21 Market Street, Wilmington, NC 28401 (MLS# 100171398)

21 Market Street, Wilmington, NC 28401

$1,180,000
Property Type: Comm Sale or Lease Square Footage: 7,371 Lot Size (sq. ft.): 2,576 Status: Closed
Current Price: $1,180,000 List Date: 6/19/2019 Last Modified: 7/16/2021

Description

Incredible opportunity to own a piece of Historic Wilmington in the heart of downtown. This 3 story, 7051 sqft brick building, built in 1910 boasts knockout views of the Cape Fear River and downtown Central Business District. This prime location yields high foot traffic to support two existing first floor retail tenants (real estate office/tattoo parlor). Historic character maintained throughout the building including exposed brick walls, original wood floors still intact in the majority of the building. The first floor has high ceilings with original stamped tin tile and arched beams. The first floor demising wall could easily be removed to return the space to one unit for alternate use. The second floor is built out as offices (9 in total) and features a loft with iconic streetscape views. The third floor is an open space, a blank canvas begging for a grand concept, either primo residential or ''Class A'' office, which could be incorporated into the 2nd floor use. The roof top experience offers spectacular views of downtown Wilmington and the river . The possibilities are endless with tons of value add potential. This building is a ''certified historic structure'' and qualifies for Historic Tax Credits of up to 35%. Redevelopment Opportunities are vast - Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other for Investment, Vacant/Owner-User, Business, Residential, Hospitality, Other

Supplements: wood floors still intact in the majority of the building. The first floor has high ceilings with original stamped tin tile and arched beams. The demising wall separating the first floor into 2 units could easily be removed to return the space to one unit for alternate use. Both units are currently leased. The second floor is built out as offices (9 in total), providing excellent individual workspaces. Add some minor touch ups and your employees will never want to leave. The second floor also features a loft overlooking the streetscape and steps leading up. Second floor tenants are all on month to month leases. On the third floor is open space; a blank canvas begging for a grand concept. Envision prime residential, restaurant/ bar space, or high end office, which could potentially be incorporated into the 2nd floor use. Original wood floors with exposed brick walls and ceiling joists set the stage for something amazing. Venture to the roof top to experience some of the most spectacular views of downtown Wilmington, Cape Fear Memorial Bridge, and the banks of the Cape Fear River . This building is a "certified historic structure" and qualifies for associated tax incentives. See attached documents for history and tax credit information.

More Information MLS# 100171398

Contract Info

Status: Closed Marketing Start Date: 2019-06-19 Sub-Type: Improved Garage: N/A Space: Yes Sale/Lease: Sale Auction: No Listing Price: 1399000 Current Price: $1,180,000 List Price/SqFt: 189.8 Stipulation of Sale: Standard

Location Information

Street #: 21 Street Name: Market Street Suffix: Street County: New Hanover State/Province: NC Zip Code: 28401 City Limits: Yes Marketing City: Wilmington Subdivision: Not In Subdivision Secondary Subdivision: N/A Geo Lat: 34.235548 Geo Lon: -77.949179

Remarks and Showing

Directions to Property: Downtown Wilmington, 2 blocks south from Market and 3rd, Heavy Foot traffic, Central Business District, Shared walls, Buildings built to property lines, River view front front door, historic district. Market St. South, property is on the right in between Front and Water Street. Sign on Property: Yes

Building Info

New Construction: No

BuildingExt Features

SqFt - Heated (Primary): 7371

Legal and Taxes

Tax Assessed Value: 514500 Total City Real Estate Property Tax: 5780 Deed Book: 1393 Deed Page: 1415 Legal: PT LTS 4/5 BLK 164 WILM Broker Owner: No PID: R04720010003001 Tax Identifier: R04720-010-003-001 Special Assessments: None Tax Year: 2018 Year Built: 1910 Zoning: CBD HOA: No Cobra Zone: No

Status Change Info

Under Contract Date: 2021-04-01 Sold Price: $1,180,000 Sold Date: 2021-07-15

Miscellaneous

Ceiling Height: 13 Current Use: retail/office

Current Service Providers

Electric Provider: Duke Progress Energy Sewer Provider: Cape Fear Public Utility Authority Water Provider: Cape Fear Public Utility Authority

Property Features

Business Type: Food Service; Mixed; Professional/Office; Retail; Unimproved Attic: None Basement: None View Type: River Construction: Brick/Stone Exterior Finish: Brick Flooring: Marble; Wood Fuel Tank: None Parking Features: Public; Street Only Location: Cent Business District; Historic District Cooling: Central Air Heating: Heat Pump Heating System Fuel Source: Electric Water Heater: Electric Sewer: Municipal Sewer Water Source: Public; Public Terms: Cash
Listing Office: RE/MAX Essential
Last Updated: July - 16 - 2021
21 Market Street, Wilmington, NC 28401- MLS# 100171398
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