118 S 4th Street Bed and Breakfast

Hospitality for Sale
Also listed as Business Opportunity, Special Purpose
Catylist Listing ID: 30597945
Property Subtypes: Extended Stay, Inn, Spa, Vacation Rental(s), Other
Number of Units: 1 Units
Building Size (RSF): 4,546 SF
Gross Building Area: See Agent
Gross Land Area: 10,559 SF
Sale Price: $1,595,000
Unit Price: $1,595,000 Per Unit
Ceiling: 12 ft.
In Opportunity Zone? Yes
Property Use Type: Investment, Business
Building Name: 118 S 4th Street - House Therapy LLC
Name of Establishment: Housetherapy
Sale Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing
Cap Rate: Undisclosed
Last Updated: 9/20/2020

Overview / Comments

This beautiful Historic Hospitality Business is located right in the heart of Historic Downtown Wilmington. This property is rich with history dating back to 1890.  The current owners transformed a Historic Bed and Breakfast into one of the most contemporary accommodation in downtown Wilmington,  while showcasing the unique historical character of the property. This 4,546 square foot property has four Bed and Breakfast suites permit. This property comes fully furnished. This grand location has a private access accessory unit that can serves as a long-term rental. Having six master suites, enables the innkeeper to provide a quick turnaround to accommodate their guest.

The level of detail can be seen in the beautifully landscaped gardens and throughout the newly renovated home's decor. This property enjoys Five (5) star ratings on TripAdvisor, Yelp and Google review.  Every room in was uniquely designed and appointed. All rooms feature high ceilings, crown molding, custom-designed closets and the large original-scale windows provide wonderful natural lighting through out the property.  Guest rooms have WiFi, Bluetooth speakers, aromatic oil diffuses, en-suite bathrooms and custom fabrics and comforts.  Attention to detail through out, as show with the custom stitched covers from Kudd:krig Home  that cloak every Smart TV. Property comes with all business personal property, marketing plan, website and management plan(that will assist in the seamless turnkey transition of operations).

This is an incredible property to add to anyone’s portfolio or an incredible live, work and play opportunity. Branding, Training and additional marketing programs are available at an additional cost. Seller will assist in transition to ensure seamless experience to guests.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $8,134 (Annual)
Tax Value Land $119,500
Tax Value Improvements $77,220
Tax Value Personal Property $85,000
Potential Rental Income $313,492 (Annual)
Gross Operating Income $313,492 (Annual)
Net Operating Income $268,217 (Annual)
Actual or Proforma Year Proforma
Lender Name n/a

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R05405-003-004-000
Zoning: HISTORIC DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: 2nd and 3rd Street
Property Visibility: Excellent
Largest Nearby Street: 3rd Street
Feet of Frontage: 90
Highway Access: 421, 74/76, I40
Airports: ILM
Site Description: Historic Bed and Breakfast located in Historic Downtown Residential/Business Area. Three story historic structure, surrounded by mature trees and landscaping.
Area Description: Historic Downtown
Nearby Attractions: Downtown Riverwalk, Downtown Business and Historic District
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Excellent
Year Built: 1890
Year Renovated: 2019
Roof Type: Gable
Construction/Siding: Wood Siding
Average Occupancy Rate: 75
Exterior Description: Wood Siding with Historic detailing
Total Parking Spaces: 3
Parking Type: Surface
Parking Description: One garage space and 3 drive way spaces. Street front parking also available.
Sprinklers: None
Laundry: Shared
Heat Type: Electricity, Natural Gas
Heat Source: Central, Radiant, Heat Pump
Air Conditioning: Engineered System, Package Unit
Internet Access: Fiber Optic
Interior Description: Modern updates to historic footprint. Multiple suites and master bedrooms in addition to elaborate common areas.
Zoning Description: Sec. 18-189. - HD-R, Historic District-Residential. (a)  Purpose. This district is established to provide within specified areas of the city, including any previously zoned Historic District, sufficient land area for single-family residences and other residences specified for the purposes as stated in section 18-187. (b)  District provisions. This Historic District-Residential is established as a separate use district which contains portions of the Historic District previously established by this chapter. The extent and boundaries of the Historic District-Residential shall be indicated on the official zoning map of the City of Wilmington. The land use provisions as described in the list of uses for the HD-R shall prevail in the development of any property within such district; provided, however, that before work is begun on any construction, alteration, demolition, moving or any other activity that would substantially alter the appearance or character of any appurtenant feature within the Historic District-Residential, a certificate of appropriateness in accordance with section 18-96 and section 18-97 herein shall be secured from the historic district commission prior to the issuance of any building or any other permit required by the City of Wilmington. (c)  Uses permitted by right. The following uses are permitted by right in the HD-R District, provided that they meet all requirements of this section and all other applicable requirements established in these regulations: (1)  Reserved. (2)  Offices for use by historic foundation controlling or owning a historic structure. (3)  Recreational facilities, neighborhood. (4)  Single-family, detached. (5)  Duplex. (d)  Uses permitted under prescribed conditions. The following uses are permitted provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Group home supportive, small. (2)  Group home supportive, medium. (3)  Family care home. (4)  Homestay lodging. (5)  Whole-house lodging. (e)  Permitted by special use permit. The following uses are permitted subject to the issuance of a special use permit and provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Community center. (2)  Day care, adult or child. (3)  Cultural arts center, including theaters, offices, classrooms, etc. (4)  Government use outside public rights-of-way, except offices. (5)  Libraries. (6)  Multifamily, including townhouses. (7)  Museum, art gallery. (8)  Parks and recreation areas, municipal. (9)  Religious institutions. (10)  Schools, primary and secondary. (11)  Triplex and quadraplex. (12)  Uses established prior to 1900 that can be documented to be a historic use of the structure and in continuous operation on the same site. (13)  Recreation facility, private. (f)  Permitted accessory uses and structures. Accessory uses and structures clearly incidental and subordinate to the principal use and structures including the following uses, are permitted provided that they meet all requirements of this section, the requirements of Article 6 and all other applicable requirements established in these regulations. (1)  Accessory apartment, detached. (2)  Bed and breakfast. (3)  Kennel, private. (4)  Home occupation. (5)  Swimming pools. (g)  Development standards. All uses and structures permitted in the HD district shall meet the applicable development standards established in this section and all other applicable requirements of these regulations: (1)  Dimensional requirements: a.  Minimum lot area (square feet): 2,100 (a), (b) Duplex: 6,008 Triplex: 9,012 Quadraplex: 12,016
Lot Frontage: 80
Lot Depth: 118
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Housetherapy LLC
Legal Description: 118 S 4th Street, Wilmington, NC 28401 SE 4E 5 Wilmington BLK 141 R05405-003-004-000 Book: 6185 Page: 2444

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,126 41,918 113,683
Median Age: 36.4 36 36.44
Households: 4,555 19,244 49,144

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