Castle Hayne 4.28 Acres B-1 and R-20 Zoned

Vacant Land for Sale
Also listed as Retail-Commercial, Multi-Family
Catylist Listing ID: 30609011
Property Subtypes: Hospitality, Multi-Family, Office, Residential (Single Family), Retail, Retail-Pad
Gross Land Area: 4.28 Acres
Sale Price: $625,000
Unit Price: $146,028 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/31/2021

Overview / Comments

Combination Commercial and Residential Land Development property available on Castle Hayne Road. This property consists of 4.28 acres. This land is made up of three parcels(2723, 2725 and 2727 Castle Hayne Road). The front portion of the property has close to 300 feet of Castle Hayne Road Street frontage. The Front(East)portion of the land is zoned B-1 and the North-West portion is zoned R-20. Currently there are 3 rental houses on the property that are occupied by tenants. Leases are month to month and the monthly income is $2,750 (tenants pay all utilities) The property is mainly being marketed for the land value but the additional income would be beneficial through the planning and development stage.

The two zoning classifications enable you to have a business type use on Castle street and tie in to an appropriate R-20 use on the back property. Sub-dividing the property is a possibility but the sellers are not going to split up the parcels. This is located close to I 1-40 bypass, Downtown Wilmington, ILM Airport and all the growing development in the Castle Hayne Area.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County
Tax ID/APN: R03311-006-024-000(see agent notes)
Zoning: B-1 AND R-20
Property Located Between: Whitman and Harrells Lane
Property Visibility: Excellent
Legal Description: (3.56 ACRES(C) NEW TRACT A OLD OLIVE S WOODS ESTATE/PT LT 10 ROUSE FARM DIV/PT LOTS 10-11 ROUSE FARM
Largest Nearby Street: Castle Hayne Road
Feet of Frontage: 300
Highway Access: I 140, 421, MLK Parkway I 40
Airports: ILM
Site Description: Flat land area with 3 residential units. Mostly clear with access from Castle Hayne Road and side road.
Area Description: Mix of commercial and residential uses
Lot Frontage: 300
Lot Depth: varies
Zoning Description: Combination of R-20 and B-1: The purpose of the R-20S Residential (R-20S) District is provide lands to accommodate primarily very low density single-family development. The intent of the district regulations are to allow development that is compatible with the preservation of the district’s very low density single-family character, while accommodating residential opportunities for those who desire an exurban, low density lifestyle. District residents should be willing to assume the costs of providing many of their own services and amenities while maximizing the protection of resources and the conservation of open space. The purpose of the Neighborhood Business (B-1) District is to provide lands that accommodate a range of small-scale, low-intensity, neighborhood-serving commercial development that provide goods and services to residents of adjacent neighborhoods. District regulations are intended to ensure uses, development intensities, and a development form that is consistent with a pedestrian friendly, walk able, and neighborhood scale. Mixed use development is allowed that is consistent with district character.
Topography: Level
Easements: Utilities
Available Utilities: Electric, Water, Cable
Water Service: Municipal
Sewer Type: Septic

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,001 19,621 82,535
Median Age: 41.65 34.22 34.21
Households: 660 8,049 34,383

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