215 W Main St 9,600 SF Vacant Retail Building Washington, NC 27889 $1,400,000 ($145.83/SF) 2.96% Cap Rate

Ideally located in the heart of Washington’s charming Downtown Harbor District, this property has entrances on Main Street and the riverfront, three balconies overlooking the Pamlico River, two retail spaces, two recently remodeled apartments, and a third floor with limitless potential.
Built
- Though the official records say 1941, we did some research and now know it was built in 1914 or thereabouts.
Configuration
- Footprint: 106’ 5/8” x 30’9” x three stories plus two mezzanines on first floor
- Square Footage: Estimated 9,600 +/-
- Public entrances on both Main Street and on the waterfront/Stewart Parkway
First Floor:
- Fully developed: Two retail spaces (each being approx. 1,300 sq ft with a 450 sq ft mezzanine). Both are leased: Flying Pig Provisions (5 yrs) & Scoops Ice Cream (20+ yrs).
Second Floor:
- Fully developed with two residential apartments, both leased annually. Each
has three bedrooms and is approximately 1,300 square feet. Between them lies a community laundry room with two sets of washer-dryer hook-ups.
Third Floor:
- Undeveloped, unfinished open space with outstanding views.
NOTE: Since the current owners purchased the building in 2017 through to February 2025, the four finished spaces have had zero days of vacancy.
Things to know:
- New bladder roof, 2019. When installed, the under-roof was repaired and insulation added.
- Each of four leased spaces has its own HVAC: Three of those four HVAC units are new since 2019. Fourth unit dated 2014.
- Three of four currently developed spaces have been completely gutted and remodeled since 2020 (all but Scoops).
- Old (and dangerous) fire escape demolished and removed. New balcony/fire escape custom-designed and built. Completed fall of 2020.
- Three raised balconies facing river -- largest in Harbor District. (Curtis McLawhorn engineer, Mike Jarvis builder)
- Entire building painted/sealed in 2020.
- New bank of six large windows (frames and all) looking out 2nd story Main Street apartments installed in 2021.
- In 2021, honored with Washington’s Terrell Award for the Best Commercial Rehab for “attention to detail and dedication to maintaining the historic charm” of the building throughout extensive renovations.