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.

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.
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

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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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