113 Room Hotel Redevelopment Site For Sale-Wilmington

Hospitality for Sale
Catylist Listing ID: 30464431
Property Subtypes: Hotel, Inn, Motel
Number of Units: 113 Units
Building Size (RSF): 30,076 SF
Gross Building Area: See Agent
Gross Land Area: 2.64 Acres
Sale Price: $2,400,000
Unit Price: $21,238.94 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Building Name: Americas Best Value Inn
Name of Establishment: AmeriVu Inn
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/16/2019

Overview / Comments

The Historic Americas Best Value Inn on Hwy 17/Market Street is the first flagged hotel as you leave downtown Wilmington. This property features four two story buildings with exterior entry rooms.

This hotel has been the home to multiple film and TV show related filming events from Tammy to the Current HULU Original Series.

The property has 30 active rooms out of the 113. The remaining rooms have been gutted down to the sticks and are ready for an adaptive reuse.

There are/were 83 double occupancy rooms and 30 single occupancy rooms, 4 of which are handicap accessible. The hotel features a pool, managers office area, two stories of rooms. Full access on market street for the property.

Adjacent to the YMCA and Speaks Law Firm. This sites central location in the Wilmington Market makes it an excellent redevelopment opportunity to become a boutique hotel, office complex or small scale apartment community.

This site is ready for a new destiny.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington / New Hanover County
Tax ID/APN: R04820-008-010-000
Zoning: O&I - OFFICE & INSTITUTION
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: 29th and Barnard
Property Visibility: Excellent
Largest Nearby Street: Hwy 17 / Market Street
Feet of Frontage: 151
Traffic/Vehicle Count: 45,000
Highway Access: Direct
Airports: Ilm
Site Description: Fully Developed Site on Market Street with a two story hotel
Nearby Attractions: Downtown Wilmington, UNCW, Various Parks
Total Number of Buildings: 4
Number of Stories: 2
Property Condition: Average
Year Built: 1974
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Wood Frame
Water Recreation: Outdoor Pool
Total Parking Spaces: 110
Parking Type: Surface
Parking Description: Estimated 110 Parking Spaces which wrap the hotel buildings and exterior property boundary
Sprinklers: None
Laundry: Shared
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Standard Hotel Room
Zoning Description: O&I Zoning
Water Service: Municipal
Sewer Type: Municipal
Legal Description: (2.64 Acres) East Wilmington

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,123 64,870 126,911
Median Age: 29.86 33.71 36.08
Households: 6,330 28,430 54,276
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