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    Property profile & analytics

    8115 Market St Wilmington, NC 28411

    • Medical offices
    • 5,368 SF
    For Lease
    View listing
    $24 SF/Yr
    Last Sale
    Jun 15, 2022
    $1,800,000
    Value Estimations
    $1,840,000
    Cap Rate Potential
    2.1%
    Medical offices
    Location Intelligence
    Property ID
    US53-2370776
    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

    • Connect(x) HealthWare / (Bike/Boat/Book/etc) Store / Corporate Office
    • Talley Brian C DDS / Dental Office
    • Provis Media / Marketing & Advertising
    • Medac Urgent Care (Porters Neck) / Medical Clinic
    • Thrive Family Dental / Dental Office

    Property Details for 8115 Market St

    Year built
    2005
    Property size
    5,368 SF
    Zone code
    B-2,BUSINESS DISTRICT
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    R03600-003-124-001
    APU
    R03600003124001

    Description

    This premier three-story, 60,000-square-foot Class A office condominium building in Wilmington, NC's desirable Porters Neck submarket offers exceptional visibility and accessibility. Located at 8115 Market Street, it boasts direct access and proximity to Bayshore Commons Shopping Center, ensuring high traffic flow. The building, constructed in 2006, features a modern design by architect Michael Kersting, including three stairwells and two elevators servicing all three floors. Ample parking is provided with approximately 238 spaces. The property is zoned B-2 within New Hanover County and has an estimated annual TICAM of $3.75 per square foot. Currently, the building houses a strong tenant roster including Medac, EmergeOrtho, and Benjamin Friberg, DDS, PLLC. Flexible lease and purchase options are available, with a minimum divisible space of 3,449 square feet and a maximum contiguous space of 7,523 square feet. A total of 15,874 square feet is currently vacant. One specific unit, Space 2C-X, is available for purchase at $595,000. The property sits on a 3.9-acre lot.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,210,000
      ML approach
      $2,230,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,148,000
      Market price range: $1.15M - $2.27M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,630,000
      Current use
      RESTAURANT
      $2,160,000
      Change: +33% Conversion: Difficult
      OFFICE BUILDING
      $1,745,000
      Change: +7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,530,000
      Change: -6% Conversion: Difficult
      RETAIL STORES
      $1,465,000
      Change: -10% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,325,000
      Change: -19% 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
    -77.7952
    Latitude
    34.2973
    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
    $3,791
    $0.00
    $725,500
    $725,500
    -
    $0.00
    $725,500
    $725,500

    Comparable in this City

    • Value Estimation
      $5,030,000
      25,628 SF

      7420 Market St

      MEDICAL CLINIC • 25,628 SF
      7420 Market St, Wilmington, NC 28411-9453
      View Details
    • Value Estimation
      $770,000
      3,982 SF

      109 Mendenhall Dr, Unit A

      MEDICAL CLINIC • 3,982 SF
      109 Mendenhall Dr, Wilmington, NC 28411-9124
      View Details
    • Value Estimation
      $2,595,000
      2.21 Acres

      9010 Senca Dr

      MEDICAL BUILDING • 2.21 Acres
      9010 Senca Dr, Wilmington, NC 28411-6677
      View Details
    • Value Estimation by Request
      1,530 SF

      8115 Market St, Unit 2D

      MEDICAL CLINIC • 1,530 SF
      8115 Market St, Wilmington, NC 28411-8427
      View Details
    • Value Estimation
      $4,300,000
      6,018 SF

      8115 Market St, Unit 1C-R

      MEDICAL CLINIC • 6,018 SF
      8115 Market St, Wilmington, NC 28411-8427
      View Details
    • Value Estimation by Request
      2,539 SF

      8131 Market St

      MEDICAL CLINIC • 2,539 SF
      8131 Market St, Wilmington, NC 28411-9387
      View Details

    Similar Nearby for Sale

    • $595,000
      3,507 SF

      Wilmington Medical Office Condo

      Prime location, vacant, 3,507 sq ft.
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      Wilmington Retail/Office Opportunity

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      Porters Neck Office Condo

      Premier office building in Wilmington's Porters Neck submarket.
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    • $630,290

      Porters Neck Wooded Parcel

      5+ acre wooded parcel in developing Porters Neck area.
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      Market Street Commercial Redevelopment Opportunity

      High-visibility commercial property on Market Street, Wilmington, NC.
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    Similar Nearby for Lease

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    • $950 /Mo
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      Executive Office Space For Rent

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    • Contact for pricing
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      Wilmington Retail Center Opportunity

      Prime Ogden location, multiple spaces available.
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    • $28 SF/Yr
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      Retail space available for lease in established shopping center.
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    8115 Market St
    Wilmington, NC 28411
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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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