Old-Wilmington City Market

Retail-Commercial for Sale
Catylist Listing ID: 30440499
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 14,746 SF
Gross Land Area: 17,833 SF
Sale Price: $1,800,000
Unit Price: $122.07 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
Last Updated: 7/10/2019

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.

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.

This property can also be purchased with 122 S Water St., a .17 acre riverfront building lot adjacent to the Riverwalk

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R05308-005-004-000
Zoning: CBD
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: Dock St and Orange St
Property Visibility: Excellent
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.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1887
Construction/Siding: Block
Parking Type: Surface
Parking Description: Paid parking on site
Heat Source: Central
Air Conditioning: Engineered System, Package Unit
Internet Access: Cable
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
Lot Frontage: 88
Lot Depth: 205
Water Service: Municipal
Sewer Type: Municipal
Legal Description: ALL 5 PT 4 WILM BLK 138

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,591 40,353 111,724
Median Age: 36.07 36.3 36.35
Households: 3,914 18,467 48,452

Contact

Photograph of Listing Agent

Eric Knight

Nest Realty NCCMLS Member
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