Portfolio in Soda Pop District Wilmington NC

Retail-Commercial for Sale
Catylist Listing ID: 30778054
Property Subtypes: Convenience Store, Free-Standing Building, Mixed Use, Restaurant, Street Retail
Building Size (RSF): 3,040 SF
Gross Land Area: 20,000 SF
Sale Price: $1,250,000
Unit Price: $411.18 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Old Parchies Restaurant
Usable Size (USF): 3,040 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/17/2022

Overview / Comments

This 3-parcel portfolio is located in the up and coming Soda Pop District, minutes from the Historic Wilmington Downtown market. This offering is comprised of the very popular Parchies restaurant which recently closed after a very long and successful run due to the owners retirement. The 1540 sf restaurant building can be reopened as a restaurant with full bar and includes a hood system. Next door to the restaurant building at 1116 Princess St. is a paved parking lot, perfect for outdoor seating, if desired. Directly behind the Parchies property is 5 N. 12th St which includes a 1,500sf metal building with a fenced in parking area.

With the recent announcement of the purchase of several of the old Coca-Cola properties the Soda Pop District is now slated to see a drastic revitalization. Hi-Wire brewing is already in full swing in their new space and a new pizza restaurant will soon open their doors in the same building. Two more breweries are already contracted to open in the District. And not to forget about Folks Cafe across Princess St. from the property, that has always been a community mainstay. Discussions are already underway with several chef inspired restaurants.

This assemblage offers a rare opportunity for the right buyer to generate income on buildings that can be leased immediately or create their own vision in what will soon be one of Downtown Wilmington's hottest Districts!

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R04818-019-012-000, R04818-019-011-000, R04818-019-009-000
Zoning: UMX
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: Princess and N. 12th St
Property Visibility: Excellent
Largest Nearby Street: Princess St and Market St.
Airports: ILM
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Parking Type: Surface
Parking Description: Free street parking and off street parking as well
Zoning Description: Urban Mixed-use - Numerous commercial uses approved
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,661 46,162 122,489
Median Age: 35.73 35.32 36.33
Households: 5,692 21,230 52,094

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