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Listing 2 out of 2,208
$5,675,000 - Commercial, 37 units,
46567 Nc Highway 12, Buxton, NC 27920
MLS No. 102634

Listing Description

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. Just a few minutes north of the iconic 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, with an expansive newly nourished beach, on the west by a canal and marshland leading to the Pamlico Sound, and the north by 3.5 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 4.3 acres with room for future development. The west parcel is approximately 2.64 acres. Due to the recent beach nourishment, there is no current survey on file for the east tract but based on 2018 aerials, it is approximately 1.67 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 gross receipts for 2017, plus 4 decades of established, repeat clientele, beach nourishment, and the new Bonner Bridge and this investment is a no brainer with a potential 12% CAP rate.

Property Features

  • Property Type: Commercial
  • Sub Type: Hotel / Motel
  • Listing Status: Active
  • County/Area: Dare County
  • Zip Code: 27920
  • Year Built: 1973
  • Units: 37 units
  • Pool or Spa: Yes, See Commercial Features
  • View: Canal,Ocean,Park Serv./Preserve,Sound,Salt Marsh
  • Waterfront: Oceanfront
  • Zoning: C2
  • Area: Buxton Oceanside
  • Air Conditioning: Heat Pump, Wall Unit(S)
  • Approx.lot Sqft: 153011
  • Business Name: Cape Hatteras Motel
  • Business/Real Estate: Bus/Bldg/Lf Simple
  • Commercial Features: Outdoor Pool
  • Construction: Frame, Wood
  • Flood Zone: Ve
  • Foundation: Piling
  • Gross Income Range: $800,001 - $1.6 M
  • Heating: Heat Pump, Wall Unit(S)
  • Hotel/Motel Sq Ft: 27735
  • Insulation: Yes
  • Lot Description: Beach Frontage, Level, Water Frontage
  • Lot Dimensions: 4.3 acres
  • Lot Faces (News): E
  • Parking/Garage: 26-50 Spaces, Parking Lot, Paved, Off Street
  • Property Features: Dumpster
  • Roads: Paved, Public
  • Roof: Asphalt/Fiber Shingle
  • Sale/Rent: For Sale
  • Sewer/Septic: Private Septic
  • Street Frontage: 547
  • Water: Municipal Water
  • Water Frontage: 647 ft.
  • Waterfront Location: Oceanfront
Courtesy of Harrell & Associates, Bobby Harrell

Contact Shore Realty to schedule an appointment or call 800-647-1868

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