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: $775,000
Unit Price: $461.31 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: 5/14/2021

Overview / Comments

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's 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.

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

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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
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