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46567 Nc Highway 12

Buxton, NC 27920
  • $6,250,000
  • STATUS: Active
  • ON SITE: 493 Days
  • MLS #: 110236
UPDATED: 56 min ago
$6,250,000
  • 0
    BEDS
  • 3.51
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1973
County:

School Ratings & Info

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.

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© 2021 Outer Banks Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Brindley Beach Vacations & Sales. Data last updated: 2021-11-29T08:37:32.56.
www.brindleyobxsales.com/homes/108167184
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46567 Nc Highway 12 Buxton, NC 27920

  • Price: $6,250,000
  • Status: Active
  • On Site: 493 Days
  • Updated: 56 min ago
  • MLS #: 110236
0
Beds
0
Baths
0
½ Baths
3.51
Acres
1973
Built
Neighborhood:
Buxton Oceanside
County:
Dare
Area:
Buxton Oceanside
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.
Exterior Features

Construction FrameWood Foundation Piling Lot Description Beach FrontageLevelWater Frontage Lot Faces E Parking Garage 26-50 SpacesOff StreetParking LotPaved Roads PavedPublic Roof Asphalt/Fiber Shingle Street Frontage 547 View Description CanalOceanPark Serv./PreserveSalt MarshSound Water Frontage 647 Waterfront Location Oceanfront

Interior Features

Air Conditioning Heat PumpWall Unit(S) Floor Covering CarpetCeramic Tile Heating Heat PumpWall Unit(S) Hotel Motel Sq Ft 27735 Insulation Yes

Property Features

Bank Owned YN No Business Name Cape Hatteras Motel Business Or Real Estate Bus/ Bldg/ Lf Simple Commercial Features Outdoor Pool Commercial Type Hotel / Motel Current Use Hotel/Motel Documents On File As-Built SurveyLand Survey Financing Options CashCommercial Flood Zone Ve Gross Income Range $800001 - $1.6 M Permitted Use Hotel/MotelCondos Possession At ClosingSubject To Tenancy Potential Short Sale No Property Features Dumpster Sewer Septic Private Septic Tax Year 2020 Taxes 27610.54 Water Municipal Water Zoning C2

Listing courtesy of Bobby Harrell of Harrell & Associates.


© 2021 Outer Banks Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Brindley Beach Vacations & Sales. Data last updated: 2021-11-29T08:37:32.56.
 
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