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    905 N 23Rd St Wilmington, NC 28405

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    905 N 23Rd St Wilmington, NC 28405

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    • Warehouses
    • 4,560 SF
    • 1.66 lot acres
    For Lease
    $12 SF/Yr
    View Listing →
    Warehouse Space Near Airport For Lease
    $12 SF/Yr
    10,000 SF

    Warehouse Space Near Airport

    Industrial warehouse space available for lease near the airport.

    905 N 23rd St, Wilmington, NC
    View Listing
    Property ID
    US53-1342901
    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
    $1,185,000
    Cap Rate Potential
    4.2%
    Warehouses
    Location Intelligence

    Current Use by Public Records

    • Specialized Mechanical Services,Inc - Volvo Penta / Big Box & Wholesale Store / (Bike/Boat/Book/etc) Store
    • Specialized Mechanical Services, Inc / Auto Repair Shop

    Property Details for 905 N 23Rd St

    Year built
    1976
    Construction
    STEEL FRAME
    Lot size
    1.66 lot acres
    Property size
    4,560 SF
    Zone code
    AI,AIRPORT INDUSTRIAL
    Property type
    Warehouses
    APN
    R04811-001-028-000
    APU
    R04811001028000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,360,000
      ML approach
      $1,400,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $940,000
      6.5%
      $870,000
      7%
      $805,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,125,000
      Current use
      MEDICAL BUILDING
      $1,385,000
      Change: +23% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,300,000
      Change: +16% Conversion: Easy
      RETAIL STORES
      $1,245,000
      Change: +11% Conversion: Moderate
      OFFICE BUILDING
      $1,130,000
      Change: +0% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,060,000
      Change: -6% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,005,000
      Change: -11% 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
    -77.9212
    Latitude
    34.2491
    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
    $10,493
    $547,400
    $658,700
    $1,206,100
    -
    $547,400
    $658,700
    $1,206,100

    Comparable in this City

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      21,600 SF

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      WAREHOUSE, STORAGE • 21,600 SF
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      12,425 SF

      215 Grn Mdws Dr

      WAREHOUSE, STORAGE • 12,425 SF
      215 Grn Mdws Dr, Wilmington, NC 28405
      View Details
    • Value Estimation
      $12,405,000
      98,027 SF

      806 23rd St

      WAREHOUSE, STORAGE • 98,027 SF
      806 23rd St, Wilmington, NC 28405-1802
      View Details
    • Value Estimation by Request
      2,262 SF

      2943 Orville Wright Way Ste, Unit 120

      WAREHOUSE, STORAGE • 2,262 SF
      2943 Orville Wright Way Ste, Wilmington, NC 28405-8741
      View Details
    • Value Estimation
      $1,575,000
      11,800 SF

      1504 Kerr Ave

      WAREHOUSE, STORAGE • 11,800 SF
      1504 Kerr Ave, Wilmington, NC 28405-1110
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      40,000 SF

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      40,000 SF industrial building on 4.5 acres for sale.
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      Office/Warehouse Condo For Sale

      Office/warehouse condominium in North Kerr Industrial Park.
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      3,000 SF

      Office/Warehouse Space in Industrial Park

      15,000 SF office/warehouse with four units in Wilmington, NC.
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      New Hanover County Industrial Space

      Modern, customizable industrial space for lease in Wilmington, NC.
      1402 N 23Rd St, Wilmington, NC 28405
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    • $800,000
      8,212 SF

      Wilmington Redevelopment Opportunity

      Two parcels with existing buildings in a desirable location.
      2006/2010 Princess Place Dr, Wilmington, NC 28405
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      972 SF

      Wilmington Office Space - Great Buy!

      972 sq ft Office, Prime Location, $210,000
      108 Kerr Ave, Wilmington, NC 28405
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Warehouse Space Near Airport

      Industrial warehouse space available for lease near the airport.
      905 N 23Rd St, Wilmington, NC 28405
      View Details
    • Contact for pricing

      Industrial Space For Lease

      28,390± SF industrial space available in Wilmington, North Carolina.
      1519 N 23Rd St, Wilmington, NC 28405
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      7,840 SF

      Office/Warehouse Space in Murrayville Station

      7,840 SF of office/warehouse space for sublease.
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      Renovated Industrial Building with Yard

      Single-tenant industrial building with laydown yard, available August 2025.
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      View Details
    • Contact for pricing

      Wilmington Industrial Space Available

      28,390± SF industrial space for lease in Wilmington, NC.
      1519 North 23Rd St, Wilmington, NC 28405
      View Details
    • Contact for pricing
      110,500 SF

      Warehouse/Distribution Space in Airgate

      110,500 SF warehouse/distribution space for lease.
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    View Listing
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    Wilmington, NC 28405
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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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    905 N 23Rd St, Wilmington, NC, 28405

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