4118 Market St Wilmington, NC 28403
MLS#: 30796462
$12,450,000

Property Information

Price
$12,450,000
Acres
1.26 Acres
Year Built
1979
Zoning
RB

Location

County
New Hanover
City
Wilmington
State
NC
Zip
28403
Longitude
-77.8943
Latitude
34.241

Property Description

This property is currently operating as a Studio 6 Suites. Located on Market Street this 76 unit extended stay hotel has the potential to convert to 76 efficiency units. The Hotel is located near entertainment (Carmike Cinemas, Capt Bills Volleyball Courts), Employment areas, Shopping both general retail and grocery (Food Lion, Dollar General, Tienda, City Trends, Walmart, Target). It is near fitness centers (Planet Fitness, Axis Fitness, The YMCA) and Urgent Care Facilities. This property is located on Highway 17 and has walkability, public transport and two entrances off of Highway 17 for inbound and out bound traffic. This hotel has gone through renovations and a rebranding recently. Currently Seller plans to finish the remaining 12 units so that all 76 units have a kitchenette, there are four handicap units as well on the ground floor for accessibility. Unit sizes range but the average unit size is 282 sf (23.5*12) Current zoning is Regional Business. Through a Commercial District Mixed Use or CDMU Use Change, with a set aside for Workforce housing as determined by the HUD High Home Rent Standards, the units which average 282 square feet. (See photos for improvements, ask for access to unlock the proforma for the units) On site guest and facility laundry, vending, guest reception / check in area and managers apartment. The property does not have a stormwater pond and no additions are sought to the structure. The property has 74 parking spaces, this is amount was a 1:1 but sellers have created two new units out of the manager suite. Additional striping can create the spaces if necessary. No sprinkler system. Electrical upgrades to allow for Stove/hotplate and refrigeration. There is a consent agreement on use in place, this however with a change of use from hotel to multifamily would cease.

Location

No nearby properties found.
Listing Courtesy of Eastern Carolinas Commercial Real Estate