1111 Princess Street

Vacant Land for Sale
Catylist Listing ID: 30206177
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Retail-Pad, Self Storage, Other
Gross Land Area: 10,900 - 10,986 SF
Sale Price: $395,000
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 11/15/2018

Overview / Comments

Vacant lot located in the up and coming Soda Pop District. This track of land in the downtown is almost 11,000 square feet in size. This land footprint provides a staring point for a substantial mixed use property. The UMX zoning permits buildings to a height of 45 feet by right and a potential of 75 feet with zoning and SUP process(this process is under review by city). This location is close to Market Street and Downtown Businesses. The neighborhood is rapidly developing and seeing a growth in it population. This is a prime location for a mix of retail, office and residential uses.

Owner will consider owner financing with appropriate financials. Open canvas with extreme potential.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County and the City of Wilmington
Tax ID/APN: R04818-015-008-000
Zoning: UMX
Property Located Between: 12th and 11th Street
Property Visibility: Excellent
Legal Description: R04818-015-008-000
Largest Nearby Street: Princess
Feet of Frontage: 66
Highway Access: Hwy 17, Hwy 421 and 74/76
Airports: ILM
Site Description: Vacant land located on Princess Street. Easy street access
Area Description: Urban Mixed Use area
Lot Frontage: 66
Lot Depth: 168
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.
Topography: Gently Sloping
Easements: Utilities
Easements Description: Progress Energy and CFPUA
Soil Type: Mixed
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,661 46,162 119,957
Median Age: 35.73 35.32 36.23
Households: 5,692 21,230 50,921

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