7531 S Virginia Dare Trail, Nags Head, NC 27959

$4,500,000
List Price
$4,500,000
MLS#
114361
Status
ACTIVE
Type
Commercial
Property Type
Shopping Center
Neighborhood
Caribbean Corners Center Condo

Property Description

Unique Spectacular Waterfront Commercial Property, which comprises of buildings 1, 2 and 3 that equals 17 units and two small storage buildings together with an adjacent Commercial Waterfront lot. All together the property amounts to approximately 500’ of water frontage with multiple uses for Waterfront Commercial Development. Properties in total are approximately 1.88 acres and 17,000 square feet of waterfront decks, boardwalks and courtyard. Property is located next to the areas largest rental sports location and the highest volume serving restaurants here in the Outer Banks. The Outer Banks is a tremendous tourist destination and has been voted one of the countries most desirable places for families to visit, beautiful beaches, amazing attractions, restaurants, museums, cycling, boating, fishing state parks, and many more attractions to keep children happy, busy engaged and having fun to mention. The Outer Banks has grown to not only be a seasonal destination but a year round destination with the population of the locals increasing by the many thousands. Gone Coastal property is located next to one of the largest outdoor recreation and adventure rental companies that provides dolphin boats tours that go out many times a day which brings lots of tourists and foot traffic to peruse the delicacies treats and many options offered from the businesses of the beautiful Gone Coastal property. There are currently 2 successful food service Restaurants operating on the property, and have a proposed additional restaurant with housing upstairs that can be built on the adjacent vacant lot. Building 1 consists of 5 units which house one of the two successful restaurants, building two consists of a very successful bakery, a realtor’s office, patriot storefront coming and three beautiful studio apartments on second floor for air b& b or for key management of restaurants or used as needed. Building 3 consists of a counselor’s office, an art and crafts store, and a pizza restaurant, taking up 4 of the 6 units of the building. There are 2 outdoor maintenance storage buildings on the deck that would be renovated as combined restrooms and maintenance storage sheds for outdoor events. Future plans have included using the 17,000 square feet of deck to host music events, art shows, and farmers markets or for that matter what ever your heart desires. This property is being marketed at a sale price of 4.5 million but can be sold individually at a starting price range of $300K + per unit, All units are already established under a Commercial Condo Ownership Association that can operate with HOA fees on a per square footage split percentage based on usage which comprises of common area, insurance, maintenance, water, power, etc. The sale of the individual units would only happen if a restaurant or several units were sold to justify converting the property fully back to the original commercial condo association that it once was prior to the current owner purchasing all the units over the course of several years. This extremely rare and spectacular property has vast potential far and above what it is already doing. If you have a dream of owning your own restaurant or ice cream shop or for that matter many different shops in one exquisite waterfront location, you can live work and be on vacation all at the same time. This property best suits an owner operator who loves the outer banks and dreams of making this your forever home with great earning potential. We have kept the tenants on short leases as we work towards finding the perfect buyer who might have their own visions and aspirations. The property has been a labor of love with many improvements and renovations over the years we have owned it and it’s on going, the visions of the properties potential never end. All financial and income projections provided to qualified buyers only.

Additional Information

Units
17
Zip
27959
Neighborhood
Caribbean Corners Center Condo
Year Built
1981
Directions
HWY 158, on the south side of the Causeway to/from Manteo/Nags Head
County
Dare

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Calculator source: Real Geeks

Listing courtesy of Great Escapes Realty.

Listed by Michael Bishal

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