Waterfront
Address
46567 NC Highway 12 Buxton, NC
Price
$ 5,695,000
Property Attributes
  • MLS#110236
  • TypeCommercial
  • CountyDARE
  • CityBuxton
  • AreaBuxton Oceanside
  • Zip27920
  • StyleHotel/Motel
  • Year Built1973
  • Taxes27610
  • Price$ 5,695,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size3.51 Acres
Listing Provided Courtesy Of:
Bobby Harrell @ Harrell & Associates
Data Source:
Outer Banks Association of REALTORS
Property 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. 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.

Price History
7/23/2020 Listed $5,695,000

General Features

Business Name Cape Hatteras Motel
Class COMMERCIAL/INDUSTRIAL
Commercial Features Outdoor Pool
Construction Frame, Wood
Cooling Heat Pump, Wall Unit(s)
Docs on File As-Built Survey, Land Survey
Financing Options Cash, Commercial
Flood Zone VE
Heating Heat Pump, Wall Unit(s)
Listing Area Buxton Oceanside
Ownership Owned More than 12 Months
Potential Short Sale No
Roof Asphalt/Fiber Shingle
Showing Instructions Appointment Required, Call Office, Tenant Occupied
Status Active
Status Active
Subdivision NC
Tax Year 2020
Taxes 27610.54
Type Hotel / Motel
View Canal, Ocean, Park Serv./Preserve, Salt Marsh, Sound
Water Municipal Water
Waterfront 647
Waterfront Location Oceanfront
Year Built 1973
Zoning C2

Interior Features

Floor Covering Carpet, Ceramic Tile
Insulation Yes
Total Number of Units 37

Exterior Features

Approx.lot Sqft 153011
Foundation Piling
Lot Description Beach Frontage, Level, Water Frontage
Lot Faces (n,e,w,s) E
Parking/Garage 26-50 Spaces, Off Street, Parking Lot, Paved
Roads Paved, Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 27920

Price
AVG $1.85M
$5.7M
Taxes
AVG $9,415
$27,610
Visits
AVG 25
19
Year Built
AVG 1985
1973

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