Marcus & Millichap is pleased to present for sale, a mixed-use asset located in Greenville, North Carolina. The subject property, Lofts on 5th, consists of four contiguous parcels totaling 0.42 acres. The property includes a three-story building with 16,200 square feet of loft apartments (12 units/33-Beds) on the upper levels, a 5,200 square foot retail restaurant space located on the lower level, an additional 700 square foot retail building adjacent with an outdoor patio area, and a gated courtyard for the apartment residents adjacent to University Book Exchange. The offering also includes a private parking lot with twenty-four (24) parking spaces.
Lofts on 5th is located in the Uptown area of Greenville. The property was originally built in the 1930’s as a three-story Montgomery Ward retail store, with remnants of this history displayed through it’s original polychrome terra cotta façade, and bas-relief of the “Spirit of Progress” that can still be seen at the top of the building. The asset was once described as “one of the most beautiful and imposing of any mercantile structure in the State. In the mid-1990’s, the building was converted into apartments and a restaurant space. The upper levels of the Main Building are divided into 12 units containing thirtythree (33) bedrooms in total with a range of layout options. Each apartment comes with appliances including a stove, refrigerator, dishwasher, washer and dryer. The building’s common areas are equipped with security cameras. The Main Building’s restaurant is occupied by Crossbones Tavern. The additional retail space on the property is occupied by a “Blow Dry” hair salon concept.
The subject property is well situated in Uptown Greenville. The property is approximately 0.3 miles from East Carolina University, the fourth largest university in the North Carolina with an average enrollment of more than 23,000 students. In addition, the subject property is located within close proximity to Sup Dogs, a popular local restaurant, the Greenville Police Department, Greenville City Hall, and more. Traffic counts directly in front of the property ae 6,400 vehicles per day. Additional traffic counts in the area include 11,000 vehicles per day on Reade Circle and 6,000 vehicles per day on South Greene Street.
