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MLS# 93208: 15% CAP RATE!!

46567 NC Highway 12 Buxton, NC 27920
Area: 
Type: 
: Commercial
Waterfront: 
Oceanfront
Asking Price: 
2,395,000

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Karen DelVacchio
Senior Associate Broker
Office: 888-211-8083
Cell: 215-694-8883

This successful oceanfront motel has been operating in the shadows of the Cape Hatteras Lighthouse for over 40 years and the owner is ready to retire! Hatteras Island beaches are frequently rated among the nation’s “Top 10 Favorite Beaches” as well as the trip there among the “Top 10 Most Scenic Drives”. A true 15% CAP rate offers tremendous opportunity for an owner operator and investor alike. With the Bonner Bridge replacement underway, and Dare County's commitment for beach nourishment . . . this property is a no brainer!

The Buxton Beach Nourishment project will be constructed in 2017 to ensure safe reliable access to Hatteras Island via NC 12. The project includes approximately 2.9 miles of beach and will initially widen the beach by approximately 250 feet which will "equilibrate" resulting in approximately 150 feet of additional beach in front of your property. Funds are in place, permits have been issued, bids have been let, and contract has been signed, and work should begin late spring 2017. There are 4 buildings and 25 oceanfront units offering 8 miles of unobstructed views to the north over the never to be developed Cape Hatteras National Seashore.

Vacationers from around the world enjoy the beautiful sandy beaches, sunbathing, fishing, windsurfing, shell hunting, and driftwood collecting. The motel offers five 2-bedroom, 2 bath + Kitchen townhouses; four 2-bedroom, 2bath + kitchen flats; six motel rooms with king beds, and ten motel rooms with two queen beds . . . something for small and large parties alike.

Area
Buxton Oceanside
Waterfront
Oceanfront
Waterfront Location
Oceanfront
Lot Description
Adj to Park Serv./Preserv,Beach Frontage,Water Frontage
Lot SqFt
38000
Roof
Asphalt/Fiber Shingle
Possession
At Closing
Foundation
Piling
Roads
Paved
Public
Heating
Heat Pump
Wall Unit(s)
Air Conditioning
Heat Pump
Wall Unit(s)
View Description:
Ocean
Park Serv./Preserve
Salt Marsh
Taxes
$15719.3
Construction
Frame
Wood
Parking
26-50 Spaces
Parking Lot
Paved
Year Built
1989
Days On Market
133
Listing Agent
Bobby Harrell
Listing Office
Harrell & Associates

Data provided by Outer Banks Association of Realtors MLS. This data is intended for your personal, non-commerical use. Information is deemed reliable, but is not guaranteed. Copyright 2016 Outer Banks Association of Realtors.