Riverwalk Condominiums

Retail: Neighborhood Center

224 S Water St, WilmingtonNC 28401

Property Details

Location

Address
224 S Water St, WilmingtonNC 28401
County
New Hanover
Submarket
Parcels
R05308-007-002-000

Building Size

Building Size
19,244 SF
Rentable Space
1,200 SF

Building Details

Type
 Retail: Neighborhood Center
Number of Buildings
2
Occupancy Type
Multi-tenant
Percent Occupied
100%
Building Class
Building Status
Existing
Floors
2
Year Built
LEED Level
0
Sprinklers
Primary Const.
Framed
Parking Ratio
Condominiumized
Yes

Land & Utilities

Land (Acres)
0.40 Acres
Land (SF)
17,315 SF
Sanitary Sewer
Yes
Water
Yes
Rail Service
No
Zoning
CBD
Lot Depth
Lot Width

Contacts

Current Listings

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

1,200 SF$650,000
Cap Rate: 8%
Momentum Companies Inc.

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.

Momentum Companies Inc.

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.

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Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

CIE

Source: Cape Fear REALTORS®

More Information

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