46567 Nc Highway 12, Buxton, NC 27920

$6,250,000
List Price
$6,250,000
Price Change
▲ $555,000 1623113888
MLS#
110236
Status
ACTIVE
Type
Commercial
Property Type
Hotel / Motel

Property Description

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.

Additional Information

Air Conditioning
Heat Pump, Wall Unit(s)
Construction
Frame, Wood
Floor Coverings
Carpet, Ceramic Tile
Foundation
Piling
Heating
Heat Pump, Wall Unit(s)
Lot Description
Beach Frontage, Level, Water Frontage
Roof
Asphalt/Fiber Shingle
Sewer
Private Septic
View
Canal, Ocean, Park Serv./Preserve, Salt Marsh, Sound
Well
Municipal Water
Units
37
Zip
27920
Year Built
1973
Directions
Travel South on Highway 12, Mile Post 60. First property in Buxton.
County
Dare

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Harrell & Associates.

Listed by Bobby Harrell

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