505 N 2nd Street, Wilmington, NC 28401 (MLS# 100485229)

505 N 2nd Street, Wilmington, NC 28401

$5,700,000
Property Type: Comm Sale or Lease Square Footage: 10,400 Lot Size (sq. ft.): 5,140 Status: Active
Current Price: $5,700,000 List Date: 1/24/2025 Last Modified: 6/05/2025

Description

Premier boutique hotel located in the heart of the vibrant tapestry of downtown Wilmington's top attractions. Featuring 15 exquisitely curated suites, this elite destination seamlessly blends historic elegance and modern sophistication, providing an extraordinarily indulgent guest experience. Renowned for its exclusivity and elegance, The Hive has become the preferred retreat for high-profile guests, including celebrated actors, music icons, and entertainment industry elites. The Hive beckons travelers with luxury, privacy, and unparalleled service. Located just steps away from the Wilmington Convention Center, Live Oak Pavilion, The Wilson Center, and an array of exceptional dining options, the location is unsurpassed. The Hive offers a unique lodging experience, a distinguished destination that redefines excellence in Wilmington's hospitality scene. Property Overview Location: Downtown Wilmington, NC Property Type: Luxury Boutique Hotel Number of Units: 15 Amenities: Contemporary lobby with guest lounge and restroom Modern equipped fitness center Premium guest amenities and services Outdoor guest common areas with seating Laundry facilities On-site parking lot lease Investment Highlights Prime Location: Situated in the vibrant and bustling downtown area, surrounded by top dining, entertainment, and cultural attractions. Walking proximity to the Wilmington Riverwalk, the Wilson Center, Live Oak Pavilion, Thalian Hall, the Cotton Exchange, key tourist destinations. High-Quality Design: Meticulously designed interiors blending luxury and comfort. High-end finishes, custom furnishings, and modern technology integrations. Growing Market: Wilmington's reputation as a coastal destination continues to attract year-round visitors. Significant growth in tourism and business travel to the area. Significant growth in film industry, live performance industry, and sporting event travel to the area.

Supplements: Operational Efficiency: Streamlined property management systems. Potential for value-added enhancements to maximize occupancy and revenue. Strong Revenue Potential: Robust performance metrics with consistent demand from leisure, film industry, music industry and corporate travelers. Opportunities for revenue growth through additional services and experiences. Property Details Year Built: 1948 Front Building (Completely Gutted and Renovated in 2019), 2019 Back Building Lot Size: .118 acres Building Size: 10,401 Zoning: CBD Current Occupancy/Beds: 44 Potential Occupancy/Beds: 62 Amenities and Features Guest Rooms: Luxuriously appointed with premium bedding, modern décor, and advanced in-room technology. Every suite boasts a fully equipped gourmet kitchen, complete with state-of-the-art appliances, sleek quartz countertops, and a handpicked collection of premium utensils and cookware. En-suite bathrooms featuring upscale fixtures and spa-like amenities. Fitness Center: State-of-the-art equipment catering to both casual and dedicated fitness enthusiasts. Lobby: Elegant and inviting space with a lounge area and bathroom perfect for socializing or relaxation. Additional Features: High-speed Wi-Fi throughout the property Eco-friendly initiatives to align with sustainability trends Security system Keyless guest lock access control system Market Overview Downtown Wilmington is a thriving coastal hub with a blend of historic charm and modern appeal. Known for its vibrant arts scene, unique shops, waterfront attractions, and cinematic filming, the area draws a diverse range of visitors year-round. The consistent influx of tourists, combined with a robust local economy, positions this boutique hotel for long-term success.

More Information MLS# 100485229

Contract Info

Available Date: 2025-01-24 Status: Active Delayed Marketing?: No Marketing Start Date: 2025-01-24 Sub-Type: Multi Family Garage: N/A Space: No Sale/Lease: Sale Listing Price: 5700000 Current Price: $5,700,000 List Price/SqFt: 548.08 Stipulation of Sale: Standard

Location Information

Street #: 505 Pre Direction: N Street Name: 2nd 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: 34.241309 Geo Lon: -77.948315

Remarks and Showing

Directions to Property: From Market Street/US 17 Business S, turn Right onto N. 3rd Street, turn Left onto Red Cross Street. The property is on the corner of N. 2nd Street and Red Cross Street. Door to lobby is located on Red Cross Street. Sign on Property: No

Building Info

New Construction: No

BuildingExt Features

SqFt - Heated (Primary): 10400

Legal and Taxes

Tax Assessed Value: 955300 Total City Real Estate Property Tax: 8397 Deed Book: 6687 Deed Page: 224 Legal: PT LOTS 4-5 BLK 232 WILM Incl 9x45 Closed Alley Broker Owner: No PID: R04716-007-004-000 Tax Identifier: R04716-007-004-000 Plat Book: 17 Plat Page: 121 Total Real Estate Property Taxes: 4298.85 Special Assessments: none Tax Year: 2024 Year Built: 1948 Zoning: CBD Cobra Zone: No

Miscellaneous

Ceiling Height: 15 Current Use: Boutique Hotel

Current Service Providers

Electric Provider: Duke Progress Energy Internet Service Provider(s): Spectrum Natural Gas Provider: Piedmont Natural Gas Co. Sewer Provider: Cape Fear Public Utility Authority Water Provider: Cape Fear Public Utility Authority

Property Features

Business Type: Comm Condominium; Hotel/Motel Showing Instructions: Special Instructions HOA and Neigh Amenities: Fitness Center; Game Room; Laundry; Trash Attic: None Basement: Exterior Entry Construction: Brick/Stone; Concrete; Wood Frame Exterior Finish: Brick; Stone; See Remarks Flooring: Laminate; LVT/LVP Foundation: Block; Brick/Mortar; Combination; Crawl Space; Slab Green Bldg Features: Energy Star Appl; LED Lighting; Tankless Water Heate Parking Features: Gravel; Off Street; On Site; Parking Lot; Private; Public; Other; See Remarks Roof: Flat Lot Description: Corner Lot; Cul-De-Sac; Dead End Current Use: Commercial; Hotel/Motel; Multi-Family Location: Cent Business District; Corner; Freestanding; Historic District Lot Water Features: None Cooling: Central Air; Zoned Heating: Heat Pump; Zoned Heating System Fuel Source: Electric Water Heater: Tankless Utilities: Natural Gas Connected; Water Available Sewer: Municipal Sewer Water Source: Municipal Water; Public; Public Lease Types: See Remarks
Listing Office: BlueStar Real Estate, LLC
Last Updated: June - 05 - 2025
505 N 2nd Street, Wilmington, NC 28401- MLS# 100485229
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