412 3Rd StWilmington, NC 28401

Property Details for 412 3Rd St

Year built

1903

Lot size

0.25 AC

Property size (Sq ft)

6,290 SF

Property type

Hospitality properties

Property subtype

Other hospitality properties

Description

This exceptional investment opportunity presents the nationally recognized C.W. Worth House Bed and Breakfast, a thriving hospitality business located in Wilmington, North Carolina's Historic District. This beautifully renovated (2021) three-story, 6,290 square foot landmark building, constructed in 1903, boasts eight bedrooms (seven guest rooms plus an owner's suite), each with a private bath and unique style. The property sits on a 0.25-acre lot and includes two parking spaces. Currently operating at 54% occupancy, the property generates a Net Operating Income (NOI) of $337,520, representing a 13.86% cap rate. A pro-forma NOI of $231,327 and a pro-forma cap rate of 9.50% are also available. The asking price is $2,435,000 ($387.12 per square foot). The property is zoned HD-R and benefits from a unique seven-room special use permit from the city. Its prime location near downtown, the Riverwalk, and numerous dining options ensures high demand. The C.W. Worth House has garnered significant accolades, including the 2023 USA Today 10Best Readers' Choice Award for Best Bed and Breakfast and numerous TripAdvisor awards. This turnkey operation comes with advanced bookings, ensuring a smooth transition for the new owner. The property's exceptional reputation, combined with its strong financial performance and desirable location, makes it an unparalleled investment opportunity. An additional land parcel may also be available.

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.23

Longitude

-77.9457

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