19 Market Street, Wilmington, NC 28401

Retail-Commercial for Sale
Sale Pending
Also listed as Hospitality
Catylist Listing ID: 30181881
Property Subtypes: Convenience Store, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Status: Pending
Building Size (RSF): 2,976 SF
Gross Land Area: 0.03 Acres
Sale Price: $600,000
Unit Price: $201.61 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Bar Local
Usable Size (USF): 2,976 SF
Sale Terms: Cash to Seller
Cap Rate: 7.2%
Last Updated: 3/12/2018

Overview / Comments

Fantastic opportunity to invest or live in Historic Downtown Wilmington. This historic 3 story mixed use building is situated less than a block away from the Cape Fear River and newly completed Riverwalk. The ground floor business gets great visibility and foot traffic from both locals and tourists. There is currently a tenant in place. With renovations the second floor can be used as either an apartment or studio. It is currently partially gutted. The third floor is a 2 bedroom apartment with great views of the activity on Market Street including the popular Horse and Carriage Rides. Access to the rooftop opens up all types of possibilities for personal use or for business purposes such as a rooftop bar. The water views from the roof are expansive with a great view of the Cape Fear River Bridge. A short walk down the sidewalk and you can enjoy the sunsets over the Battleship NC. All of the utilities are in place and this building qualifies for historic preservation tax credits of 35%.

At potentially $43000/year at it's current condition, the CAP rate at asking price would be 7.2%.

And if diligently managed and operated, the 2nd floor could recover its renovation costs in two years and could generate in excess of the current 3rd floor numbers, potentially elevating the cap rate to double digits.


Finance Data Year 2018
Potential Rental Income $74,000 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington
Tax ID/APN: 3117-78-6401.000
Zoning: CBD
Retail Clientele: General, Business, Tourist
Property Visibility: Excellent
Site Description: Located in the Heart of Historic Wilmington.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Good
Year Built: 1895
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: owned
Legal Description: MID PT LT 5 BLK 164

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,670 32,492 111,009
Median Age: 35.65 38.46 36.37
Households: 4,384 14,957 48,167
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