22-24 North Front

22-24 N Front St
Wilmington, NC 28401

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CATEGORY: Commercial Real Estate for Sale

Property Size 6,864
Sale Price $1,200,000
Listing Firm Momentum Companies
Current As Of 2.26.18
Listing Contact Terry Espy
Contact Telephone 919.270.1711
Contact Email terry@momentumprojects.com

Great Investment Potential!!
This 81 year old Art Deco style building is located in one of the the most favorable blocks in Historic Downtown Wilmington. Extremely high pedestrian and street traffic and outstanding visibility make this property a rare opportunity. There are currently two (2) historic tax credit programs that the building is eligible for. The building is comprised of both 22 and 24 North Front Street. 22 N. Front is currently occupied and 24 N. Front will be vacant by end of year. The building was structurally rebuilt in 2010 with the interiors completely updated between 2011-2013. First level retail suites offer hardwood floors, exposed brick walls, high ceilings with exposed timbers with period street front display windows. Second levels have separate zone heating/air, hardwood floors, brick walls and overhead lighting. Six (6) exclusively dedicated parking spaces at the rear doors convey with the sale of the building, which is hard to find Downtown Wilmington.
With the continued revitalization of Historic Downtown Wilmington there is currently an increased demand for second level open concept, industrial feel, office space. Another viable option for the second floor would be as long term residential rentals. Even more popular, are short term rentals such as VRBO or AirBNB. This property is located in the CBD district and short term rentals are allowed by right. Also, great opportunity for work/live with additional income potential!
This property was built in 1936 and originally housed The Freeman Shoe Company and The Mademoiselle Shop and was a popular destination for shopping through to the late 80's. Bailey Theater resided next door. 22 N. Front St has also been the home to Daughtry's Old Books which became Old Books On Front. 24 N. Front for many years in the 90's and early 2000's was where you found Nautical Hangups. It has been owned and loved by the same family for almost 40 years.