SALE - 224 S. Water St. Suites 1F & 1G

Retail-Commercial for Sale
Catylist Listing ID: 30618572
Property Subtypes: Restaurant, Street Retail
Condo? Yes
Building Size (RSF): 1,200 SF
Sale Price: $650,000
Property Use Type: Investment, Vacant/Owner-User
Usable Size (USF): 1,200 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/14/2021

Overview / Comments

Rare opportunity to own restaurant space along Historic Downtown Wilmington's beautiful Riverwalk, recognized by USA Today as "Best American Riverfront".​ Annual pedestrian count along the Riverwalk is 1M+.​
Owner/user or investment opportunity.​ The perfect location to enjoy a nice glass of wine while watching the sunset.​ The restaurant space occupies 2 condo units totaling 1200 sf of interior dining room/bar/wine shop with custom wood millwork & storage.​ There is 360 sf of covered exterior seating with ceiling fans and an additional 1200 sf uncovered space facing the Cape Fear River.​ Interior seating of 46 & outdoor seating 72+.​

The Downtown Wilmington population is slated to double within the next 1.5 years just based on current construction of condos and upscale apartments along the Riverwalk.​ The new Riverfront Park and Amphitheater, located just down the Riverwalk, is opening in July and will seat 6800 people and host nationally recognized acts.​ Just across the Cape Fear River is Brunswick, one of the fastest growing counties in the nation.​ New residents to that area tend to be early retirees relocating from major markets who are well educated, well travelled and support independently owned restaurants/businesses.​

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R05308-007-002-000
Is Condo?: Yes
Zoning: CBD
Retail Clientele: Family, Traveler, Tourist, Convention
Property Located Between: Water St and Downtown Wilmington Riverwalk.
Property Visibility: Excellent
Largest Nearby Street: Water St and Orange St
Site Description: Recognized by USA Today as "Best American Riverfront"
Area Description: Downtown Historic Riverwalk
Tenancy: Single Tenant
Number of Stories: 1
Property Condition: Excellent
Year Built: 2000
Interior Description: Custom interior wood furnishings & storage. Wine keeper preserver & dispenser, main dining room, bar wine shop/host room, outside seating (covered w/ceiling fans) over looking Cape Fear River.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,591 34,521 111,009
Median Age: 36.07 38.18 36.37
Households: 3,914 15,805 48,167


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