Cape Hatteras Motel

Hospitality for Sale
Catylist Listing ID: 30634760
Property Subtypes: Motel, Vacation Rental(s)
Number of Units: 37 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 4.30 Acres
Sale Price: $6,250,000
Unit Price: $168,918.92 Per Unit
Property Use Type: Business
Name of Establishment: Cape Hatteras Motel
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/27/2021

Overview / Comments

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.

Additional Details

Nearest MSA: Kill Devil Hills
County: Dare
Taxing Authority: Dare County
Tax ID/APN: 053720809496
Zoning: C2
Retail Clientele: Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: Atlantic Ocean & Pamlico Sound
Property Visibility: Excellent
Largest Nearby Street: Highway 12
Feet of Frontage: 547
Highway Access: From Highway 12
Site Description: 4.3 sound front and oceanfront acres, bisected by Highway 12. The ocean front parcel is built out but 44 units could be added to the soundside parcel. Site plans and elevation available.
Area Description: Centrally located on the Cape Hatteras National Seashore.
Nearby Attractions: Cape Hatteras Lighthouse Pea Island Wildlife Refuge, Graveyard of the Atlantic Museum, Canadian Hole - nation's best windsurfing, Hatteras Inlet and Oregon Inlet Fishing fleets - world renowned
Total Number of Buildings: 5
Number of Stories: 2
Property Condition: Good
Year Built: 1979
Year Renovated: 1990
Roof Type: Gable
Construction/Siding: Wood Frame, Wood Siding, Wood Shingle
Water Recreation: Outdoor Pool, Other
Zoning Description: Commercial
In Flood Plain?: Yes
Lot Frontage: 647
Water Service: Municipal
Sewer Type: Septic
Easements: Utilities
Land Ownership: Owner more than 12 months.

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Demographic Statistics

Proximity: 5 miles
Total Population: 2,361
Median Age: 42.84
Households: 1,003
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