9.17 +/- Acres - Mixed Zoning - Hotel - Market Street

Hospitality for Sale
Catylist Listing ID: 30680557
Property Subtypes: Hotel, Inn, Motel
Number of Units: 61 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 9.17 Acres
Sale Price: $5,200,000
Unit Price: $85,245.90 Per Unit
Property Use Type: Investment
Name of Establishment: The Carolinian Inn
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/9/2021

Overview / Comments

The Carolinina Inn is a 61 room motel located at the corner of Market Street (Highway US 17) and Wayne Drive. The Hotel has five Structures of which four are the Hotel and one is the Managers House. The room counts of each section are 21 / 14 / 26.

The main value in the property is the 9.17 acres of property on Market street. This site is a prime candidate for redevelopment. It is located 2.38 miles from the downtown river front. It is located 2 miles to the intersection of Highway 17 and I-40. Its central location and proximity to major points of interest provide for a wide array of potential uses.

Highest and Best use maybe the conversion to Multifamily or repurpose as multifamily and infill develop the surplus land.

Property is currently bifurcated by two zoning districts and would require a rezoning of the entire acreage to accommodate a new use. The Zoning currently on the property is O&I on the front (aprox 2.5+/- acreage) and R15 on the remainder of the acreage [Buyer to verify, Listing Agent has an old survey]. This property abuts Multifamily Medium High Density.

Situated between Wayne Drive and 29th streets this hotel has access points to both of those streets, in addition to the Market Street Access. The property in addition to housing the Inn, also has a 3700 sf +/- home for the Inn Keeper on it.

Notable area locations are: Beaumont Park which is located on Wayne Drive, the Ivy Cottage, Indochine, the Azalea Inn, The YMCA all of which are less then 1 mile from this site. The property is also on the City of Wilmington Bus line.

The property in the rear has a ditch system as well as a small pond.

Sellers have a survey on hand. No further documents are in hand as it relates to the property.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R04820-008-001-000
Zoning: O&I - OFFICE & INSTITUTION / R-15 RESIDENTIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: 29th Street and Wayne Drive
Property Visibility: Excellent
Largest Nearby Street: Market Street
Feet of Frontage: 406
Highway Access: Direct access to Highway 17
Airports: ILM
Site Description: Property has some topgraphy that goes from high in the front to sloping downward in the rear. Please see attached Survey.
Area Description: Forest Hills Area of Wilmington NC.
Nearby Attractions: Downtown Wilmington, University of North Carolina Wilmington.
Total Number of Buildings: 4
Number of Stories: 2
Property Condition: Average
Year Built: 1953
Year Renovated: 1980
Water Recreation: Outdoor Pool
Parking Type: Surface
Parking Description: Open surface parking for guests
Zoning Description: R-15 and O&I Zoning
Lot Frontage: 408
Lot Depth: 1361
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,558 64,870 126,911
Median Age: 30.06 33.71 36.08
Households: 5,553 28,430 54,276
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