Retail Flex Property - S College near Oleander - Rex and Sons RV's

Retail-Commercial for Sale
Catylist Listing ID: 30776137
Property Subtypes: Car Wash, Convenience Store, Day Care Facility, Free-Standing Building, Garden Center, Mixed Use, Movie Theatre, Parking Facility, Post Office, Restaurant, Retail-Pad, Service Station/Gas Station, Street Retail, Tavern/Bar/Nightclub, Vehicle Related, Other
Building Size (RSF): 8,542 SF
Gross Land Area: 1.14 Acres
Sale Price: $2,495,000
Unit Price: $292.09 PSF
Property Use Type: Vacant/Owner-User
Building Name: Rex and Sons RV's Is Relocating and Expanding
Usable Size (USF): 8,542 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/10/2022

Overview / Comments

1546 S College Rd is currently owner-occupied and operating as Rex and Sons RV's since 2006 where previously operated as Quincy's Restaurant and a car lot. Owner has land under contract with plans to construct a larger facility with anticipated completion 4Q22 or 1Q23. Owner would consider a short-term sale-leaseback while their new facility is being constructed with terms to be negotiated.

The property features one 8,542sf multipurpose building currently setup as office, showroom, parts and service built in 1983 expanded in 2009 and situated on approximately 1.14 acres. Excellent visibility with traffic count of approximately 50,000 vehicles per day with over 180ft frontage on College Road. Access directly from College Rd and to Oleander and Shipyard via Spirea Drive and 41st Street. New roof with 10 year warranty on a portion of the office/showroom.

Regional Business (RB) Zoning allows a variety of uses and features almost complete impervious coverage of the site with stormwater service by City of Wilmington. See attachment for potential new College Rd and Oleander Dr interchange per WMPO and NCDOT.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington
Tax ID/APN: R06107-013-002-000
Zoning: RB - REGIONAL BUSINESS (CITY OF WILMINGTON)
Property Visibility: Excellent
Largest Nearby Street: S. College Road
Feet of Frontage: 182
Traffic/Vehicle Count: 50,000
Highway Access: College Rd - I-40
Airports: ILM
Area Description: Located on South College Road between the stoplight intersections of Oleander Drive and Lake Ave. Access directly from College Road and Spirea Dr/41st St provides interconnectivity to Oleander Dr and Shipyard Blvds.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 8,542 SF
Property Condition: Good
Year Built: 1983
Year Renovated: 2009
Parking Type: Surface
Sprinklers: None
Zoning Description: RB - Regional Business
Lot Frontage: 182
Lot Depth: 260
Water Service: Municipal
Sewer Type: Municipal
Legal Description: PT FM 25 WINTER PK GDNS

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,960 81,916 139,541
Median Age: 36.35 36.28 37.1
Households: 4,034 35,494 60,323
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