1024 S College Road

Description

This +/-0.18-acre commercial lot, located at 1024 S. College Road, offers a high-visibility development opportunity on one of Wilmington's major thoroughfares. The property is zoned Community Business (CB), a designation intended to support a variety of retail and professional service uses that serve the surrounding neighborhoods. With approximately 50 feet of road frontage, the site is positioned for accessibility and has undergone preliminary review by the City of Wilmington Technical Review Committee for a proposed two-story commercial building. The parcel has access to municipal water and sewer services and is classified within an urban land use category. Prospective buyers should note that any development will require coordination with the NCDOT for driveway permitting and should account for planned future access management improvements along the South College Road corridor. All development plans are subject to formal city approvals, including requirements for stormwater management, tree preservation, and site-specific technical standards. The property is currently subject to a purchase money promissory note providing for a 6% interest rate, 24 monthly interest-only payments, no prepayment penalty, and a balloon payment due on or before September 1, 2027.