1911 17Th StWilmington, NC 28401

Property Details for 1911 17Th St

Year built

2004

Construction

STEEL FRAME

Lot size

0.08 AC

Property size (Sq ft)

3,618 SF

Zone code

O&I,OFFICE & INSTITUTION

Property type

Healthcare properties

Property subtype

Medical offices

APN

R05419-003-002-003

APU

R05419003002003

Description

This exceptional single-tenant, net-lease medical office building presents a compelling investment opportunity. Located at 1911 S 17th St, Wilmington, NC 28401, this Class B property boasts 7,286 square feet across two units within a single, one-story building constructed in 2004. The property sits on a 5.39-acre lot and is zoned O&I-1. The current lease, with a tenant in place, is a 5-year fixed-rate net lease expiring April 30, 2028, with one 5-year option available. The building has undergone significant improvements by the landlord to accommodate the current tenant. The property's strong financial performance is highlighted by a 7.00% cap rate and a 2023 NOI of $138,509. The asking price is $1,978,703, translating to $271.58 per square foot. The 2023 gross annual rent is $160,292.00, with operating expenses of $10,571.36 and taxes of $11,211.46. This property offers a stable, long-term investment with a proven track record and significant upside potential. The property's location in Wilmington, NC, provides excellent access to a growing healthcare market. The parcel numbers are R05419-003-002-003 and R05419-003-002-004.

• CAP approach

  CAP return

  Valuation

  6%

  $876,982

  6.5%

  $809,521

  7%

  $751,698

• Comparable approach

  Method

  Valuation

  Relative Method

  $957,762

  Geo Method

  $830,476

• Alternative Use

  Use

  Valuation

  Residential

  $1,003,806

  Hospitality

  $919,481

  Educational

  $764,998

  Medical

  $791,307

  Retail

  $1,189,996

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.212

Longitude

-77.9244

CBSA code

48900

CBSA name

WILMINGTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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