Kure Beach Investment and Development Opportunity

Multi-Family for Sale
Also listed as Vacant Land, Hospitality
Catylist Listing ID: 30790919
Number of Units: 8 Units
Building Size (RSF): 4,387 SF
Gross Building Area: See Agent
Gross Land Area: 0.44 - 0.46 Acres
Sale Price: $2,995,000
Unit Price: $374,375 Per Unit
Ceiling: 9 ft.
Property Use Type: Vacant/Owner-User
Building Name: Retreat Center
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/3/2022

Overview / Comments

Unique Oceanfront investment opportunity in Kure Beach, This property consist of a 4,387 square foot structure on over .46 acres. The property falls in the RA-4 zoning area that permits One/two family dwelling; townhouse/condo and hotel/motel type properties. This oceanfront building has 8 individual bedroom/bath units that has access to a central common area with full kitchen, storage and restroom. This conveniently located property had 100 feet of ocean and street frontage. Two level of decks over look the ocean and there is additional outside space for activities and gathering. Property has off-street parking it borders public parking access. Multiple opportunities exist for this property. One can continue the multi-unit beach front center use, repurpose the building, raise the building and develop the 100 x 204 lot or split property into two buildable lots.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County
Tax ID/APN: R09405-007-001-000
Zoning: RH-4
Property Located Between: F Avenue and E Avenue
Airports: ILM
Site Description: Multi-bedroom center placed on ocean front beach lot
Area Description: Residential, Tourist destination and commercial area
Total Number of Buildings: 3
Property Condition: Average
Number of Stories: 2
Year Built: 1983
Construction/Siding: Brick
Exterior Description: Brick Veneer building wood decking
Parking Type: Structure, Surface
Parking Description: Off-street tandem style and public parking
Total Parking Spaces: 6
Sprinklers: None
Heat Type: Electricity
Heat Source: Central, Wall Units, Other
Air Conditioning: Package Unit
Interior Description: Common Room with adjoining kitchen and storage, rooms are dormitory style, with adjoining and private.
Zoning Description: RH-4 zoning that permits One/two family dwelling; townhouse/condo and hotel/motel type properties, See attached land use plan
Lot Frontage: 100
Lot Depth: 201
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Agape/Kure Beach Ministries
Legal Description: Lts 19/20/21/22/& 41/42/42/44 Blk 7 Fort Fisher

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 3,980 10,209
Median Age: 48.43 45.57
Households: 1,804 4,567

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