$1,450,000

21 Market Street

Wilmington NC, 28401

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 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.

Details

MLS#100171398
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1910
Days On Site415

Features

SQ Feet7,371
Story(s)1
Units11
ZoningCBD
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Area Information
StateNC
CountyNew Hanover
CityWilmington
Zip Code28401
AreaNew Hanover
Listing VS Median (in 28401)
Price:
$1,450,000
low | high
Med:
$251,490
100% of Average
SqFt:
7,371
low | high
Med:
1,547
100% of Average
$ / SqFt:
$197
low | high
Med:
$163
67.208515723032% of Average
On Site:
415
low | high
Med:
54.5
100% of Average
Listing Updated: 08/06/2020
Kenneth T Fisher LogoMLS Number: 100171398
Listing Provided By:
Kenneth T Fisher  of  RE MAX Essential
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