8 S 7th Street

Multi-Family for Sale
Sale Pending
Also listed as Special Purpose, Business Opportunity
Catylist Listing ID: 30502884
Property Subtypes: Duplex/Fourplex, Mixed Use, Other
Status: Pending
Number of Units: 2 Units
Building Size (RSF): 3,396 SF
Gross Land Area: 2,426 SF
Sale Price: $375,000
Unit Price: $187,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Broughton
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/26/2021

Overview / Comments

Unique business and investment property opportunity that is located in the heart of Wilmington's Downtown Historic District. By right, this property can be a residential duplex that can generate rental income. The downtown rental market is competitive and the demand is extreme. As a residential duplex, the downstairs and upstairs units each have three bedrooms and one bathroom. Each unit has a large living areas and exterior covered porches. There is also a 3rd floor open attic area that can be storage or possible additional living space.

This property also has the potential of operating as a mixed use building. A Special Use Permit exists that provides an outline of utilizing the downstairs unit as an office and the upstairs unit as a residence. The new owner would need to work through planning and zoning to approve the use. The existing special use permit information is provided as an attachment.

The location of this sit is within walking distance to downtown. The property is bordered by residential and commercial uses. The residential use provides someone to own one unit and rent the other. Upon approval the right owner/operator or investor has great mixed use income earning potential. Must contact City of Wilmington Planning to utilize the special use permit.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04817-038-012-000
Zoning: HD
Property Located Between: Market and Dock Street
Highway Access: Hwy 87/76, close access to MLK and I 40
Airports: ILM
Site Description: Historic three story structure.
Area Description: Historic District
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Year Built: 1918
Year Renovated: 2011
Roof Type: Gable
Construction/Siding: Wood Siding
Exterior Description: Metal Roof and wood sliding.
Parking Description: On Street parking. A parking contract will be require to utilize the Special Us Permit. See special use permit that is attached and contact City of Wilmington Planing Department for confirmation of use.
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Other
Interior Description: Property is separated into two units. Each has high ceilings, wood floors and plaster walls.
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. (4)  Homestay lodging. (5)  Whole-house lodging. (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)  Reserved. (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 .
Lot Frontage: 42
Lot Depth: 66
Water Service: Municipal
Sewer Type: Municipal
Easements Description: None know.
Land Ownership: Justin Broughton Revoc Trust
Legal Description: PT LTS 2/3 BLK 157

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,290 39,424 121,506
Median Age: 36.18 35.98 36.52
Households: 5,544 18,295 52,297
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