Surf City Commercial Land for Development

Hospitality for Sale
Also listed as Business Opportunity, Vacant Land
Catylist Listing ID: 30375075
Property Subtypes: Extended Stay, Hotel, Inn, Motel, Vacation Rental(s), Other
Number of Units: 8 Units
Building Size (RSF): 3,618 SF
Gross Building Area: See Agent
Gross Land Area: 23,100 - 23,180 SF
Sale Price: $1,900,000
Unit Price: $237,500 Per Unit
Ceiling: 8 ft.
Property Use Type: Investment, Business
Building Name: Shorehaven Inn
Name of Establishment: Shorehaven In
Sale Terms: Cash to Seller, Owner Financing, Other
Cap Rate: Undisclosed
Last Updated: 11/18/2020

Overview / Comments

This property located at 323 and 327 S Topsail Drive is a great Development and investment opportunity in the rapidly growing Surf City Area. The zoning of C1 provides the potential for commercial development in the thriving Central Business Zoning District of Surf City. The infrastructure improvements with the surrounding area points to prosperous economic development for the entire region. The newly improved highways, road system and bridges have created a much easier access and growth potential.

Currently the property consists of the well maintained and operated Shorehaven Inn and the neighbor vacant lot. The Inn has 8 rental units generate a consistent income. These furnished apartments produced rental income. Now with the increase of long-term, Airbnb and VRBO exposure, the income potential will increase substantially. The Inn has (5) one bedroom units and (3) two bedroom units. Currant annual income is $128,700.

This property contains 23,180 SF of land. With the allowable heights and building density; this property is a prime candidate for a full scale redevelopment. Increased hospitality, retail, and other commercial uses make this very attractive to developers and investors. The current units could maintain a nice income source while going through the developmental and planning process. The low property inventories makes this a rare opportunity.

Additional Details

Nearest MSA: Jacksonville
County: Onslow
Taxing Authority: Surf City and Pender
Tax ID/APN: 4245-00-0425-000 and 4245-00-1511-000
Zoning: C1
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: North Shore and Hwy 210
Property Visibility: Excellent
Largest Nearby Street: N Topsail Drive
Feet of Frontage: 232
Highway Access: Hwy 210, Hwy 50 and Hwy 17
Site Description: Level well maintained. Located in the center of the Central Business Area. Hospitality building, parking and vacant lot
Area Description: Beach and resort community.
Nearby Attractions: Area Beaches and Historic communities. Close to Wilmington and Jacksonville.
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1960
Year Renovated: 2016
Roof Type: Gambrel
Construction/Siding: Vinyl Siding
Average Occupancy Rate: 100
Water Recreation: Hot Tub, Other
Exterior Description: Wood Frame, Vinyl siding, pilings
Total Parking Spaces: 22
Parking Type: Surface
Parking Description: Parking in both the front and back areas of the Inn
Sprinklers: None
Laundry: Laundromat Nearby
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Other
Internet Access: Cable
Interior Description: Wood paneling, multiple surfaces
Zoning Description: 323 and 327 N Topsail Dr are within the C-1 central business zoning district. 4.1.12 C-1 central business district. The C-1 central business district is intended to protect and promote suitable areas for business and commercial uses which benefit from proximity to each other including a variety of sales and service facilities for the general public and to encourage the intense development of a centralized business center in Surf City. 3) Dimensional requirements. a) All lots shall be consistent with ocean hazard and estuarine shoreline AEC standards for development (CAMA). b) Lot area, minimum required: Single family dwelling, five thousand (5,000) square feet. Commercial uses: Two thousand five hundred (2,500) square feet. c) Lot width, minimum required: Single family dwelling: Fifty (50) feet. Commercial uses: Twenty-five (25) feet. d) Front yard, minimum required: Single family dwelling: Fifteen (15) feet, except ocean front property shall be seven point five (7.5) feet. Commercial uses: Ten (10) feet minimum landscaping. e) Side yard, minimum required: Single family dwelling: Seven point five (7.5) feet. Commercial uses: None f) Side yard, abutting street minimum required: Single family dwelling: Ten (10) feet. Commercial uses: None g) Rear yard, minimum required: Single family dwelling: Twenty (20) feet. Commercial uses: Three (3) feet minimum landscaping. h) Lot coverage: The total ground area covered by the principal building and all accessory buildings including any roofed area shall not exceed forty (40) percent of the total lot area. Commercial uses do not have a maximum lot coverage. i) Accessory building setbacks: Front yard, minimum required: Same as principal structure. Side/rear yard, minimum required: Five (5) feet. Separation between other structures: Five (5) feet. 323 and 327 N Topsail are also within the coastal forest overlay district (CFOD) 4.1.17 CFOD coastal forest overlay district. The purpose of this district is to preserve and protect the remaining maritime forests and natural vegetation located in the most vulnerable natural areas. Maritime forests and vegetated areas are recognized as essential to Topsail Island's eco-system. They provide wildlife habitat, stabilization of soil and sand, and are a vital link in natural storm water management through absorption. This natural management acts as a filter necessary to maintaining the health and quality of pristine waters. 1) General requirements. a) The CFOD shall apply to all properties on Topsail Island as well as all properties adjacent to coastal waters and marshes. 2) Dimensional requirements.. a) All existing natural areas and topography shall be preserved outside the building setbacks; septic systems, storm water systems and driveway(s) are exempt. b) The maximum total footage for driveways is 24 feet of width at the street. Driveway design shall minimize land disturbance as much as possible in order to maximize natural areas. 3) Design standards. Development shall be designed to protect the continuing growth of the undisturbed area. In doing so the following requirements shall be met: 3) Design standards. Development shall be designed to protect the continuing growth of the undisturbed area. In doing so the following requirements shall be met:
Lot Frontage: 233
Lot Depth: 101
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Dianna Bazargannia Phipps
Legal Description: E 1/2 L14 & 15, L16 & 17, PB 3/4 BLK 29 and Lot 18 PB 3/45 Surf City #1 Blk 29

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 578 3,200 5,098
Median Age: 38.91 43.68 43.42
Households: 292 1,438 2,170

Contact

© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Cape Fear REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.