UMX zoned Duplex or Office

Multi-Family for Sale
Also listed as Office, Special Purpose
Catylist Listing ID: 30679788
Property Subtypes: Duplex/Fourplex
Number of Units: 2 Units
Building Size (RSF): 2,550 SF
Gross Building Area: 3,119 SF
Gross Land Area: 9,983 SF
Sale Price: $539,000
Unit Price: $269,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/13/2021

Overview / Comments

Unique property located in the Urban Mixed Use zoned area of South 5th Avenue. This property has a number of uses that can generate income. This can also be an owner occupied business/residence too. The front unit is 1954 Square Feet in the main floor with 568 Square Feet on the second level loft area that is completely equipped with heating and air systems. Floor plan for Unit 1 has flexibility based on the intended use. Unit Two can also be utilized as an office or a residential rental unit. This property has been completely renovated. New roof, new HVAC, New flooring, lighting, electrical, plumbing and all appliances have been upgraded.

Located close to the South Front area and is in an area that is seeing growth and much new development. The flexibility that an UMX zoned property provides, enables a solid investment opportunity. Short Term rentals are permitted in the UMX area and demand for housing and combination office space is heavy. The lost is over 9,900 square feet and provides space for off street parking and possible storage unit options.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R05413-029-003-000
Zoning: UMX
Property Located Between: 5th Avenue and 4th Street
Highway Access: HWY 74/76, 421, Martin Luther King/I 40 and Rt 17
Airports: ILM
Site Description: Duplex layout. Separate entrances, fenced in back parking and storage area. Urban Mixed Use zoned area. Mix of businesses, multifamily, industrial and small scale hospitality
Area Description: Urban Mixed Use zoned area. Mix of businesses, multifamily, industrial and small scale hospitality
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 1
Year Built: 1930
Year Renovated: 2020
Roof Type: Other
Construction/Siding: Brick
Exterior Description: Metal Roof, Brick Veneer and with a wood/vinyl rear exterior
Parking Ratio: 1 (per 1000 SF)
Parking Type: Surface
Parking Description: Off Street, tandum
Total Parking Spaces: 4
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central, Heat Pump
Fuel: Gas
Air Conditioning: Engineered System
Interior Description: Wood and tile floors, combination of plaster and drywall interior walls.
Zoning Description: Urban Mixed Use-see attached zoning regulations
Lot Frontage: 67
Lot Depth: 149
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Madgy Farag
Legal Description: Lots 9 10 21 22 Blk 539

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,491 49,802 118,494
Median Age: 37.26 36.78 36.71
Households: 4,320 22,989 51,215

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