Development Opportunity 163 West Main Street

Hospitality for Sale
Catylist Listing ID: 30317065
Property Subtypes: Extended Stay, Hotel, Inn, Vacation Rental(s)
Number of Units: 40 Units
Building Size (RSF): 33,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.21 Acres
Sale Price: $386,000
Unit Price: $9,650 Per Unit
Ceiling: 12 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Hotel Louise
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/13/2019

Overview / Comments

Built in the early 1900s, this building was originally a Hotel and the later converted into an apartment building. Constructed with solid brick exterior, it has a basement and 4 floors, comprising of 2 stores and 40 apartment units. The main store is appx. 3000 sq ft, while each apartments have 1 living room, 1 bed room, 1 kitchen and 1 bathroom. High ceilings on each floor, make the units spacious and roomy.  Rear of the building faces the serence Tar Pamlico river, with its boating marinas and gorgeous promenade. Over 50% of the building units enjoy scenic water views. Being the tallest building in the town, the roof top offers majestic and breathtaking 360 degrees panoramic views of the beautiful city.  Although the building is located by the river, it boasts of having No Flooding in over 1oo years!  Recent Structural Inspection carried out certifies the soundness of the building  Architectural drawings and plans for re developing into a new hotel will be given to the new buyer.  Note: Vacant Building needs extensive work. New HVAC / boilers / elevators reqd. As with most buildings built before 1970, this building contains Asbestos (mainly in basement) & lead paint. Recent Abatement evaluation and quotes available.  The building has recently gone through extensively cleans ups and minor restorations both outside and inside. Roof newly repaired in Sept 2017.
FACTS & FIGURES
Bldg Size: 33000 sq ft No. of Unites: 40 Apts + 2 stores Property Type: Multi Family

Property Sub Type: Garden/Low Rise Property Use Type: Investment No. of stories: 4 Year Built: Appx. 1900 Lot Size: 13,939 sf Taxes 2015: 4,984.81

Additional Details

Nearest MSA: Washington
County: Beaufort
Tax ID/APN: 5675-88-0050
Zoning: CH
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: Main street and the Washington Waterfront
Property Visibility: Excellent
Largest Nearby Street: Hwy17 and Hwy 264
Feet of Frontage: 492
Highway Access: Hwy 17 and Hwy 264
Airports: PGV 30 miles
Site Description: The building, ‘Hotel Louise’, sits on the finest piece of land in Washington. The rear of the building directly faces the Pamilco River with its beautiful boating marinas and spectacular promenade. While the façade basks in the glory of the old charm vintage look, Main Street, lined with Antique Stores, books shops, restaurants, theatre, bank, and other small businesses. Summer and spring festivals adorn the street with flavor of local culture, music and food. A place to Relax, Enjoy and live Life! Being the tallest building in this small city, the awe-inspiring, grand impressive Waterfront, is what makes this prime piece of real estate most sought after!
Area Description: Washington, commonly known as the Original Washington, or Little Washington, is a city in Beaufort County, North Carolina, located on the northern bank of the Pamlico River. The city has historical significance in its name. It’s the first city in America, to be named after General George Washington. It was established in 1776, on land donated by Col. James Bonner. Current population is estimated to be close to 20, 000. Because of its beautiful location, especially the waterfront, it attracts a sizeable number of tourists every year, with locals from neighboring cities frequenting it quite often. Closest major city is Greenville, which is approximately 20 miles to the west..
Nearby Attractions: Washington Waterfront, please see attached brochure
Total Number of Buildings: 1
Number of Stories: 4
Property Condition: Poor
Year Built: 1900
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Exterior is original brick painted, building has exterior fire escape, It also has approximately 200 windows, frontage on main street and the waterfront park
Parking Type: Surface
Parking Description: parking available for hotel component
Passenger Elevators: 1
Sprinklers: Wet
Interior Description: Building has Asbestos and lead based paint, Interior will need remediation and a full gut and redevelopment. Grants available for remediation,
Zoning Description: CH downtown core
Lot Frontage: 53.56 feet
Lot Depth: 171.72 feet
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,825 12,398 20,927
Median Age: 39.09 42.9 41.03
Households: 1,203 5,331 8,689
The information presented herein is provided as is, without warranty of any kind. Neither Cape Fear REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.