INVESTMENT 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: Net Leased Investment (NNN), Investment
Usable Size (USF): 1,200 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Last Updated: 10/19/2021

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+.
The restaurant space occupies 2 condo units totaling 1200 sf of interior dining room/bar/wine shop. 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 year based on current construction of condos and upscale apartments along the Riverwalk. The new Riverfront Park and Amphitheater, located just down the Riverwalk, is opened in July and will seat 6800 people and host nationally recognized acts. Just across the Cape Fear River is Brunswick County, 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 Downtown Wilmington

Excellent investment purchase with A+ tenant under a 5 year lease beginning Sept. 1, 2021. HOA covers property insurance and all exterior maintenance. Owner only responsible for property taxes.

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
Zoning Description: CBD
Water Service: Municipal
Sewer Type: Municipal

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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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