This Oceanfront/soundfront expanded and renovated 37 Unit motel has successfully operated since 1971 by the same dedicated family and they are now ready to retire. It is situated on Hatteras Island in the town of Buxton on both the oceanfront and sound side of Highway 12. Minutes from the historic Cape Hatteras Lighthouse and near the world famous wind surfing and kite boarding mecca, the Canadian Hole. The property is bordered on the east by the Atlantic Ocean, and on the west by a canal and marshland leading to the Pamlico Sound, and the north by 8.5 miles of the Cape Hatteras National Seashore Park. Cape Hatteras Motel features 25 Oceanfront rooms, townhome suites, and efficiencies, plus 10 Soundside 2 bedroom suites all situated on approximately 4.0 acres with ample room for future development, (see proposed development plans in photos). The west parcel is approximately 2.75 acres. Due to beach nourishment, there is no current survey on file for the east tract but based on 2018 aerials, it is approximately 1.3 acres. Seller has Quible & Associates preparing a conservative site plan to determine the density the vacant land on the soundside will allow. Add that to the anticipated $1.5 million in gross receipts for 2021, plus 5 decades of established, repeat clientele, beach nourishment, and the new Bonner Bridge, and the Jug Handle Bridge, makes this investment a no brainer with a potential 11-12% CAP rate.
Listing courtesy of Harrell & Associates.
Listed by Bobby Harrell
Copyright 2021 Outer Banks Association of REALTORS®. All rights reserved.
The data relating to real estate for sale on this web site comes from the Broker Reciprocity Program of the Outer Banks Association of REALTORS®. Real estate listings include the name of the brokerage firms and listing agents. Information is believed to be accurate but is not warranted. Copyrighted by Outer Banks Association of REALTORS®. All rights reserved.
Real estate listing held by brokerage firms other than Real Estate Company are marked with the Broker Reciprocity logoSM or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
This information is deemed reliable, but not guaranteed. Neither the Outer Banks Association of REALTORS®, nor the listing broker, nor their agents or subagents are responsible for the accuracy of the information. The buyer is responsible for verifying all information.