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1020 Princess St 11,820 SF 100% Leased Retail Building Wilmington, NC 28401 $3,625,000 ($306.68/SF) 7% Cap Rate

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INVESTMENT HIGHLIGHTS

All new major systems
Area of High Growth

Long term established tenants

EXECUTIVE SUMMARY

100% occupied adaptive reuse in the heart of Wilmington's Soda Pop District. This is the building that kickstarted a 3.4 city block master planned redevelopment. Strong long term tenants, Hi Wire Brewing and Cugino Forno Pizzeria, both with multiple other locations. Asking price for rents in place, 6.9% cap, with revenue increase growing to 7.1% cap in June of 2026. Building was originally a car dealership, reimagined as an adaptive retail project. All systems (electrical, plumbing, hvac, roofs) replaced between 2020-2022. Great location with surrounding restaurants, businesses, and residential. 90 unit apartment building slated for development across the street. Leases are MG with landlord responsible for property management, landscaping, pest control, and base year taxes and insurance.

PROPERTY FACTS

Sale Type

Investment

Property Type

Retail

Property Subtype

Restaurant

Building Size

11,820 SF

Building Class

Year Built/Renovated

1946/2020

Price

$3,625,000

Price Per SF

$306.68

Cap Rate

NOI

$253,575

Percent Leased

100%

Tenancy

Multiple

Building Height

1 Story

Loading Docks

1 Exterior

Building FAR

0.42

Lot Size

0.64 AC

Zoning

UMX - Urban Mix Use-See zoning guidelines

Parking

9 Spaces (0.76 Spaces per 1,000 SF Leased)

Frontage

132’ on Princess St

Corner Lot

Restaurant

Wheelchair Accessible

Air Conditioning

Cugino Forno
Accommodation and Food Services
-
$9.99
Jan 0000

Manufacturing
-
-
Jan 0000

Hi-Wire Brewing produces approachable and balanced beers in the heart of Asheville NC, the little circus town they call home. Find their lagers and ales in grocery stores, restaurants, and bottle shops across NC, SC, TN, OH, KY, GA, AL, IN, & VA. Visit their seven locations: the 27,000 square foot Production Facility & Taproom located half a mile from the Biltmore Estate, the South Slope Specialty Brewery & Taproom located in the South Slope region of downtown specializing in sour and wild ales, the RAD Beer Garden with 9 open-aired shipping containers in Asheville’s River Arts District, their Golden Belt Taproom in Durham, NC, their Taproom in South Knoxville, their spot in Wilmington, NC, or their newest taproom in Louisville, KY.