505 2Nd StWilmington, NC 28401

  • Hospitality properties
  • 7,040 SF
For Sale
$6,500,000 View listing

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
505 2Nd St, Wilmington, North Carolina

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$8,690
$153,100
$802,200
$955,300
-
$153,100
$802,200
$955,300

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