$3,500,000 SALE
Vacant Land
1.04 AC
300-304-306 N Lake Park Blvd
Carolina Beach, NC 28428

Waterview redevelopment opportunity of over 1-acre in Central Business District. Aggregation of 3 parcels: 300, 304 and 306 N Lake Park Blvd. 300 and 304 are already zoned CBD (Central Business District), and 306 is currently zoned HB (Highway Business) - rezoning for this parcel to CBD would be ideal but not required for most development concepts. Over 400' artery-road frontage. Preliminary site plan in the works to illustrate scope of project that supports price. Zoning allows for 100% lot coverage, 50' building height. Carolina Beach has allowed higher structures in the recent past within the CBD, and this approval can be obtained with a conditional use permit. Mixed use would be encouraged, with pedestrian-friendly retail on the ground floor. Ample room for covered parking, with residential units above. Views of the Carolina Beach basin/ICW with peek-a-boo views of the Atlantic Ocean. Strong condo comps support a project of this nature. Three leased buildings exist, and could provide income in the short term. Lease 1 is month-to-month and can be terminated at will; Lease 2 has already expressed a willingness to vacate and has a termination clause if the property is sold, with a reimbursement for improvements capped at $350K; Lease 3 would likely vacate as part of the project/negotiation. One or more of the above might consider leasing new retail space once completed. Current combined gross rental income is $9600/mo or $115,200 annually Town parking lot is immediately adjacent, as are public and charter docks. Parcels are at a signalized intersection, with easy walking distance to Carolina Beach, boardwalk, restaurants, entertainment, and more. Significant recent investment in the immediate vicinity include a Hampton Inn oceanfront hotel, Publix shopping center, new seawall/charter and public docks directly in front of these parcels, freshly renovated waterfront restaurant across the ICW from subject, extended/enhanced oceanfront boardwalk, plans to renovate long-standing Blackburn's Seafood Market, and more. Link to Town of Carolina Beach Zoning: https://library.municode.com/nc/carolina_beach/codes/code_of_ordinances?nodeId=PTIIILADE_CH40ZO_ARTIIIZODIRE_S40-74DISTLOPRST Description of CBD and HB Zoning: "(k) CBD, Central Business District. (1) Purpose. This district is established to accommodate, protect, rehabilitate and maintain the traditional central business district and boardwalk area of the town. This area accommodates a wide variety of pedestrian oriented, commercial and service activities, including retail, business, office, professional financial, entertainment, and tourism. (2) Intent. The regulations of this district are intended to encourage the use of land for concentrated development of permitted uses while maintaining a substantial relationship between land uses and the capacity of the town's infrastructure. Developments which would significantly disrupt the historic balance between pedestrians and automobiles within the district, thereby destroying the pedestrian-oriented nature of the area, are specifically discouraged. Large, off-street parking areas are encouraged to locate outside the district. Similarly, buildings and structures should have pedestrian-oriented activities at ground level. (l) HB, Highway Business District. This district is established to accommodate businesses oriented toward the motoring public and which require a high volume of traffic. In many cases, businesses in the HB district serve the entire community and beyond. For the most part, they are located on major thoroughfares so that they can be conveniently reached by automobile and to avoid sending heavy automobile traffic through smaller streets or residential areas. Certain wholesale activities are also permitted in HB district." FEMA information: https://msc.fema.gov/portal/search?AddressQuery=300%20N%20lake%20park%20blvd%20carolina%20beach%20nc#searchresultsanchor

Property Type Vacant Land
Zoning CBD & HB
Listing ID 5HNBXK
MLS ID 30469446
Style Not Applicable
Lot Size 1.04 AC

Property Highlights

Do not make contact with tenants. Do not discuss sale with tenants or their employees.

Property Features
Sewer: City
Water: Municipal Water
Additional Media Area Demographics