505 2Nd StWilmington, NC 28401
- Hospitality properties
- 7,040 SF
Property Details for 505 2Nd St
- Year built
- 1948
- Lot size
- 0.12 AC
- Property size (Sq ft)
- 7,040 SF
- Zone code
- CBD,CENTRAL BUS DIST
- Property type
- Hospitality properties
- Property subtype
- Hotels
- APN
- R04716-007-004-000
- APU
- R04716007004000
Description
This exceptional commercial property, located at 505 N 2nd Street in the vibrant city of Wilmington, North Carolina, presents a unique investment opportunity. Boasting a substantial 10,400 square feet of space on a 0.12-acre lot, this property offers significant potential for a variety of commercial uses. Its prime location in Wilmington provides excellent visibility and accessibility, making it an ideal site for businesses seeking a strong presence in a thriving market. The property's size and layout allow for considerable flexibility in terms of configuration and development, catering to diverse business needs. The asking price of $6,500,000 reflects the property's significant value and potential for future growth. Given its size, location, and versatility, this property is well-suited for a range of commercial ventures, offering a compelling investment opportunity in a desirable North Carolina location. Interested parties are encouraged to explore the possibilities this exceptional property presents. Further details regarding zoning and permitted uses are available upon request. This is a rare opportunity to acquire a substantial commercial property in a dynamic and growing city. The property's substantial size and central location make it an attractive proposition for businesses seeking a prominent presence in Wilmington. Serious inquiries only.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,938,247
- 6.5%
- $1,789,151
- 7%
- $1,661,355
-
Comparable approach
- Method
- Valuation
- Relative Method
- $4,379,552
- Geo Method
- $3,797,510
-
Alternative Use
- Use
- Valuation
- Residential
- $1,953,233
- Hospitality
- $1,789,151
- Educational
- $1,488,553
- Medical
- $1,539,746
- Retail
- $2,315,526
Location Insight
- City
- Wilmington
- County
- New Hanover
- State
- North Carolina
- Latitude
- 34.2413
- Longitude
- -77.9483
- CBSA code
- 48900
- CBSA name
- WILMINGTON, NC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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