Ave
    Wilmington, NC 28403-2631
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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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