Belk Building-Downtown

Office for Sale
Also listed as Retail-Commercial, Hospitality
Catylist Listing ID: 30732987
Property Subtypes: Mixed Use, Office Building
Building Size (RSF): 12,528 SF
Gross Land Area: 11,761 SF
Sale Price: $3,075,000
Unit Price: $245.45 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Belk Building
Class of Space: Class A
Usable Size (USF): 12,528 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/30/2021

Overview / Comments

Great Investment and development opportunity right in the heart of Wilmington's Central Business District. This 12,528 square foot office building has been the home of a number of Wilmington's well know businesses and is currently occupied by a long-term tenant. The two story structure sits on a just over .27 acres of prime land right downtown. The location is near shopping, restaurants, hotels, government offices, courthouses and is surrounded by new development. Adjoining the building is a parking lot that provides convenient parking to the office and opens up a development opportunity too. The central business district zoning permits a wide range of uses and business classification by right. This property is an ideal candidate for additional in-fill that could substantially increase the usable foot print. The current code allows building heights of 100 feet by right and 132 feet with a special use permit. Having the ability to build right up to the lot line further advances the building scale and footprint that could be achieved.

A mixed use style structure combined with the existing well maintained building opens up the opportunity for growth. Many upgrade and improvements to this property makes this a solid investment and an income generating opportunity.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04720-006-014-000
Zoning: CBD
Property Located Between: Chestnut and Grace
Property Visibility: Excellent
Highway Access: 74/76, MLK to I-40
Airports: ILM
Site Description: Downtown Central Business District- Commercial, Hospitality, Government office and Entertainment area.
Area Description: Central Business District.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 6,259 SF
Year Built: 1913
Year Renovated: 1999
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: brick and concret
Parking Type: Surface
Parking Description: Private surface parking lot
Total Parking Spaces: 20
Freight Elevators: 1
Heat Type: Electricity, Natural Gas
Heat Source: Other
Air Conditioning: Engineered System
Interior Description: Office, studio and work space layout
Zoning Description: Sec. 18-196. - CBD, Central Business District. (a)  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. (b)  Uses permitted by right. Notwithstanding the provisions of section 18-173, any use is permitted in the CBD provided it meets all other provisions of this chapter, except for the following: (1)  Adult establishments. (2)  Contractor's equipment or supply dealers and service. (3)  Contractor's storage lots. (4)  Crematoria. (5)  Fuel and ice dealers. (6)  Garbage collection, private. (7)  Gas companies. (8)  Ground floor residential, fronting Water and Front Streets north of Orange Street and the riverwalk. (9)  Industrial and manufacturing uses as set forth in this chapter. (10)  Motor freight companies. (11)  Motor vehicle dealers, including automobiles, boat dealers, manufactured homes, motorcycles, recreational vehicles and utility trailers. (12)  Movers, van lines and storage. (13)  Tire dealers. (14)  Welding, repair. (c)  Uses permitted under prescribed conditions. The following uses are permitted provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Automobile rental. (2)  Automobile services and towing services. (3)  Auxiliary uses and wares. (4)  Communications towers, attached. (5)  Day care, child or adult. (6)  Freestanding parking structures. (7)  Group home supportive, large. (8)  Group home supportive, medium. (9)  Tour operators. (10)  Utility stations and plants outside public rights-of way (public and private) including lift stations, substations, pump stations, etc. (11)  Electronic gaming establishments. (12)  Breweries, small regional and microbreweries. (13)  Artisan food and beverage producers. (14)  Mini warehousing. (15)  Homestay lodging. (16)  Whole-house lodging. (d)  Permitted by special use permit. The following uses are permitted subject to the issuance of a special use permit and provided that they meet all requirements of this section, Article 6, and all other applicable requirements established in these regulations. (1)  Communication facilities, including radio and TV stations, cellular telephone facilities, towers, etc. (2)  Dormitory, private. (3)  Group day facility. (4)  Group home residential. (5)  Group home supportive, small. (6)  Reserved. (7)  Nursing homes. (8)  Single-family, detached. (9)  Assisted living residence.
Lot Frontage: 100
Lot Depth: 119
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Thomas C Ballard and Dail D Ballard
Legal Description: Pt E 3 Wilm Blk 191

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,437 40,325 102,236
Median Age: 35.43 36.7 35.85
Households: 3,840 18,279 43,944


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