VERY SUCCESSFUL OCRACOKE ISLAND MOTEL

Hospitality for Sale
Catylist Listing ID: 30587018
Property Subtypes: Motel, Resort
Number of Units: 52 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 2.40 Acres
Sale Price: $4,500,000
Unit Price: $86,538.46 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Business
Building Name: Pony Island Motel & Cottages
Name of Establishment: Pony Island Motel & Cottages
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/1/2020

Overview / Comments

VERY SUCCESSFUL MOTEL, IN LIKE NEW CONDITION.
The motel has been operated by the same family since the 1970's.
With repeat clientele in the summer season, governmental and sportsmen in the winter months, the motel has consistent income and profits.
With a wide variety of accommodations from single rooms to efficiencies and even a cottage, along with a very nice pool, the occupancy rates are excellent.
All 50 rooms are non-smoking, with telephones, Wifi, A/C, refrigerators, microwaves, cable TV, and hair dryers, and expansive marsh and distant ocean views from the newer three story wing. Also included is a 3 bedroom, 2 bath cottage and a 2 bedroom apartment on site.
The original wing of the motel is nestled among the red cedars and live oaks, with picnic tables, and grilling areas.. The is also plenty of room for boat parking on the spacious grounds.
This is an exception opportunity for the astute, discerning owner/operator.

Additional Details

Nearest MSA: Kill Devil Hills
County: Hyde
Tax ID/APN: 9500389614
Zoning: N/A
Retail Clientele: General, Family, Traveler, Tourist, Recreation
Property Visibility: Excellent
Feet of Frontage: 1,343
Highway Access: Off Hwy 12
Total Number of Buildings: 4
Number of Stories: 3
Property Condition: Excellent
Year Built: 1974
Year Renovated: 2019
Roof Type: Gable
Construction/Siding: Wood Siding
Water Recreation: Outdoor Pool
Parking Type: Surface
Heat Type: Electricity
Heat Source: Wall Units
Zoning Description: none
Water Service: Municipal
Sewer Type: Septic

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 948 948
Median Age: 38.78 38.78
Households: 420 420
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