505 N 2nd ST Wilmington, NC 28401
10,400 SqFt
UPDATED:
01/25/2025 05:31 PM
Key Details
Property Type Commercial
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 10,400 sqft
Price per Sqft $625
Subdivision Not In Subdivision
MLS Listing ID 100485229
Style Wood Frame
HOA Y/N Yes
Originating Board Hive MLS
Year Built 1948
Annual Tax Amount $4,298
Lot Size 5,140 Sqft
Acres 0.12
Lot Dimensions 114x45
Property Sub-Type Multi-Family
Property Description
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. 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.
Location
State NC
County New Hanover
Community Not In Subdivision
Zoning CBD
Direction 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.
Rooms
Basement Outside Entrance, Crawl Space
Interior
Heating Electric, Heat Pump, Zoned
Cooling Central Air, Zoned
Flooring LVT/LVP, Laminate
Exterior
Parking Features Private, Public, Parking Lot, Gravel, Other, See Remarks, Off Street, On Site
Utilities Available City Water, Natural Gas Connected
Waterfront Description None
Roof Type Flat
Building
Lot Description Dead End, Cul-de-Sac Lot, Corner Lot
Foundation Combination, Brick/Mortar, Block, Slab
Sewer Municipal Sewer
Water Municipal Water
New Construction No
Others
Tax ID R04716-007-004-000
Special Listing Condition None
