602 Redcross StWilmington, NC 28401

Property Details for 602 Redcross St

Year built

1954

Construction

CONCRETE

Lot size

0.14 AC

Property size (Sq ft)

1,200 SF

Zone code

HD-MU

Property type

Retail properties

Property subtype

Gas stations

APN

R04813-035-001-000

APU

R04813035001000

Description

This prime commercial property, located at 602 Red Cross Street in Wilmington's historic north side, offers 1,200 square feet of versatile space in a single-tenant building. Built in 1954, this masonry structure sits on a 0.14-acre corner lot, providing exceptional visibility and accessibility on a high-traffic street. The property features two roll-up bay doors, perfect for loading and unloading, along with a 200 square foot reception/office area and two exterior-access bathrooms. Ample parking is available with 10 spaces on-site. The flexible layout is ideal for adaptive reuse, making it suitable for a variety of businesses, from retail and workshops to studios and boutiques. The zoning is HD-MU. The property's location within the thriving Brooklyn North End redevelopment area offers significant growth potential. This modified gross lease requires the tenant to cover utilities and expenses, while the landlord covers taxes and building insurance. The property is ready for immediate occupancy. The APN is R04813-035-001-000. This is a one-story building with one building on the site.

• CAP approach

  CAP return

  Valuation

  6%

  $427,583

  6.5%

  $394,692

  7%

  $366,500

• Comparable approach

  Method

  Valuation

  Relative Method

  $800,518

  Geo Method

  $694,129

• Alternative Use

  Use

  Valuation

  Residential

  $332,937

  Hospitality

  $304,969

  Educational

  $253,731

  Medical

  $262,457

  Retail

  $394,692

Location Insight

City

Wilmington

County

New Hanover

State

North Carolina

Latitude

34.2414

Longitude

-77.9424

CBSA code

48900

CBSA name

WILMINGTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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