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100% Leased - ~9yrs Avg Term left 2725 Iron Gate Dr 21,000 SF 100% Leased Office Building Wilmington, NC 28412 $8,400,000 ($400/SF) 6.86% Cap Rate
INVESTMENT HIGHLIGHTS
- New, stabilized & 100% occupied, multi-tenanted Class-A office building.
- Unparalleled office market with strong fundamentals.
- Net leases with personal guarantees for 2 (of the 3) tenants.
- Anchored by Waccamaw Dermatology & NC Farm Bureau Insurance .
- Nearly 9 years weighted avg lease term remaining.
EXECUTIVE SUMMARY
2725 Iron Gate Drive is a newly constructed, fully leased, Class-A office building located in the Midtown Submarket of Wilmington, NC. This medical/general office building has great visibility and is adjacent to many other professional users.
There is nearly 9 years of weighted average lease term remaining with best-in-class tenants: NC Farm Bureau, Waccamaw Dermatology, and Palmetto Infusion.
There is nearly 9 years of weighted average lease term remaining with best-in-class tenants: NC Farm Bureau, Waccamaw Dermatology, and Palmetto Infusion.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$12,094,656,000
|
$575,936.00
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $12,094,656,000 |
| Annual Per SF | $575,936.00 |
PROPERTY FACTS
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Building Size
21,000 SF
Building Class
A
Year Built
2024
Price
$8,400,000
Price Per SF
$400
Cap Rate
6.86%
NOI
$575,936
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
10,500 SF
Building FAR
0.32
Lot Size
1.49 AC
Zoning
O & I - Office & Institutional
Parking
95 Spaces (4.52 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Wheelchair Accessible
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PROPERTY TAXES
| Parcel Number | R06020-001-046-000 | Improvements Assessment | $3,015,500 (2025) |
| Land Assessment | $1,038,500 (2025) | Total Assessment | $4,054,000 (2025) |
PROPERTY TAXES
Parcel Number
R06020-001-046-000
Land Assessment
$1,038,500 (2025)
Improvements Assessment
$3,015,500 (2025)
Total Assessment
$4,054,000 (2025)
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100% Leased - ~9yrs Avg Term left | 2725 Iron Gate Dr
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