Riversea Commercial Land

Vacant Land for Sale
Sale Pending
Riversea Commercial Land
Catylist Listing ID: 30782389
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Retail-Pad
Status: Pending
Gross Land Area: 8.73 Acres
Sale Price: $1,400,000
Unit Price: $160,366 Per Acre
Land Splits Available: Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/21/2022

Overview / Comments

Prime 8.73 acre commercial tract fronting the lifestyle community Riversea. Great prospect for 1031 or development given the area's improving economic prospects. The site has over 750+ feet of frontage between the signage at entrances from 211 on both sides of the property. Zoned CLD by Brunswick County, this site offers a multitude of potential uses ranging from medical or professional office to a mixed use project. Given the significant growth on this end of Highway 211, the site also is attractive for an Independent/Assisted senior living community. Some initial planning and engineering has been completed for a mixed use project. Also, the Brunswick County Planning has provided some direction regarding density for a multi-family use.

Riversea is a gated community with 579 planned residences, with no developer owned lots remaining. At present there are approximately 30 homes in various stages of construction and prices have escalated rapidly during the previous year. Vacant lots are marketed, depending upon the section, from $40,000 for interior lots to almost $200,000 for river/marshfront lots. The POA is in a strong financial position and keeps the grounds/amenities in great shape.

Additional Details

Nearest MSA: Myrtle Beach-Conway-North Myrtle Beach
County: Brunswick
Taxing Authority: Brunswick County
Tax ID/APN: 1840000310
Property Located Between: Highway 17 and Zion Hill Road
Property Visibility: Excellent
Legal Description: Comm Site PL 35/447 Riversea 8.73 Acres
Largest Nearby Street: Highway 211
Feet of Frontage: 759
Highway Access: Access to Myrtle Beach and Wilmington is available via Highway 17 approximately one mile to the Northwest. Additionally, the Novant Medical Center is located approximately one mile North along Highway 17.
Airports: Wilmington International and Myrtle Beach International
Site Description: The site is irregular in shape, but has 759 +/- feet of frontage inside the easements for signage/utilities along Highway 211. This site is flanked by two entrances from Highway 211, which potentially makes subdivision of the site more feasible. Stormwater plans are in place and is collected off of this site.
Area Description: This section of Highway 211 has shown strong residential growth in recent years in absorption of existing units, as well as planned communities. This area is unaffected by any current or proposed DOT plans. Formerly distressed projects such as Olde Georgetown and Avalon have seen regional/national builders take over the projects and post significant sales. Additionally, directly across from this site a 70+ unit townhouse project is currently under construction.
Lot Frontage: 759
Lot Depth: Irregular
Zoning Description: Brunswick County CLD - This District is intended primarily to be used in outlying areas, adjacent to major thoroughfares, with yards and other provisions for reducing conflicts with adjacent residential uses, and with substantial setbacks to reduce marginal friction on adjacent major thoroughfares. Commercial uses in this District will serve the needs of residential neighborhoods for auto-dependent commercial facilities; and serve the needs of highway oriented tourist business.
Part of Planned Development?: Yes
Development Name: Riversea
Topography: Level
Easements: Electric Lines, Utilities
Available Utilities: Water, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 4,433 13,888
Median Age: 53.11 45.79
Households: 1,888 5,748
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