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For Sale

$5,695,000

46567 NC Highway 12
Buxton, NC 27920

This CLASSIC expanded and renovated 37 Unit motel has successfully operated since 1973 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 proposed 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 had Quible & Associates prepare a conservative site plan to determine the density the vacant land on the soundside would allow. Which was determined to be 44 additional units in 4 buildings (see pictures and associated docs for site plan and elevations) Using the ADR and occupancy rates, it is estimated that the expansion could generate another $1.6M in revenue. Add that to the $1+ million in consistent annual gross receipts, plus 4 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 12% CAP rate. Read More

Market Status
Available
Last Updated
May 11, 2021

Property Type
Commercial Property
Cooling System
Heat Pumps; Wall Unit(s) A/C
Heating System
Heat Pump; Wall Unit
Roof
Asphalt
Exterior Construction
Wood
Parking
Off Street; Parking Lot; Paved or Surfaced
Pool
-
Floors
Carpet; Tile - Ceramic
Taxes
27610.54 (2020)
Property Type
Commercial; Hotel / Motel
View
Park
Ocean View
-

Local Market Conditions

There are currently 230 properties for sale in the Dare County, NC area with the average listing price of $927,685. This represents an increase of +4.2% over the previous week. To learn more about the Dare County, NC area, contact a local expert!

Market Snapshot for Dare County, NC

Avg. Listing Price

$927,685

Wk ending May 8

$+37,158

+4.2%

w-o-w

230

27

21

2

1

Average Listing Price for Dare County, NC
No. BedroomsNo. Beds Week Ending
(May 8)
w-o-w Week Ending
(May 1)
Week Ending
(Apr 24)
Week Ending
(Apr 17)
All PropertiesAll $927,685 +4.2% $890,527 $887,303 $870,340
1 bedroom1 BR $380,000 +0.0% $380,000 $380,000 $380,000
2 bedrooms2 BR $360,436 -2.7% $370,491 $363,428 $354,095
3 bedrooms3 BR $489,624 -0.2% $490,462 $505,507 $466,191
4 bedrooms4 BR $631,013 +0.0% $630,909 $638,960 $638,784

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Listing Provided By:

Bobby Harrell

Harrell & Associates

Phone
This $5,695,000 Commercial Property at 46567 NC Highway 12 in Buxton, NC is offered by Bobby Harrell and has been on the market for 291 days. This $5,695,000 Commercial Property, located in the 27920 zip code, has the following property features: Parking, Exterior Construction, Floors, Pool. This 46567 NC Highway 12 Commercial Property, located in Dare County , is listed under MLS listing number 110236 and has a listing price of $5,695,000. You can find more of Bobby Harrell's listings by browsing Bobby Harrell homes for sale at HomesAndLand.com, or even more Buxton homes for sale here.

Data Provided by Outer Banks Association of Realtors

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