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Multifamily Redevelopment Site – Market Street Wilmington

2916 Market Street, Wilmington, Nc 28401

Property Type: Multifamily

Property Size: Acreage

Property Description

Survey of Market Street Property

9.17 Acres of prime land located on Highway 17 Market Street. Currently operated as The Carolinina Inn is a 61 room motel located at the corner of Market Street (Highway US 17) and Wayne Drive. The Hotel has five Structures of which four are the Hotel and one is the Managers House. The room counts of each section are 21 / 14 / 26.

The main value in the property is the 9.17 acres of property on Market street. This site is a prime candidate for redevelopment. It is located 2.38 miles from the downtown river front. It is located 2 miles to the intersection of Highway 17 and I-40. Its central location and proximity to major points of interest provide for a wide array of potential uses.

Highest and Best use maybe the conversion to Multifamily or repurpose as multifamily and infill develop the surplus land.

Property is currently bifurcated by two zoning districts and would require a rezoning of the entire acreage to accommodate a new use. The Zoning currently on the property is O&I on the front (aprox 2.5+/- acreage) and R15 on the remainder of the acreage [Buyer to verify, Listing Agent has an old survey]. This property abuts Multifamily Medium High Density.

Situated between Wayne Drive and 29th streets this hotel has access points to both of those streets, in addition to the Market Street Access. The property in addition to housing the Inn, also has a 3700 sf +/- home for the Inn Keeper on it.

Notable area locations are: Beaumont Park which is located on Wayne Drive, the Ivy Cottage, Indochine, the Azalea Inn, The YMCA all of which are less then 1 mile from this site. The property is also on the City of Wilmington Bus line.

The property in the rear has a ditch system as well as a small pond.

Sellers have a survey on hand. No further documents are in hand as it relates to the property.

 

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2916 Market Street, Wilmington, Nc 28401