1007 N 4th and Palate LLC

Retail-Commercial for Sale
Sale Pending
Also listed as Business Opportunity
Catylist Listing ID: 30569517
Property Subtypes: Convenience Store, Free-Standing Building, Garden Center, Mixed Use, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other
Status: Pending
Building Size (RSF): 2,005 SF
Gross Building Area: 2,967 SF
Gross Land Area: 14,593 SF
Sale Price: $1,299,000
Unit Price: $647.88 PSF
Ceiling: 10 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Palate
Usable Size (USF): 2,967 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage, Sale/Leaseback, Other
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 4/14/2021

Overview / Comments

Business opportunity available. Currently offering the combination of a fully unfitted commercial building, commercially zoned land and successful business, all located in Wilmington's rapidly developing Central Business District. Palate Bottle Shop and Reserve is a well know and loved social destination in the North 4th area of Wilmington. The building is a combination of a little over 2,967 SF of retail and entertainment space that is placed on a .34 acre parcel of land located in one of the fastest growing areas in Wilmington. This is a unique opportunity to acquire a successfully turn key business with additional space available for commercial development. The business model in place has been able to increase sale during the challenge of COVID . The land placement opens up the opportunity to develop the site to add additional commercial and residential units. Current ownership and management have established a business, marketing and management plan to assist in the business's continued success. The development in the surrounding business and residential neighborhoods have expanded the investment potential for this offering. This location is close to the Cape Fear River Walk, Marina, Wilson Center, Convention Center, River Front Park and an area slated for over $300 Million Dollars of additional development projects.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04809-036-013-000 and B201525824
Zoning: CBD
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: N 3rd and N 4th
Property Visibility: Excellent
Largest Nearby Street: N 4th STreet
Feet of Frontage: 54
Highway Access: MLK , 421 to 76/74 and I 40
Airports: ILM
Site Description: Retail bottle shop, patio/garden/stage additional space for food trucks and expanded guest areas
Area Description: Central Business District-North end of Downtown. Close to convention center, marina, riverfront parks, residential and business neighborhoods
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,005 SF
Property Condition: Excellent
Year Built: 1960
Year Renovated: 2015
Construction/Siding: Block
Exterior Description: Block, Hard coat stucco, hardy board, commercial steel framed windows,
Total Parking Spaces: 8
Parking Type: Surface, Other
Parking Description: 8 off street parking spaces and on-street and paid parking lots available
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Combination of retails-sales areas, bar services area and guest inside and outside seating and performance area
Zoning Description: Central Business District 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.
Lot Frontage: 54
Lot Depth: 184
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities
Easements Description: To be confirmed by CFPUA and Duke Progress
Land Ownership: No 4 LLC
Legal Description: Parcel B Fourth & Davis LLC Div Blk 305 WILM

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,432 36,651 103,069
Median Age: 36.1 35.72 35.81
Households: 2,556 16,590 44,292

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