Historic Building Downtown For Sale

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30753790
Property Subtypes: Mixed Use, Restaurant, Street Retail
Status: Pending
Building Size (RSF): 2,790 SF
Gross Land Area: 979 SF
Sale Price: $700,000
Unit Price: $250.90 PSF
Property Use Type: Investment
Usable Size (USF): 2,790 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 90
Last Updated: 9/9/2021

Overview / Comments

Historic Building Downtown in Wilmington in the Heart of Downtown Wilmington. Great investment opportunity or 1031 Tax exchange!

The first floor features Capricho, an Authentic Mexican Street Food restaurant, has a lease through December 2021and will be resigning. The 2nd and 3rd floor is an apartment that is currently leased as a Short-Term Rental/Vacation Rental.

In 2017, the property had improvements done: New roof and 4 HVAC units. Structural Report and Phase 1 Environmental Site-Assessment on hand.

Please see attachment of New Hanover County tax records that shows this 3 story building is 2,790 SF. But, needs to be verified.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: Wilmington
Tax ID/APN: R04817-017-009-000
Retail Clientele: General, Business, Traveler
Property Located Between: N 2nd St & N 3rd St
Property Visibility: Excellent
Largest Nearby Street: N 3rd St
Airports: ILM
Area Description: Downtown Wilmington, NC
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Good
Year Built: 1906
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Brick, Stucco
Parking Description: Street Parking
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Lower floor restaurant, upper floor apartment
Zoning Description: CBD- Central Business District. This district is established to create and maintain a high density commercial, office, service and residential area meeting city, county and regional needs. It encourages the full utilization of public services and contributes to the economic base of the city. According the Wilmington Vision 2020: A Waterfront Downtown plan, the CBD is envisioned to be a living, working, learning and mixed use community. The intent of the design standards is to recognize and respect historic resources; to preserve and respect existing historic buildings; to preserve the cohesive character of the downtown area by compatible, sympathetic development and to provide an enhanced pedestrian experience. This district is not intended to accommodate basic industries and other uses that produce noise, odor, smoke, dust, airborne debris, and other impacts that might be detrimental to the health, safety, and welfare of the surrounding neighborhoods, the viability of surrounding uses, or industries with small physical plants and high land-to-worker ratios.
Lot Frontage: 15 Ft +/-
Lot Depth: 66 Ft +/-
Water Service: Municipal
Sewer Type: Municipal
Legal Description: PT LOT 5 + BLDG BLK 179

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,670 40,325 111,237
Median Age: 35.65 36.7 36.2
Households: 4,384 18,279 48,038
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