46567 Nc 12 Highway

Buxton, NC 27920

MLS ID# 110236 Active
Hotel / Motel

$5,695,000


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Details for 46567 Nc 12 Highway, Buxton NC 27920

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. 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 proposed 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 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 consistent annual gross receipts, plus 4 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 12% CAP rate.

Features and Details

  • Category Commercial
  • Type Hotel / Motel
  • Subdivision
  • County Dare
  • Lot Size 153011 SqFt
  • MLS ID# 110236
  • MLS Area Buxton Oceanside

Waterfront Location
Oceanfront
Commercial Features
Outdoor Pool
Construction
Frame, Wood, Piling, Asphalt/Fiber Shingle
Cooling
Heat Pump, Wall Unit(s)
Heating
Heat Pump, Wall Unit(s)
Insulation
Yes
Lot Description
Beach Frontage, Level, Water Frontage
Floor
Carpet, Ceramic Tile
Garage/Parking
26-50 Spaces, Parking Lot, Paved, Off Street
Property Features
Dumpster
Sewer/Septic
Private Septic
Water
Municipal Water
View
Canal, Ocean, Park Serv./Preserve, Sound, Salt Marsh
Business Name
Cape Hatteras Motel
SqFt
Hotel/Motel: 27735
Current/Permitted Use
Current: Hotel/Motel, Permitted: Hotel/Motel, Condos
Zoning
C2

Local Information (click to view details)

This listing was last updated on 8/17/2020 1:50:24 PM.