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46567 NC Highway 12 Buxton, NC 27920 - MLS# 97985

Year Built:  1973
Area:  Buxton Oceanside
Location:  Oceanfront
Asking Price:  $5,700,000
Original Price:  $5,700,000

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 famous Cape Hatteras Lighthouse and near the world famous Canadian Hole, the property is bordered on the east by the Atlantic Ocean, the west by a canal and marshland leading to the Pamlico Sound, and the north by the Cape Hatteras National Seashore Park. Cape Hatteras Motel features 25 Oceanfront rooms, townhome suites, and efficiencies, plus 10 Soundside suites all situated on 3.5 acres with room for future development.

Seller has prepared a Pro Forma adding 5 buildings and 60 hotel rooms to the sound side property potentially generating an additional $1.6 million in gross receipts (see associated docs). Add that to the $1+ million in gross receipts for 2016, plus 4 decades of established, repeat clientele, beach nourishment, and the new Bonner Bridge and this investment is a no brainer! Other potential development possibilities include Condos, Townhomes, or perhaps Timeshares??

Lot Description
  • Beach Frontage
  • Level
  • Water Frontage
View Description
  • Canal
  • Ocean
  • Park Serv./Preserve
  • Sound
  • Salt Marsh
  • At Closing
  • Subject to Tenancy
Listed On
  • 2017-10-03
  • Heat Pump
  • Wall Unit(s)
Air Conditioning
  • Heat Pump
  • Wall Unit(s)
  • Frame
  • Wood
  • Asphalt/Fiber Shingle
  • Paved
  • Public
  • 26-50 Spaces
  • Parking Lot
  • Paved
  • Off Street
Agent Name
Bobby Harrell
Harrell & Associates