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    717 Market St, Unit L Wilmington, NC 28401
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    Property profile & analytics

    717 Market St, Unit L Wilmington, NC 28401

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    • Office buildings
    • 8,994 SF
    • 0.67 lot acres
    For Sale
    $3,900,000
    View Listing →
    Downtown Wilmington Co-Working Space For Sale
    $3,900,000
    0.50 Acres

    Downtown Wilmington Co-Working Space

    Collaborative co-working space in downtown Wilmington, North Carolina.

    717 Market Street L, Wilmington, NC 28401
    View Listing
    Property ID
    US53-0921189
    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.
    Value Estimations
    Cap Rate Potential
    3%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Employment Security Commission / Employment Agency

    Property Details for 717 Market St

    Year built
    1961
    Construction
    CONCRETE
    Lot size
    0.67 lot acres
    Property size
    8,994 SF
    Zone code
    UMX
    Property type
    Office buildings
    APN
    R04817-027-008-000
    APU
    R04817027008000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,025,000
      ML approach
      $4,170,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,558,000
      Market price range: $2.00M - $5.29M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,220,000
      Current use
      RESTAURANT
      $2,985,000
      Change: -7% Conversion: Moderate
      MEDICAL BUILDING
      $2,920,000
      Change: -9% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,635,000
      Change: -18% Conversion: Difficult
      RETAIL STORES
      $2,615,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.94
    Latitude
    34.2365
    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
    $9,839
    $341,700
    $822,700
    $1,164,400
    -
    $341,700
    $822,700
    $1,164,400

    Comparable in this City

    • Value Estimation
      $7,975,000
      39,948 SF

      272 Frnt St

      OFFICE BUILDING • 39,948 SF
      272 Frnt St, Wilmington, NC 28401-4059
      View Details
    • Value Estimation
      $8,735,000
      39,600 SF

      152 Frnt St

      OFFICE BUILDING • 39,600 SF
      152 Frnt St, Wilmington, NC 28401-4044
      View Details
    • Value Estimation
      $6,335,000
      21,884 SF

      1650 Greenfield St

      OFFICE BUILDING • 21,884 SF
      1650 Greenfield St, Wilmington, NC 28401-6456
      View Details
    • Value Estimation by Request
      620 SF

      1016 2nd St

      OFFICE BUILDING • 620 SF
      1016 2nd St, Wilmington, NC 28401-5606
      View Details
    • Value Estimation
      $17,930,000
      84,760 SF

      20 4th St

      OFFICE BUILDING • 84,760 SF
      20 4th St, Wilmington, NC 28401-4553
      View Details
    • Value Estimation by Request
      456 SF

      206 4th St Ste, Unit 14

      OFFICE BUILDING • 456 SF
      206 4th St Ste, Wilmington, NC 28401-4028
      View Details

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      21,600 SF

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      Downtown Wilmington Multi-Tenant Office Building

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      120 SF

      Downtown Wilmington Co-Working Space

      Collaborative co-working space in downtown Wilmington, North Carolina.
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      View Details
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      1,008 SF

      Downtown Wilmington Condo with Views

      Furnished condo with river and city views in Wilmington.
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      Downtown Wilmington Class-A Office Space

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      568 SF

      Class-A Office Building For Rent

      Class-A office building with on-site parking and recent renovations.
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    • $12,000 /Mo
      6,118 SF

      Wilmington Industrial Facility with Yard

      Freestanding industrial facility with warehouse, office, and secured yard.
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    • $23 SF/Yr

      Downtown Wilmington Executive Office Space

      Furnished office space in downtown Wilmington, short-term leases.
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      View Details
    • Contact for pricing

      Rare City Block for Lease

      City block near downtown Wilmington with two buildings and parking.
      1507 Greenfield St, Wilmington, NC 28401
      View Details
    View Listing
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    Wilmington, NC 28401
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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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