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: |
8/25/2021 |
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.
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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.
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| 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 |
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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