Downtown Redevelopment!

Retail-Commercial for Sale
Also listed as Vacant Land, Office
Catylist Listing ID: 30651392
Property Subtypes: Free-Standing Building
Building Size (RSF): 4,328 SF
Gross Land Area: 0.40 Acres
Sale Price: $625,000
Unit Price: $144.41 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Usable Size (USF): 4,328 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/15/2020

Overview / Comments

Great redevelopment potential for 616 Market St AND 10 S 7th St.

Existing building is in shell condition, and could be repurposed or removed. Lot is 0.25 acres.

Parcel adjacent and behind 616 Market is currently a parking lot. This is 0.15 acres and combined with 616 Market it's a total of 0.40 acres. A plan previously approved by the city indicates 30+ parking spaces.

Neighboring property at 8 S 7th St is also for sale for $379K but has no off-street parking. Could be a good opportunity to combine all three parcels/buildings.

Great visibility with Market St frontage, between 6th and 7th street, adjacent to David Lyle Architecture and Carolina Retirement Planners.

Previously approved plans for a law office with parking is attached to this listing.

Links to HD and HD-R zoning:
https://library.municode.com/nc/wilmington/codes/code_of_ordinances?nodeId=PTIIITECO_CH18LADECO_ART5ZODIRE_DIVIIDIRE_S18-187HDHIDI

https://library.municode.com/nc/wilmington/codes/code_of_ordinances?nodeId=PTIIITECO_CH18LADECO_ART5ZODIRE_DIVIIDIRE_S18-189HIDISI

Attachments & Media

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: Wilmington
Tax ID/APN: R04817-038-013-000 AND R04817-038-011-000
Zoning: HD (HISTORIC DISTRICT)

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,290 39,424 119,389
Median Age: 36.18 35.98 36.44
Households: 5,544 18,295 51,162
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