1920 S 16th St

Office for Sale
Sale Pending
Catylist Listing ID: 30750034
Property Subtypes: Medical
Status: Pending
Building Size (RSF): 6,752 SF
Gross Land Area: 0.78 Acres
Sale Price: $1,599,000
Unit Price: $236.82 PSF
Property Use Type: Investment
Class of Space: Class B
Usable Size (USF): 6,752 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/3/2021

Overview / Comments

The building is 100% leased to a single-tenant and remodeled and renovated in 2020 for the current tenant. There are 5 years remaining on the lease with renewal options. It is a modified gross lease with a very strong regional health care provider. The building is in excellent shape with the total renovation last year.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R05419-008-001-002
Zoning: O&I-1
Property Located Between: Robin Hood Road & Doctors Circle on 16th Street 2 blocks from NHRMC/Novant Hospital
Property Visibility: Excellent
Highway Access: 1920 S. 16th is between US 74/76 & Shipyard Blvd.
Airports: ILM
Site Description: The site is .78 acres, paved, and relatively flat. The site primarily consists of the building, parking, driveway, and landscaping.
Area Description: The property is in the "heart" of the medical community. The tenant is a health care provider. The hospital is 2 blocks away from the property. The property is 1920 S. 16th street; with 16th and 17th street being the hospital corridor.
Total Number of Buildings: 1
Number of Stories: 15
Year Built: 1980
Year Renovated: 2020
Construction/Siding: Block
Exterior Description: Block and glass exterior
Parking Type: Surface
Parking Description: on-site adjacent to the building
Total Parking Spaces: 30
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: remodeled and updated on 2020, new paint, carpet/flooring, fixtures, new roof, and new plumbing fixtures.
Zoning Description: Office & Institution (General)
Lot Frontage: 94'
Lot Depth: irregular
Water Service: Municipal
Sewer Type: Municipal
Easements Description: of record
Land Ownership: fee simple
Legal Description: TRACT PT GRAINGER

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,253 64,655 141,287
Median Age: 41.57 36.36 36.47
Households: 5,214 29,795 60,525


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