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.
Parking Lot, 26-50 Spaces, Paved, Off Street
Canal, Ocean, Park Serv./Preserve, Sound, Salt Marsh
Harrell, Bobby, Harrell & Associates.
The data relating to real estate for sale on this Web Site comes in part from the IDX Program of the Outer Banks Association of REALTORS® Multiple Listing Service. © Copyright 2019.
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.
The MLS IDX information on this web site is being provided to you by the Outer Banks Association of REALTORS® for general informational purposes only. Contact your real estate broker or sales person for the most up to date information regarding these listings. Real estate listings include the name of the brokerage firms and listing agents. THE OUTER BANKS ASSOCIATION OF REALTORS® AND GREAT ESCAPES REALTY DOES NOT GUARANTEE THE ACCURACY OF THIS MLS IDX INFORMATION DISPLAYED ON THESE WEBSITE PAGES. THE OUTER BANKS ASSOCIATION OF REALTORS® AND GREAT ESCAPES REALTY CAN NOT BE HELD LIABLE FOR ANY DAMAGES OF ANY KIND RESULTING FROM THE INACCURACY OF THE MLS IDX INFORMATION. All MLS IDX information is owned by the Outer Banks Association of REALTORS® and any repackaging or other use of this information is strictly prohibited. The Outer Banks Association of REALTORS® reserves the right to terminate your access to this information at any time. By submitting this search form, and or using this websites features, you agree to these terms.
Listing information last updated on June 17th, 2019 at 2:45pm EDT.