16 N 5th Avenue

Office for Sale
Sale Pending
Also listed as Multi-Family, Business Opportunity
Catylist Listing ID: 30628618
Property Subtypes: Office Building
Status: Pending
Building Size (RSF): 4,489 SF
Gross Land Area: 12,841 SF
Sale Price: $685,000
Unit Price: $152.60 PSF
Ceiling: 12 ft.
Property Use Type: Vacant/Owner-User
Building Name: MTG Building One
Usable Size (USF): 4,489 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 10/15/2020

Overview / Comments

Right in the heart of the Historic District of Downtown Wilmington, this property is close to businesses, court houses, city offices, entertainment and Historic residential neighborhoods, this property consists of a Historic Residential Style Office and parking. The property has a total of 4489 Square Feet of Office Space. The two parcels make up 12,841 Square Feet of H-D zoned land. It is currently set up with 12 private offices, 3 conference rooms, admin stations, general reception area, 4 restrooms, employee kitchen and multiple storage throughout. The charm of the historic setting and structure enhance the office environment. The office is conveniently located to walk to many parts of downtown and the site has 9 parking space. With the proper upgrades, this property can also be utilizing many other ways such as residential/office., and multi-unit residential, or multiple office. Great for an owner-occupied space or investment.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04817-029-003-000
Zoning: HD
Property Located Between: Market and Princess
Property Visibility: Excellent
Highway Access: 74/76 and I 40
Airports: ILM
Site Description: Currently being used as offices connected by an enclosed walkway to an other building. Located in historic district close to court, public offices, commercial, businesses and residential neighborhoods.
Area Description: Business, government offices, entertainment and residential area.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 4,489 SF
Year Built: 1902
Year Renovated: 2005
Construction/Siding: Wood Siding
Exterior Description: Complies with Historic traditional building matericals
Parking Type: Surface
Parking Description: surface parking lot behind building
Total Parking Spaces: 9
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Baseboard
Air Conditioning: Engineered System
Interior Description: Office setting with influenced by historic nature of property
Zoning Description: Sec. 18-187. - HD, Historic District. The Historic District (HD) is hereby established pursuant to G.S. Ch. 160A, Art. 19. (a)  Purpose. The purpose of the Historic District (HD) (known as the "Theater Historic District") is to protect and conserve the heritage of the city, county, and state; to safeguard the character and heritage of the city by preserving the district as a whole and individual property therein that embodies important elements of its social, economic, political or architectural history; to promote the conservation of such district for the education, pleasure and cultural enrichment of residents of the district and the city, county, and state as a whole; and to stabilize and enhance the property values throughout the Historic District as a whole, thus contributing to the improvement of the general health and welfare of the City of Wilmington and the residents of the Historic District. (b)  Uses permitted by right. The following uses are permitted by right in the Historic District, provided that they meet all requirements of this section and all other applicable requirements established in these regulations: (1)  Duplex. (2)  Reserved. (3)  Offices for use by historic foundation controlling or owning a historic structure. (4)  Single-family, detached. (5)  Triplex. (6)  Quadraplex. (c)  Uses permitted under prescribed conditions. The following uses are permitted provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Group home supportive, medium. (2)  Group home supportive, small. (3)  Family care home. (d)  Permitted by special use permit. The following uses are permitted subject to the issuance of a special use permit and provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Day care, adult or child. (2)  Reserved. (3)  Cultural arts center, including theaters, offices, classrooms. (4)  Commercial parking lots. (5)  Group home residential. (6)  Group home supportive, large. (7)  Guest lodging. (8)  Government use outside public rights-of-way, except offices. (9)  Libraries. (10)  Meeting and events center. (11)  Mixed-use buildings. (12)  Multiple-family, including townhouses. (13)  Museum, art galleries. (14)  Offices, medical. (15)  Offices, professional. (16)  Religious institutions. (17)  Schools, colleges and universities. (18)  Schools, primary and secondary. (19)  Uses established prior to 1900 that can be documented to be a historic use of the structure and in continuous operation on the same site. (e)  Permitted accessory uses and structures. Accessory uses and structures clearly incidental and subordinate to the principal use and structures including the following uses, are permitted provided that they meet all requirements of this section, the requirements of Article 6 and all other applicable requirements established in these regulations. (1)  Accessory apartment, detached. (2)  Bed and breakfast. (3)  Kennel, private. (4)  Home occupation. (5)  Swimming pool. (f)  Development standards. All uses and structures permitted in the HD district shall meet the applicable development standards established in this section and all other applicable requirements of these regulations: (1)  Dimensional requirements: a.  Minimum lot area (square feet): 2,100 (a), (b) Duplex: 6,008 Triplex: 9,012 Quadraplex: 12,016 b.  Minimum lot width (feet): 33 Notes: (a)   The minimum lot area required to construct an "accessory apartment, detached" on a parcel containing one (1) single-family detached structure shall be four thousand, five hundred (4,500) square feet. (b)   Exceptions to the density requirements . Conversions of residential structures to higher density in the historic district shall meet the density standards for new construction, except for existing single-family structures containing a minimum of two thousand (2,000) square feet of gross floor area, which can be converted into a duplex with each individual unit containing a minimum of one thousand (1,000) square feet of gross floor area without regard to the density requirements. (Ord. No. O-2008-25, 4-8-08; Ord. No. O-2010-75, §§ 22, 23, 10-5-10; Ord. No. O-2016-83, § 1, 10-18-16)
Lot Frontage: 50
Lot Depth: 165
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: See deed
Land Ownership: Mtg Properties LLC
Legal Description: PT W 1/2 2 BLK 169

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,205 42,806 112,908
Median Age: 36 36.25 36.32
Households: 5,025 19,478 48,524

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