46567 Nc Highway 12

    Buxton, NC 27920
    • $5,675,000
    • STATUS: Active
    • ON SITE: 5 days
    • MLS #: 102634
    New On Site 5 Days Ago
    $5,675,000
    • 0
      BEDS
    • 3.51
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1973
    County:

    School Ratings & Info

    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. 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.

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    © 2018 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 Matt Myatt | Keller Williams. Data last updated: 2018-11-13T23:37:41.417.
    www.mattmyatt.com/homes/89250592

    46567 Nc Highway 12 Buxton, NC 27920

    • Price: $5,675,000
    • Status: Active
    • MLS #: 102634
    0
    Beds
    0
    Baths
    0
    ½ Baths
    3.51
    Acres
    1973
    Built
    Neighborhood:
    Buxton Oceanside
    County:
    Dare
    Area:
    Buxton Oceanside
    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. 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.
    Exterior Features

    Construction FrameWood Foundation Piling Lot Description Beach FrontageLevelWater Frontage Lot Faces E Lot Size Dimensions 4.3 Acres Parking Garage 26-50 SpacesParking LotPavedOff Street Roads PavedPublic Roof Asphalt/Fiber Shingle Street Frontage 547 View Description CanalOceanPark Serv./PreserveSoundSalt Marsh 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 2018 Taxes 27610.54 Water Municipal Water Zoning C2

    Listing courtesy of Bobby Harrell of Harrell & Associates.
    © 2018 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 Matt Myatt | Keller Williams. Data last updated: 2018-11-13T23:37:41.417.
     
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