Twelve Room Inn with free standing Residence

Hospitality for Sale
Catylist Listing ID: 30259353
Property Subtypes: Bed & Breakfast, Hotel, Inn, Vacation Rental(s)
Number of Units: 12 Units
Building Size (RSF): 9,766 SF
Gross Building Area: See Agent
Gross Land Area: 14,959 - 20,766 SF
Sale Price: $2,500,000
Unit Price: $208,333.33 Per Unit
Property Use Type: Investment, Business
Building Name: Front Street Inn
Name of Establishment: Front Street Inn
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/10/2018

Overview / Comments

A two story, 12 room, Inn and a 2296 square foot free standing residence. Located one block from the River Walk and Chandler's Wharf on the main thoroughfare through historic downtown Wilmington. Private off street, on site parking. Adjacent to the historic residential district. In business over 20 years. Loyal customer base.
Private on site residence valued at $400,000. Included in Asking Price.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: Wilmington City
Tax ID/APN: R05308-009-003-001 and R05405-017-003-000
Zoning: CENTRAL BUSINESS DISTRICT
Retail Clientele: Family, Business, Traveler, Tourist, Convention
Property Located Between: Orange and Ann Streets
Property Visibility: Excellent
Largest Nearby Street: Third Street/Hwy 421
Feet of Frontage: 101
Highway Access: US Hwy 421 and US 17
Airports: ILM
Site Description: Two buildings, a two story brick Inn and a 10 year old private clapboard House. Trees and abundant shrubs and flowers.
Area Description: Zoned mixed use CBD but adjacent to the historic residential district, one block from the Cape Fear River.
Nearby Attractions: Chandlers Wharf. The River Walk. Historic Downtown on the River.
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Excellent
Year Built: 1924
Year Renovated: 2008
Roof Type: Flat
Construction/Siding: Brick
Average Occupancy Rate: 40
Exterior Description: 2 story Inn is brick and private residence is Wood frame Clapboard.
Total Parking Spaces: 16
Parking Type: Surface
Parking Description: Gravel surface lot.
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: 12 individual rooms with private bath. Entrance has check in desk and lounge, kitchen, and screened porch.
Zoning Description: Central Business District. A mixed use zone.
Lot Frontage: 101 feet
Lot Depth: variable
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities
Easements Description: water and sewer.
Land Ownership: Partnership.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,349 40,353 111,724
Median Age: 35.17 36.3 36.35
Households: 4,165 18,467 48,452
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