North Wilmington Downtown Development Site

Vacant Land for Sale
Sale Pending
Also listed as Retail-Commercial
Catylist Listing ID: 30264361
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Retail-Pad
Status: Pending
Gross Land Area: 24,000 SF
Sale Price: $1,550,000
Unit Price: $64.58 PSF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/15/2021

Overview / Comments

This prime retail development site is located at the full access lighted intersection of 3rd St and Red Cross St. and it also offers alley access on the other 2 sides. Currently on the property is a building that served as an auto garage in the past and could be retrofitted to a very cool restaurant or bar. Redevelopment potential is extremely high here, among the most active in the area. This site overlooks Cape Fear Community College and is surrounded by new development in every direction. Third St sees heavy traffic daily and the site has a clean environmental bill of health. CBD zoning allows for maximum use of the lot for building envelope.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: Wilmington
Tax ID/APN: R04813032002000
Zoning: CBD
Property Located Between: SE Corner of Red Cross and N 3rd Street
Property Visibility: Excellent
Legal Description: PT LTS 1/2/3/ BLK 220 WILM
Largest Nearby Street: Martin Luther King Blvd
Feet of Frontage: 150
Traffic/Vehicle Count: 16,000
Highway Access: Martin Luther King Blvd with easy access to Highway 17, 74, 76 and I40
Airports: ILM
Site Description: Paved Lot with no setbacks - for repurpose or knockdown - EXCELLENT Visibility This prime retail development site is located at the full access lighted intersection of 3rd St and Red Cross St. and it also offers alley access on the other 2 sides. Currently on the property is a building that served as an auto garage in the past and could be retrofitted to a very cool restaurant or bar. Redevelopment potential is extremely high here, amongst the most active in the area. This site overlooks Cape Fear Community College and is surrounded by new development in every direction. Third St sees heavy traffic daily and the site has a clean environmental bill of health. CBD zoning allows for maximum use of the lot for building envelope.
Area Description: Downtown Wilmington/ Central Business District - Corner Property Take Eastwood/MLK towards downtown, merges into 3rd St. Property is on the southeast corner of Red Cross and N 3rd St (across from the Shell Station)
Lot Frontage: 150 ft
Lot Depth: 160 ft
Zoning Description: CBD
Topography: Level
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Broadband, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,788 40,325 103,578
Median Age: 35.41 36.7 35.84
Households: 3,130 18,279 44,459

Contact

Photograph of Listing Agent

Kenneth Fisher, III

RE/MAX Essential NCCMLS Member
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