TURN KEY OBX RESTAURANT

Retail-Commercial for Sale
Catylist Listing ID: 30559515
Property Subtypes: Restaurant
Building Size (RSF): 10,374 SF
Gross Land Area: 66,500 SF
Sale Price: $2,495,000
Unit Price: $240.51 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Usable Size (USF): 10,374 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/19/2021

Overview / Comments

TURN KEY OBX RESTAURANT FOR SALE in the heart of the Outer Banks situated on a more than 1 acre, corner lot at a STOPLIGHT!

The restaurant contains 8,294 square feet, of which 6,582 square feet is dining, lounge and banquet rooms while 1,712 square feet is available for the kitchen and food prep. The seating capacity is 262 of which 17 are bar seats and 245 are dining seats. With 3 dining rooms the restaurant is capable of accommodating small intimate groups or larger meetings or celebrations. The facility underwent a major renovation and remodel in 2015 including updates in electrical, lighting, sound system, security system and flooring. At the same time, extensive kitchen remodeling, including equipment upgrades, occurred. While the restaurant has been successful for years, there is a huge upside potential to expand by adding evening entertainment and increasing marketing toward large parties and events, such as wedding receptions, business meetings, etc.

The restaurant features extensive parking with the option for overflow parking on an adjacent property.

The roof and HVAC units were recently replaced and the restaurant will be connected to central sewer prior to closing.

A major asset to the restaurants operations are the two - 3 bedroom, 2 bath single family residences that can accommodate seasonal help and staff located across the street from the restaurant. They are each situated on an 11,250 square foot parcel.

Additional Details

Nearest MSA: Kill Devil Hills
County: Dare
Tax ID/APN: 988308881477
Zoning: BUSINESS
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: Kitty Hawk & Nags Head
Property Visibility: Excellent
Largest Nearby Street: Croatan Hwy
Feet of Frontage: 475
Highway Access: corner lot at stoplight
Site Description: High Visibility - Corner Lot - Ample Parking! High traffic count, excellent location for both the extended tourist season and local clientele.
Area Description: Central Outer Banks beach location!
Tenancy: Single Tenant
Total Number of Buildings: 3
Number of Stories: 1
Property Condition: Excellent
Year Built: 1984
Year Renovated: 2015
Roof Type: Gable
Construction/Siding: Wood Frame
Parking Type: Surface
Parking Description: Paved, private parking.
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central, Heat Pump
Air Conditioning: Engineered System
Zoning Description: Business
In Flood Plain?: Yes
Lot Frontage: 200
Lot Depth: 275
Water Service: Municipal
Sewer Type: Municipal, Septic
Land Ownership: fee simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,633 10,664 16,577
Median Age: 38.39 39.16 41.78
Households: 1,519 4,414 7,012
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