1405 S 5th Avenue
Retail-Commercial
for Sale
Also listed as Industrial, Special Purpose
| Catylist Listing ID: |
30664099 |
| Property Subtypes: |
Free-Standing Building, Garden Center, Mixed Use, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other
|
| Building Size (RSF): |
7,015 SF
|
| Gross Land Area: |
16,379 SF
|
| Sale Price: |
$625,000 |
| Unit Price: |
$89.09 PSF |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Vacant/Owner-User |
| Building Name: |
1405 S 5th Avenue |
| Usable Size (USF): |
7,015 SF |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
1/11/2021 |
Overview / Comments
IN OPPORTUNITY ZONE
Property containing Multiple building with a usable square footage of 7,015 and sits on a 16,379 square foot lot located in the Urban Mixed Use zoned area of S 5th Avenue. Building break out is 4,776 SF main warehouse, 1,818 SF second level warehouse and 441 SF additional separate structure. This location is in with in a block of the ever expanding South Front Area. The existing structures can be utilized and the entire site lends itself to redevelopment. This site was the home of the sellers business and is set up to accommodate a number of uses. The UMX zoning enables the owner to go up 45 feet in high by right with an potential of 75 feet. All the existing autos ,equipment, debris and business property will be removed prior to the transfer of sale of the property. This size of property with existing usable structures is a great investment in this expanding business development area.
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Additional Details
| Nearest MSA: |
Wilmington |
| County: |
New Hanover |
| Taxing Authority: |
City of Wilmington and New Hanover County |
| Tax ID/APN: |
R05417-006-004-003 |
| Zoning: |
UMX |
| Retail Clientele: |
General, Business, Other |
| Property Located Between: |
Martin and Greenfield |
| Property Visibility: |
Excellent |
| Largest Nearby Street: |
S 5th Avenue |
| Feet of Frontage: |
133 |
| Highway Access: |
Hwy 74/76, MLK to 421 and I40. |
| Airports: |
ILM |
| Site Description: |
UMX zoned area. Current use is a printing business, storage and other business services. Located in warehouse and developing area. Flat lot, with two one story building. Mixed material used in the construction of both buildings. |
| Area Description: |
Greenfield Street, 5th Avenue located in South of Wilmington |
| Tenancy: |
Multiple Tenants |
| Total Number of Buildings: |
2 |
| Number of Stories: |
1 |
| Typical SF / Floor: |
5,752 SF |
| Property Condition: |
Poor |
| Year Built: |
1948 |
| Year Renovated: |
1999 |
| Roof Type: |
Other |
| Construction/Siding: |
Concrete |
| Exterior Description: |
Multiple exteriors used. Aluminum/metal, concrete block/brick and stucco |
| Parking Type: |
Surface |
| Parking Description: |
All surface unmarked space |
| Sprinklers: |
None |
| Heat Type: |
Electricity |
| Heat Source: |
Central |
| Air Conditioning: |
Other |
| Internet Access: |
Other |
| Interior Description: |
Warehouse and small office set up. Areas established for storage |
| Zoning Description: |
Sec. 18-204. - UMX, Urban Mixed Use District.
(a)  Purpose. The urban core of the city, primarily that area within the 1945 corporate limits, contributes to the unique character of the City of Wilmington. The UMX is established to assure an appropriate development pattern is maintained within the 1945 corporate limits through five (5) main objectives: to enhance and preserve existing urban development patterns by encouraging compatible infill and redevelopment; to affect quality design and a variety of built forms of lasting value that result in a pedestrian scale; to provide a mix of housing options; to promote and enhance transit options, particularly those that are pedestrian-oriented, while reducing demand for automobile trips; and to encourage a mix of uses that fosters a sense of community. The district regulations include design elements intended to enhance the urban form, increase neighborhood safety, add flexibility for small, urban lots, and complement the historic built environment. Integrated mixes of uses on development sites and within individual buildings is encouraged. UMX zoning inside the 1945 corporate limits is intended to reinforce and restore traditional mixed-use patterns in the older parts of Wilmington. UMX zoning outside the 1945 corporate limits is intended to promote mixed-use developments on sites large enough to create a mix of uses within the existing suburban environment. Typically these developments will include creative development and redevelopment solutions such as integrated, vertical mixed use and structured parking. This district is not intended to be applied to the Central Business District (CBD), nor any of the historic districts.
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| Lot Frontage: |
133 |
| Lot Depth: |
120 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Easements: |
Other |
| Easements Description: |
standard utilities easements at 5th Avenue |
| Land Ownership: |
Albert Sikes |
| Legal Description: |
PT Lot 2/3 BLK 576 |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
9,591 |
49,802 |
128,128 |
| Median Age: |
37.19 |
36.78 |
36.74 |
| Households: |
4,434 |
22,989 |
55,095 |
|
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