2033 Corporate DrWilmington, NC 28405

Property Details for 2033 Corporate Dr

Year built

2007

Lot size

2.19 AC

Property size (Sq ft)

22,880 SF

Zone code

PD,PLANNED DEVELPMNT

Property type

Office properties

Property subtype

Office buildings

APN

R02620-003-024-000

APU

R02620003024000

Description

This exceptional investment opportunity presents a fully leased, 22,893 square foot Class B office building located at 2033 Corporate Drive in Wilmington, North Carolina. The property boasts a strong 7.43% cap rate and a substantial net operating income (NOI) of $263,618, reflecting a current asking price of $3,550,000. Situated in the Northchase Industrial Park, this multi-tenant building offers convenient access to major roadways including I-40 and I-140, as well as Downtown Wilmington and the Wilmington International Airport. Built in 2008, the property features 77 surface parking spaces and is zoned PD - Planned Development District. The 2.19-acre lot is currently 100% occupied by two tenants: Pike Engineering, leasing units 100 and 200, and Pharmacy Healthcare Innovations, occupying unit 201. This prime location, coupled with the strong financial performance and stable tenancy, makes this an attractive investment prospect for discerning buyers seeking a high-return, low-risk opportunity in a thriving market. The property's strategic location near N. College Road and behind Laney High School provides excellent visibility and accessibility. The building's strong occupancy and consistent cash flow make it an ideal addition to any commercial real estate portfolio. The price per square foot is $155.07. The property's location offers easy access to major transportation arteries, enhancing its appeal to both tenants and investors.

• CAP approach

  CAP return

  Valuation

  6%

  $5,545,974

  6.5%

  $5,119,362

  7%

  $4,753,692

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,056,828

  Geo Method

  $5,251,875

• Alternative Use

  Use

  Valuation

  Residential

  $6,348,008

  Hospitality

  $5,814,741

  Educational

  $4,837,796

  Medical

  $5,004,176

  Retail

  $7,525,461

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.3013

Longitude

-77.87

CBSA code

48900

CBSA name

WILMINGTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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