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    Property profile & analytics

    609 Piner Rd Wilmington, NC 28409-4201

    • Strip malls
    • 5,280 SF
    • 0.96 lot acres
    OFF-MARKET
    Last Sale
    Nov 02, 2022
    Value Estimations
    $720,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2056790
    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

    • Roof Guy LLC / General Contractor
    • CSMediaPro LLC / (Bike/Boat/Book/etc) Store / Corporate Office
    • J. Michael's Philly Deli / Food Market / Restaurant
    • Shug's Sweet Shoppe / Bakery / Specialty Food Shop
    • Go IT / Computer & Electronic Repair

    Property Details for 609 Piner Rd

    Year built
    1990
    Construction
    CONCRETE
    Lot size
    0.96 lot acres
    Property size
    5,280 SF
    Zone code
    B-2,BUSINESS DISTRICT
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    R07610-005-002-000
    APU
    R07610005002000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $930,000
      6.5%
      $860,000
      7%
      $800,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $508,000
      Market price range: $208k - $844k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,165,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8923
    Latitude
    34.1399
    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
    $4,778
    $344,000
    $465,300
    $809,300
    -
    $344,000
    $465,300
    $809,300

    Comparable in this City

    • Value Estimation
      $775,000
      5,063 SF

      3301 Masonboro Loop Rd

      SHOPPING CENTER, STRIP CENTER • 5,063 SF
      3301 Masonboro Loop Rd, Wilmington, NC 28409-3727
      View Details
    • Value Estimation
      $690,000
      4,800 SF

      4039 Masonboro Loop Rd

      SHOPPING CENTER, STRIP CENTER • 4,800 SF
      4039 Masonboro Loop Rd, Wilmington, NC 28409-3683
      View Details
    • Value Estimation
      $1,615,000
      9,076 SF

      3315 Masonboro Loop Rd

      SHOPPING CENTER, STRIP CENTER • 9,076 SF
      3315 Masonboro Loop Rd, Wilmington, NC 28409-3685
      View Details
    • Value Estimation
      $7,365,000
      46,209 SF

      805 Pne Grv Dr

      GROCERY, SUPERMARKET • 46,209 SF
      805 Pne Grv Dr, Wilmington, NC 28409-5601
      View Details
    • Value Estimation
      $1,240,000
      7,606 SF

      810 Pne Grv Dr

      RETAIL STORES (PERSONAL SERVICES) • 7,606 SF
      810 Pne Grv Dr, Wilmington, NC 28409
      View Details
    • Value Estimation by Request
      1,750 SF

      1117 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 1,750 SF
      1117 Elm St, Wilmington, NC 28409
      View Details

    Similar Nearby for Sale

    • $6,500,000
      46,209 SF

      Wilmington Retail Center - Prime Location

      High-traffic retail space, ample parking.
      805 Pne Grv Dr Dr, Wilmington, NC 28409
      View Details
    • New
      $2,200,000
      0.91 Acres

      Waterfront Land on Myrtle Grove

      Prime Intracoastal Waterway frontage with development potential.
      7663 Myrtle Grove Rd, Wilmington, NC 28409
      View Details
    • New
      $1,295,000
      2.11 Acres

      Wilmington Land with Development Potential

      2.11 acres with home, development potential, and prominent frontage.
      4000 Masonboro Loop Rd, Wilmington, NC 28409
      View Details
    • New
      $249,000
      0.82 Acres

      Wilmington Homesite with Water Access

      0.82-acre homesite with Intracoastal Waterway access near Carolina Beach.
      1307 Burnett Rd, Wilmington, NC 28409
      View Details
    • New
      $204,900
      0.43 Acres

      Residential Land Near Wrightsville Beach

      0.43-acre build-ready lot near Wrightsville Beach, no HOA.
      610 Dogwood Ln, Wilmington, NC 28409
      View Details
    • New
      $849,000
      0.39 Acres

      Marsh Front Homesite with Views

      Homesite in gated community with Intracoastal Waterway views.
      1347 Tidalwalk Dr, Wilmington, NC 28409
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      19,072 SF

      Masonboro Loop Retail Center

      Wilmington, NC retail space available. High-traffic location.
      3315 Masonboro Loop Rd, Wilmington, NC 28409
      View Details
    • Contact for pricing

      Retail and Hospitality Building

      Multi-tenant building in New Hanover County with Oleander Road frontage.
      404 51St St, Wilmington, NC 28409
      View Details
    • Contact for pricing
      45,569 SF

      Prime Retail Redevelopment Opportunity

      Redevelopment opportunity in a dynamic, fast-growing Wilmington corridor.
      805 Pine Grove Dr, Wilmington, NC 28409
      View Details
    • Contact for pricing
      10,150 SF

      New Class A Office Space

      New office building with customizable floor plans for lease.
      701 Piner Rd, Wilmington, NC 28409
      View Details
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    Wilmington, NC 28409-4201
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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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