Catylist ID:
#30667024
Restaurant Building on Causeway Drive, OIB
Retail-Commercial
for Sale
| Catylist Listing ID: | 30667024 |
| Property Subtypes: | Free-Standing Building, Restaurant |
| Building Size (RSF): | 1,680 SF |
| Gross Land Area: | 0.64 Acres |
| Sale Price: | $749,000 |
| Unit Price: | $445.83 PSF |
| Is Quick-Service Restaurant? | Yes |
| Has Drive-Thru? | Yes |
| Property Use Type: | Investment |
| Building Name: | Castaway's Grill |
| Usable Size (USF): | 1,680 SF |
| Sale Terms: | Cash to Seller |
| Last Updated: | 5/12/2022 |
Overview / Comments
|
Commercial Real estate Investment Opportunity at the Gateway to Ocean Isle Beach, North Carolina! Ideal Investment Property for future Restaurant, Retail, Pharmacy, Beach Rentals or any Business seeking a Customer-Focused Location serving the South Brunswick Islands. Very popular restaurant with locals and tourists with lease through December 2027 and long history at this location. May choose to remain may choose to renew if offered by new owner. Potential for increased future revenue from this or other tenant and the opportunity to own prime commercial property in Ocean Isle Beach - named Southern Living's 'Best Tiny Town' 2018. Ocean Isle Beach is known for breezy summers, mild winters, free public parking at each beach access and proximity to more than 30 championship golf courses making this a popular destination for families and friends during our extended tourist season. Brunswick County reported Year-Round Population Growth of 61.6% over the last 15 years and is part of the second fastest-growing MSA in the United States. Adjacent Sunset Beach is ranked #1 of the Wilmington Region’s Wealthiest Zip Codes by Average Net Worth in 2018, 2019, 2020 and 2021, with Ocean Isle Beach ranked #4. 1,680 sq. ft. restaurant building on .64 acre lot prominently located on Causeway Dr., the gateway to Ocean Isle Beach Island and center of the thriving commercial district for the South Brunswick Islands of North Carolina. The restaurant is currently leased by Castaway Grill through December 2027. A 20' X 100' streetside space is leased to owners of an ice machine and ATM machine through December 2025, providing guaranteed income to the new owners. Metal roof recently replaced. Two new rooftop HVAC units in 2019 with two Mitsubishi backup units at exterior ground level. Restaurant FF&E belongs to the Tenant. Only the hood conveys with the building. Rent for ATM & Ice Machine is $500 per month through December 2025. Rent for Restaurant is $2796.65 per month through December 2027. Tenant has one five-year option following the expiration of the lease. Taxes are $2366 per year. Insurance $723 per year. |
Attachments & Media
Additional Details
| Nearest MSA: | Myrtle Beach-Conway-North Myrtle Beach |
| County: | Brunswick |
| Taxing Authority: | Ocean Isle Beach & Brunswick County |
| Tax ID/APN: | 243le01701 |
| Zoning: | OI-C-2M |
| Retail Clientele: | Family, Business, Traveler, Tourist, Recreation |
| Property Located Between: | Beach Drive & Intracoastal Waterway |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Highway 904 & Highway 179 |
| Airports: | Ocean Isle Beach Airport 0.4 Miles |
| Site Description: | Narrow lot with access around building for drive-thru service and parking. Ice machine and LGFCU ATM machine streetside with leases in place. |
| Area Description: | Ocean Isle Beach is known for breezy summers, mild winters, free public parking at each beach access and proximity to more than 30 championship golf courses making this a popular destination for families and friends during our extended tourist season. Brunswick County reported Year-Round Population Growth of 61.6% over the last 15 years and is part of the second fastest-growing MSA in the United States Adjacent Sunset Beach is ranked #1 of the Wilmington Region’s Wealthiest Zip Codes by Average Net Worth in 2018, 2019 and 2020, with Ocean Isle Beach ranked #4. |
| Tenancy: | Single Tenant |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Property Condition: | Good |
| Year Built: | 2011 |
| Construction/Siding: | Steel Frame |
| Parking Type: | Surface |
| Heat Type: | Electricity |
| Heat Source: | Heat Pump |
| Air Conditioning: | Package Unit |
| Lot Frontage: | 65 feet |
| Lot Depth: | 357 feet |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Legal Description: | TR-1 1 .64AC PL 69/89 & 68/60 & 55/90 NC904 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 915 | 7,641 | 14,269 |
| Median Age: | 50.56 | 49.29 | 51.09 |
| Households: | 415 | 3,376 | 6,463 |
Contact
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