46567 NC Highway 12, Buxton, NC 27920

224842083 35.26738 -75.518456 167 /listing/224842083-150071074/46567-nc-highway-12-buxton-nc-27920 False 0 5675000.0 101 102634 False
  • $5,675,000
  • 4.3 acres lot
  • Est payment $30464.63/mo

Property & Neighborhood Info

Courtesy Of Bobby Harrell, Harrell & Associates

Commercial in Buxton

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.

Courtesy Of Bobby Harrell, Harrell & Associates
  1. 4.3 acres Lot

Main Features

  • Listing Status: Active
  • Year Built: 1973
  • County: Dare
  • Taxes: $27,610.54
  • Tax Year: 2018
  • Units: 37
  • Zoning: C2
  • MLS Number:102634

Additional Features

  • Commercial Features:
    • Outdoor Pool
  • Cooling:
    • Heat Pump
    • Wall Unit(s)
  • Flooring:
    • Carpet
    • Ceramic Tile
  • Insulation:
    • Yes
  • Business Name:
    • Cape Hatteras Motel
  • Construction:
    • Frame
    • Wood
  • Garage Capacity:
    • 26-50 Spaces
    • Off Street
    • Parking Lot
    • Paved
  • Property Type:
    • Hotel / Motel
  • Roof:
    • Asphalt/Fiber Shingle
  • View:
    • Canal
    • Ocean
    • Park Serv./Preserve
    • Salt Marsh
    • Sound
  • Foundation:
    • Piling
  • Flood Zone:
    • VE
  • Lot Description:
    • Beach Frontage
    • Level
    • Water Frontage
  • Waterfront:
    • Oceanfront
  • Heating:
    • Heat Pump
    • Wall Unit(s)
  • Sewer:
    • Private Septic
  • Access Road:
    • Paved
    • Public
  • Showing Instructions:
    • Appointment Required
    • Call Office
    • Tenant Occupied
  • Water:
    • Municipal Water
  • Bank Owned:
    • No
  • Documents On File:
    • As-Built Survey
    • Land Survey
  • Financing:
    • Cash
    • Commercial
  • Gross Income Range:
    • $800
    • 001 - $1.6 M
  • Sale Rent:
    • For Sale
  • Short Sale:
    • No
  • Miscellaneous Features:
    • Dumpster
  • Ownership:
    • Owned More than 12 Months
  • Possession:
    • At Closing
    • Subject to Tenancy
  • Tax ID:
    • 053720809496
Neighborhood info courtesy of Homes.com © 2019

What's My Mortgage?

$38,769.95*
*Estimated monthly payment is a starting point to help assist you with your home search. To find out more about mortgage pre-qualification, click here.
Pirate's Cove Realty
Pirate's Cove Realty
(252) 473-1451

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46567 NC Highway 12 Buxton, NC 27920

224842083 35.26738 -75.518456 167 /listing/224842083-150071074/46567-nc-highway-12-buxton-nc-27920 False 0 5675000.0 101 102634 False
  • $5,675,000
  • 4.3 acres lot
  • Est payment $30464.63/mo