46567 Nc Highway 12, Buxto, NC

$6,250,000

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153,011

Square feet

About 46567 Nc Highway 12

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.

Features of 46567 Nc Highway 12

MLS® # 110236
Price $6,250,000
Square Footage 153,011
Year Built 1973
Type Commercial
Sub-Type Hotel / Motel
Status Active

Community Information

Address 46567 Nc Highway 12
Area Buxton Oceanside
City Buxto
County Dare
State NC
Zip Code 27920

Amenities

Garages Paved, Off Street, 26-50 Spaces, Parking Lot
View Canal, Ocean, Park Serv./Preserve, Sound, Salt Marsh
Is Waterfront Yes
Waterfront Oceanfront

Interior

Heating Heat Pump, Wall Unit(s)
Cooling Heat Pump, Wall Unit(s)

Exterior

Roof Asphalt/Fiber Shingle
Construction Frame, Wood
Foundation Piling

Additional Information

Date Listed July 23rd, 2020
Days on Market 454
Zoning C2
RE / Bank Owned No

Listing Details

AgentHarrell, Bobby
OfficeHarrell & Associates

Listing Map

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