HOSPITALITY FOR SALE CW Worth House 412 S 3rd Street, Wilmington, NC 28401 For More Information Contact: Cody Cress 910-409-8421 cody.cress@thecressgroup.com www.thecressgroup.com Tyler Pegg 910-512-3550 tyler.pegg@thecressgroup.com Coldwell Banker Commercial SunCoast 1430 Commonwealth Drive, Suite 102 Wilmington, NC 28403 www.cbcsuncoast.com T: 910-350-1200 F: 910-350-0925
HOSPITALITY FOR SALE $1,100,000 PROPERTY INFORMATION Property Description: The CW Worth House is Wilmington s longest operating Bed & Breakfast. It is located at 412 S. 3rd Street in Wilmington s Historic Downtown District. This magnifi cent home was built in 1893 and converted into a Bed & Breakfast in 1985. The property has been well cared for over the years with modern room and bath amenities that keep guests coming back year after year. The inn has 7 guest rooms each with its own private bath, plus separate inn keepers quarters. The large expansive front porch and double rear porches offer tremendous outdoor space. The home sits on one of the largest lots in downtown Wilmington totaling 0.32 Acres. The rear yard is connected to an alley that provides a direct driveway onto S. 2nd Street. This adds off street parking and also an opportunity for a 2nd lot or the addition of a Carriage House. This is a turnkey, fully furnished and equipped bed & breakfast with all websites (www.worthhouse.com), email addresses, guest lists (18 years worth) and linens. SF: 5,918 Sale Price: $1,100,000 Zoning: HD-R History: C.W. Worth House is the longest continuously operating Bed & Breakfast in Wilmington, since 1985. The B&B license for 7 guestrooms is grandfathered under the current Ordinance. The C.W. Worth House is a quality AAA 3 Diamond property and has received 18 years of 100% Health Inspection reports. The home was built by Mr. Charles W. Worth in 1893 and remained in the family until 1944. It was a boarding/rooming house during the war and until 1981when it was purchased by a local Wilmington couple who converted it to a B&B and opened in 1985. There was a succession of three owners in 14 years to the current owners who purchased in 1999.
OVERVIEW The current City Ordinance (Sec. 10-279 Home Occupation (k) states that a new bed and breakfast in the historic district of Wilmington can only be located in a block that does not have an existing B&B license and can only operate with 3 guest rooms. This means there cannot be any more bed and breakfasts with more than 3 guestrooms. There are currently 12 operating B&B s within the Wilmington Historic District. The home is a 5,985 square foot Victorian mansion with 7 permitted guest rooms and an owners suite on the fi rst fl oor. The property features one of the larger downtown lots, 66 x 210, with mature pecan trees and fully landscaped with two water features, a well for irrigation, rear and front yard fenced in with rear alley access from 2nd Street. The front yard has a sprinkler system. A dry, large unfi nished basement for storage equals 900 square feet. Two laundry rooms each with washer and dryer are located one on fi rst fl oor and one on second fl oor. A contiguous buildable back lot may be available for purchase from the Verandas B&B. There is currently a gentlemen s agreement for guest parking in that space. The Inn has seven spacious guest rooms--all with private bathroom with shower, one with 2-person jetted tub combo with shower. Two guestrooms have a claw footed tub, one combo with shower, one separate from shower. There are 3 common areas where guests can gather or relax and two porches. This Bed and Breakfast is being sold as a turnkey operating business and includes all furnishings (excluding owner s furniture and a small list of items), intellectual property, current responsive website, guest list, vendor contacts, linens, digital photography and artwork of property. Current internet service provider is Time Warner Cable. All major appliances are included. All wall art mirrors and decorative items on the fi rst fl oor are negotiable. Financial information furnished upon request to all qualifi ed buyers. The C.W. Worth House website is listed on Google, Trip Advisor and paid sites: Bedandbreakfast.com, bnbfi nder.com, InsiderInfo, Wilmington Downtown Inc. We are listed on dozens of free sites including the local Convention and Visitors Bureau, RealAdventures, Lodging World, GayYellowPages, GayLesbianDirectory, Purple Roofs and many more. All locations of website listings will be provided.
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PROPERTY INFORMATION FACILITIES: The C.W. Worth House is served by 3 Water Heaters, 2 in the basement (gas) and 1 on the second fl oor (electric). The one on the second fl oor provides hot water for 3 guest rooms 4, 5, and 6. One of the water heaters in the basement provides hot water for guest rooms 3 and 7. The other water heater in the basement provides hot water for the owner s quarters, kitchen and guest rooms 1 and 2. The C.W. Worth House is also served by 3 HVAC units, all are natural gas fi red furnaces and electric air conditioners. One unit serves each fl oor. The fi rst fl oor unit is located in the basement and was new in 2015. The second fl oor unit located between room 4 and the laundry room is approx. 20 years old. The third fl oor unit is located above the third fl oor hallway through an access panel and was installed new in June 2016. Diversifi ed Heating and Air Company services all HVAC units twice a year. Condensers for the fi rst and third fl oor are located on the north side of the inn and the condenser for the second fl oor is located on the south side of the inn. The inn has a 1-¼ copper water main serving the property. The Slate roofs are of unknown age, the asphalt shingle roofs are new installed March 2017. The tin roof over the den/offi ce area is original to the addition as far as we know. All metal roofs have had Hydro-Stop roof system applied in 2015 and hold a 15 year warranty. LANDSCAPING: The well-established landscaping consists of a wide range of fruit and nut trees, fl owering trees and shrubs and several bulbs. In the rear yard (St. Augustine turf) are two Pecan trees, a Fig tree (by shed) a Flowering Quince (behind rear patio) A Flowering Dogwood between the ponds, a Pomegranate (south fence-line rear yard) a Flowering Cherry, several Azaleas and four Camellia Sesanqua. The vines both around the arbor gate and outside the dining room window are fl owering Carolina Jasmine. In the front gardens (Zoisia turf) you will fi nd another Pecan tree and several Azaleas as well as a unique fruit bearing Persimmon tree (south side yard in front) There are four Camellia Japonica s along the north side of the house that produce beautiful blooms in the winter months. There is plenty of room in the rear yard for a carriage house or other structure that could be large enough for an owner s cottage and/or additional storage. The adjoining lot in the rear is owned by the Verandas Bed and Breakfast but could possibly be purchased by the new owners and could be developed (only by an adjoining property owner) with a carriage house or garage.
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WILMINGTON MSA, NC Kentucky Virginia Henderson Roanoke Elizabeth City POPULATION OF MSA 268,000 Tennessee Georgia Mount Mitchell Hickory Asheville Winston-Salem Catawba South Carolina Yadkin Kannapolis Charlotte Greensboro Chapel Hill Durham RALEIGH Fayetteville North Carolina Cape Fear Rocky Mount Goldsboro Greenville New Bern Jacksonville WILMINGTON Atlantic Ocean HOUSEHOLDS IN MSA 111,546 VACANCY OFFICE RETAIL MF INDUSTRIAL HOUSEHOLD MEDIAN INCOME $52,655 ABSORPTION RENTAL RATES UNEMPLOYMENT RATE OF MSA 5.30%