Mixed Use Building in Heart of Downtown Wilmington

Retail-Commercial for Sale
Sale Pending
Also listed as Office
Catylist Listing ID: 30433135
Property Subtypes: Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Status: Pending
Building Size (RSF): 7,371 SF
Gross Land Area: 2,576 SF
Sale Price: $1,399,000
Unit Price: $189.80 PSF
Ceiling: 13 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: The Wiggins Building
Usable Size (USF): 7,371 SF
Sale Terms: Cash to Seller
Last Updated: 4/2/2021

Overview / Comments

Incredible opportunity to own a piece of Historic Wilmington in the heart of downtown. This 3 story, 7175 sqft (interior) brick building, built in 1910 boasts knockout rooftop views of the Cape Fear River and downtown Central Business District. This prime location yields high foot traffic to support two existing first floor retail tenants (real estate office/tattoo parlor), and a variety of future use options for the floors above.

Historic character is maintained throughout the building including exposed brick walls, original wood floors still intact in the majority of the building. The first floor has high ceilings with original stamped tin tile and arched beams. The second floor is built out as offices (9 in total) and features a greeting room with iconic streetscape views. The third floor is an open space, with exposed brick walls from front to back; a blank canvas awaiting its grand concept. The roof top experience offers spectacular views of downtown Wilmington and the river . The possibilities are endless with tons of value add potential.

This building is a “certified historic structure” and qualifies for Historic Preservation Tax Credits.

Redevelopment Opportunities are vast - Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other for Investment, Vacant/Owner-User, Business, Residential, Hospitality, Other.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: Wilmington
Tax ID/APN: R04720010003001
Zoning: CBD
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: S Water St. and S Front St.
Property Visibility: Excellent
Largest Nearby Street: 3rd Street/Market
Feet of Frontage: 28
Highway Access: Convenient to Highways 74,76, 17 and Interstates: 40 and 421
Airports: ILM
Site Description: Historic brick 3 story in a row of adjoining buildings. Primary street front and alley access. Historic Downtown Wilmington. Mixed Use, heavily pedestrian oriented both day and night.
Area Description: Downtown Wilmington, 2 blocks south from Market and 3rd, Heavy Foot traffic, Central Business District, Shared walls, Buildings built to property lines, River view front front door, historic district. Market St. South, property is on the right in between Front and Water Street.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 2,350 SF
Property Condition: Good
Year Built: 1910
Roof Type: Other
Construction/Siding: Brick
Exterior Description: Pedestrian orientation, brick siding, large windows, awnings, small outdoor seating area, sidewalk, median break in street, river views.
Parking Type: Other
Parking Description: Street parking in front of building, public parking decks/lots available within close walking distance. Long term parking packages available
Sprinklers: None
Heat Type: Electricity
Heat Source: Central, Heat Pump
Air Conditioning: Other
Interior Description: Exposed brick walls, original hardwood floors, high ceilings with original tin tiles, arched beam work on 1st floor, office build out on 2nd floor, open shell space on 3rd floor, potential for roof top deck (see floor plans and virtual tour).
Zoning Description: CBD- Purpose. This district is established to create and maintain a high density commercial, office, service and residential area meeting city, county and regional needs. It encourages the full utilization of public services and contributes to the economic base of the city. According the Wilmington Vision 2020: A Waterfront Downtown plan, the CBD is envisioned to be a living, working, learning and mixed use community. The intent of the design standards is to recognize and respect historic resources; to preserve and respect existing historic buildings; to preserve the cohesive character of the downtown area by compatible, sympathetic development and to provide an enhanced pedestrian experience. This district is not intended to accommodate basic industries and other uses that produce noise, odor, smoke, dust, airborne debris, and other impacts that might be detrimental to the health, safety, and welfare of the surrounding neighborhoods, the viability of surrounding uses, or industries with small physical plants and high land-to-worker ratios.
Lot Frontage: 28'
Lot Depth: 92'
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: owned
Legal Description: PT LTS 4/5 BLK 164 WILM

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,670 35,923 111,009
Median Age: 35.65 37.06 36.37
Households: 4,384 16,575 48,167

Contact

Photograph of Listing Agent

Kenneth Fisher, III

RE/MAX Essential NCCMLS Member
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