Retail and Warehouse/Mechanical

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30740221
Property Subtypes: Free-Standing Building, Street Retail, Vehicle Related, Other
Status: Pending
Building Size (RSF): 9,734 SF
Sale Price: $850,000
Unit Price: $87.32 PSF
Property Use Type: Investment
Usable Size (USF): 9,734 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/17/2021

Overview / Comments

Offered are three parcels with two existing buildings and a smaller garage/storage building on Wrightsville Avenue.

Building 1 is a three unit strip center measuring 2666 sq ft. There are two existing tenants, an alteration business and clothing/shoe store, with upfit ongoing for the third which is a coffee shop. The alteration shop pays $800/month and the other pays $9600/year, payable in semi-annual installments of $4800 each. It is anticipated the coffee shop will be paying $2000 per month. These are gross leases with tenants paying their own utilities.

Building two is currently operated as a mechanic shop, which measures 6540 sq ft and has 6 overhead doors. The owner occupies part of the space and there are two additional tenants paying $800 and $900 respectively.

The garage/storage building measures 528 sq ft and has two overhead doors.

Owner will lease back for a period of time or can vacate rapidly for an owner occupied buyer.

Review Wrightsville Ave Corridor Overlay District for redevelopment options. Please consult with city zoning for any change of use.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R05520-010-001-000, R05520-010-001-002, R05520-010-001-001
Zoning: CB
Tenancy: Multiple Tenants
Total Number of Buildings: 3
Property Condition: Good
Construction/Siding: Aluminum Siding, Block
Legal Description: LOTS 18,19 BLK E WINTER PARK HEIGHTS, LT 20 BLK E WINTER PARK, LTS 37-40 BLK E WINTER PARK HEIGHTS

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Total Population: 4,110 72,142 148,637
Median Age: 33.48 35.91 37.24
Households: 2,018 31,238 63,890
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