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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6504 Market St Wilmington, NC 28405-3733

    • Automotive properties
    • 1,420 SF
    • 0.40 lot acres
    OFF-MARKET
    Last Sale
    May 03, 2024
    $525,000
    Value Estimations
    $535,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1648877
    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

    • T & G Value Center - Automotive dealership / Used Car Dealer
    • Mike Griffin's Auto Sales / Used Car Dealer

    Property Details for 6504 Market St

    Year built
    1988
    Construction
    WOOD FRAME
    Lot size
    0.40 lot acres
    Property size
    1,420 SF
    Zone code
    RB,REGIONAL BUSINESS
    Property type
    Automotive properties
    APN
    R04319-002-004-000
    APU
    R04319002004000

    Description

    This exceptional 1,420 square foot retail property at 6504 Market Street in Wilmington, North Carolina (zip code 28405), offers a unique investment opportunity. Situated on a nearly half-acre lot, this single-tenant space previously served as a car dealership, making it ideally suited for a similar business. The property boasts a highly visible location within Wilmington's established auto dealership district, ensuring high traffic volume and excellent exposure to Market Street's daily commuters. Ample signage opportunities exist, both on the building itself and via a roadside marquee, maximizing brand visibility. The existing layout is readily adaptable for various automotive-related uses, including used car dealerships, auto repair shops, detailing services, or car rental agencies. However, the versatile space could also accommodate other commercial ventures. Easy access from Market Street ensures convenient customer access, contributing to increased foot traffic and sales potential. This property presents a compelling chance to establish or expand a business within a thriving commercial hub. The location's strategic placement within the heart of Wilmington's auto dealership district provides a significant competitive advantage.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $525,000
      ML approach
      $525,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $564,000
      Market price range: $244k - $695k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $405,000
      Current use
      MEDICAL BUILDING
      $430,000
      Change: +6% Conversion: Difficult
      RETAIL STORES
      $385,000
      Change: -4% Conversion: Difficult
      OFFICE BUILDING
      $350,000
      Change: -13% Conversion: Difficult
      WAREHOUSE, STORAGE
      $350,000
      Change: -14% Conversion: Easy
      COMMERCIAL (GENERAL)
      $330,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8411
    Latitude
    34.256
    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
    $3,131
    $298,700
    $71,800
    $370,500
    -
    $298,700
    $71,800
    $370,500

    Comparable in this City

    • Value Estimation
      $1,390,000
      56,458 SF

      5640 Market St

      VEHICLE SALES, RENTALS • 56,458 SF
      5640 Market St, Wilmington, NC 28405-3512
      View Details
    • Value Estimation
      $465,000
      12,300 SF

      2535 Blue Clay Rd

      VEHICLE SALES, RENTALS • 12,300 SF
      2535 Blue Clay Rd, Wilmington, NC 28405-8611
      View Details
    • Value Estimation
      $565,000
      0.54 Acres

      5926 Market St

      VEHICLE SALES, RENTALS • 0.54 Acres
      5926 Market St, Wilmington, NC 28405
      View Details
    • Value Estimation
      $305,000
      4,800 SF

      6405 Market St

      VEHICLE SALES, RENTALS • 4,800 SF
      6405 Market St, Wilmington, NC 28405-3730
      View Details
    • Value Estimation
      $405,000
      5,000 SF

      6480 Market St

      VEHICLE SALES, RENTALS • 5,000 SF
      6480 Market St, Wilmington, NC 28405-3752
      View Details
    • Value Estimation
      $1,185,000
      38,925 SF

      6030 Market St

      VEHICLE SALES, RENTALS • 38,925 SF
      6030 Market St, Wilmington, NC 28405-3618
      View Details

    Similar Nearby for Sale

    • $5,850,000

      Market Street Automotive/Retail Opportunity

      6.01 acres with 12,000 SF multi-tenant buildings for sale.
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      4,650 SF

      New 7-Eleven in Wilmington, NC

      New construction 7-Eleven located in Wilmington's commercial corridor.
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      Wilmington Retail/Showroom Opportunity

      8,000 SF retail/showroom building with high visibility.
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      Three-building retail property with road frontage and full occupancy.
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    Similar Nearby for Lease

    • $18 SF/Yr
      20,000 SF

      Retail Space Near Costco, Academy

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    • Contact for pricing
      1,200 SF

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      Retail space available with high traffic and excellent access.
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      View Details
    • $850 /Mo
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      Retail space available for lease in Cardinal Trade Center.
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      Wilmington Commercial Space For Lease

      Up to 58,005 SF available in high-traffic Wilmington corridor.
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    • Contact for pricing

      Wilmington Retail Land Opportunity

      Prime 1-acre site, high visibility.
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      Retail Spaces on Military Cutoff

      Two 1,200 SF retail spaces with excellent access.
      1113 Military Cutoff Rd, Wilmington, NC 28405
      View Details
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    6504 Market St
    Wilmington, NC 28405-3733
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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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