Catylist ID: #30439656
Old-Wilmington City Market and Riverfront Lot
Retail-Commercial for Sale
|Catylist Listing ID:||30439656|
|Property Subtypes:||Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other|
|Building Size (RSF):||14,799 SF|
|Gross Land Area:||24,681 SF|
|Unit Price:||$175.69 PSF|
|Property Use Type:||Investment, Business|
|Building Name:||Old Wilmington City Market|
|Usable Size (USF):||14,746 SF|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||94|
Overview / Comments
Located in the Central Business District of Historic Downtown Wilmington with frontage on two high pedestrian trafficked and moderate vehicle trafficked streets, Old-Wilmington City Market has been positioned as a retail node in the South Front Street corridor for over 130 years.
This Circa 1887, exquisitely preserved +/-14,700sf building is a unique investment opportunity in the rapidly growing section of Front St south of Market. Just steps to the Riverwalk and myriad boutique hotels, fine dining, shopping and nightlife, this location is prime for continuing its current use as a boutique shopping destination and/or exploring new business verticals such as the booming wedding and event industry.
Old-Wilmington City Market is designed as a mini downtown streetscape with shops flanking a central atrium. This property's position and popularity in the area has seen some of its tenants enjoy success for over 20 years in business, making the location a Downtown Wilmington institution and model for success in retail.
The offering includes a vacant +/-.16 acre riverfront lot addressed 122 S Water St, prime for building and connecting to the Riverwalk with rights to dockage and potential for approximately 100' of floating dock. This site is perfect for a mixed use building including a restaurant, residential and event space.
CBD zoning allows a variety of commercial and hospitality uses and is the only zoning that allows short term vacation rentals in the Historic District.
|Tax ID/APN:||R05308-005-004-000, R05308-006-002-000|
|Retail Clientele:||General, Family, Business, Traveler, Tourist, Recreation, Convention, Other|
|Property Located Between:||Dock St and Orange St|
|Largest Nearby Street:||Market St/HWY 17|
|Feet of Frontage:||88|
|Highway Access:||Easy access to I-40, US 17, US|
|Airports:||ILM (4.5 miles), MYR (80 miles), RDU (145 miles)|
|Site Description:||Historic Downtown urban setting flanked by alleys. Ingress and egress on both Front and Water Streets.|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Parking Description:||Paid parking on site|
|Air Conditioning:||Engineered System, Package Unit|
|Interior Description:||Enclosed central atrium surrounded by storefronts|
|Zoning Description:||Sec. 18-196. - CBD, Central Business District. (a) Purpose. This district is established to create and maintain a high density commercial, office, service and residential area meeting city, county and regional needs. It encourages the full utilization of public services and contributes to the economic base of the city. According the Wilmington Vision 2020: A Waterfront Downtown plan, the CBD is envisioned to be a living, working, learning and mixed use community. The intent of the design standards is to recognize and respect historic resources; to preserve and respect existing historic buildings; to preserve the cohesive character of the downtown area by compatible, sympathetic development and to provide an enhanced pedestrian experience. This district is not intended to accommodate basic industries and other uses that produce noise, odor, smoke, dust, airborne debris, and other impacts that might be detrimental to the health, safety, and welfare of the surrounding neighborhoods, the viability of surrounding uses, or industries with small physical plants and high land-to-worker ratios.|
|In Flood Plain?:||Yes|
|Legal Description:||ALL 5 PT 4 WILM BLK 138|
|Proximity:||1 mile||3 miles||5 miles|
Eric KnightNest Realty NCCMLS Member
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