Urban Mixed Use District Land and Building

Retail-Commercial for Sale
Also listed as Vacant Land, Business Opportunity
Catylist Listing ID: 30750384
Property Subtypes: Free-Standing Building, Garden Center, Mixed Use, Other
Building Size (RSF): 2,015 SF
Gross Land Area: 33,192 SF
Sale Price: $799,000
Unit Price: $396.53 PSF
Ceiling: 9 ft.
Property Use Type: Investment, Business
Building Name: 502 S 16th Street
Usable Size (USF): 2,015 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/19/2021

Overview / Comments

Corner property located in one of the fastest growing areas in Wilmington. Property consists of .76 acres with a commercial building of 2015 SF. This parcel is positioned on a highly visible corner in the urban mixed use district. This property is a prime candidate to increase and enhance the existing building footprint or redevelop. Current zoning permits by-right building heights of 45 feet and 75 feet with a special use permit. Great investment opportunity.


Finance Data Year 2019
Real Estate Taxes - Annual($) $2,484 (Annual)
Tax Value Land $129,000
Tax Value Improvements $106,800
Tax Value Personal Property $15,860
Gross Operating Income $1,252,355 (Annual)
Lender Name n/a
Annual Debt Service $0 (Annual)

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R05406-036-006-000
Retail Clientele: General, Business, Other
Property Located Between: S 16th Street and S 15th Street
Property Visibility: Excellent
Largest Nearby Street: S 16th Street
Feet of Frontage: 198
Highway Access: HWY 421, I-40, 74/76 and Hwy 17
Airports: ILM
Site Description: Commercial Service District, high visibility, high traffic counts, fenced in with surface parking enclosed, garden display are throughout grounds and retail store area
Area Description: Urban Mixed Use. Combination of business, multi-family, residential and commercial services
Tenancy: Single Tenant
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Good
Year Built: 1925
Year Renovated: 2013
Construction/Siding: Wood Frame
Total Parking Spaces: 12
Parking Type: Surface, Other
Parking Description: Off-street Surface Parking and on-street parking availiable
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Retail Store, Greenhouse , office and 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.(b)Uses.(1)Notwithstanding the provisions of section 18-173, any use is permitted in the UMX provided it meets all other provisions of this chapter, except for the following:a.Adult establishments.b.Electronic gaming.c.Garbage collection, private.d.Gas companies.e.Manufactured homes sales.f.Motor freight companies.g.Movers, van lines, and storage.h.Nightclubs.(2)Uses permitted under prescribed conditions. The following uses are permitted provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations.a.Auxiliary uses and wares.b.Communications facilities.c.Freestanding structured parking decks.d.Group home supportive, small, medium, large.e.Reserved.f.Industrial uses greater than ten thousand (10,000) square feet, provided they are housed within a building existing at the time of adoption of this ordinance.g.Utility stations and plants outside public rights-of-way (public and private), including lift stations, substations, pump stations, etc.h.Breweries, small regional and microbreweries.i.Artisan food and beverage producers.j.Homestay lodging.k.Whole-house lodging.(3)Permitted by special use permit. The following uses are permitted subject to the issuance of a special use permit and provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations.a.Automobile renting and leasing.b.Automotive services and towing service.c.Communication facilities, including radio and television stations, cellular telephone facilities, towers, etc.d.Contractor equipment or supply dealers and service.e.Contractor storage yard.f.Dormitories, private.g.Drive-through services.h.Group day facility.i.Industrial and manufacturing uses greater than ten thousand (10,000) square feet.j.Motor vehicle dealers, including automobiles, boat dealers, motorcycles, recreational vehicles, and utility trailers.k.Tire dealers and service.l.Group home residential.(4)All UMX sites outside the 1945 corporate limits shall include a mix of both residential and nonresidential uses.
Lot Frontage: 198
Lot Depth: 168
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Utility easement could exist and should be confirmed by buyer.
Land Ownership: Ericson Sabin Properties LLC
Legal Description: PT LOTS 1, 2 & 3 BLK 508 WILMIN

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,677 58,985 128,674
Median Age: 36.69 35.68 36.55
Households: 7,051 27,404 55,124


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