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46567 NC Highway 12 Buxton, NC 27920 - MLS# 110236

Year Built:  1973
Area:  Buxton Oceanside
Location:  Oceanfront
Asking Price:  $6,250,000
Original Price:  $5,695,000

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.

Lot Description
  • Beach Frontage
  • Level
  • Water Frontage
View Description
  • Canal
  • Ocean
  • Park Serv./Preserve
  • Salt Marsh
  • Sound
  • At Closing
  • Subject to Tenancy
Listed On
  • 2020-07-23
  • Heat Pump
  • Wall Unit(s)
Air Conditioning
  • Heat Pump
  • Wall Unit(s)
  • Frame
  • Wood
  • Asphalt/Fiber Shingle
  • Paved
  • Public
  • 26-50 Spaces
  • Off Street
  • Parking Lot
  • Paved
Agent Name
Bobby Harrell
Harrell & Associates