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- LoopNet Team
414 Chestnut St
Wilmington, NC 28401
GSA Federal Probation Office · Office Property For Sale
Investment Highlights
- Single Credit Tenant – United States Lease – United States Probation Office AAA (Moody’s) Credit Rating
- Department of Probation Office Signed a Brand-New 6 Year Lease in October 2018
- Property Strategically located between the Historic District Downtown Wilmington, Cape Fear Riverfront, The University of North Carolina, and New Hano
- High 9.29% Capitalization Rate for a Firm Term GSA Lease
- Located on the Entire 1st Floor of a 3-Story Office Building on the Hard Corner of 5th Street and Chestnut Street in the Historic District
Executive Summary
Marcus & Millichap is pleased to present a single-tenant government office condominium occupied by the United States Probation Office – Eastern District of North Carolina located at 414 Chestnut Street in Wilmington, North Carolina. The Wilmington Probation Office is a 5,475-square foot office condominium on the entire first floor of the 3-story building. The property is on the hard corner of 5th Street and Chestnut Street in the Historic District. The General Services Administration (GSA) signed a brand-new firm term lease set to expire in April 2024. The property is ideally located between the Historic District Downtown Wilmington, Cape Fear riverfront, The University of North Carolina Wilmington, and New Hanover Courthouse. Also, with popular beaches nearby and within walking distance to multiple retail shops, restaurants and leisure-entertainment areas being near The Promenade, this is a prime location. The Federal Probation System was established in 1925. The agency is responsible for verifying reliable defendant data necessary to make informed release or detention decisions, reducing unnecessary detentions, providing alternatives to detention, and preparing reports on defendants to be sentenced by the court. This offering is ideal for an investor seeking a single-credit tenant office condominium unit occupied by the United States Government with a high going-in Capitalization Rate of 9.29% with a firm term with nearly 3 years remaining.
PROPERTY FACTS
| Property Type | Office | Rentable Building Area | 16,500 SF |
| Property Subtype | Medical | No. Stories | 3 |
| Building Class | B | Year Built | 2006 |
| Lot Size | 0.33 AC | APN / Parcel ID | R04817-019-010-000 |
| Property Type | Office |
| Property Subtype | Medical |
| Building Class | B |
| Lot Size | 0.33 AC |
| Rentable Building Area | 16,500 SF |
| No. Stories | 3 |
| Year Built | 2006 |
| APN / Parcel ID | R04817-019-010-000 |
zoning
| Zoning Code | B1 |
| B1 |
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