Skip To Content

    7531 S Virginia Dare Trail , Unit 1-3

    Nags Head, NC 27959
    • $4,500,000
    • STATUS: Active
    • ON SITE: 83 days
    • MLS #: 114361
    UPDATED: 228 min ago
    $4,500,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    Built:
    1981
    County:

    School Ratings & Info

    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 realtors 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 counselors 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 its on going, the visions of the properties potential never end. All financial and income projections provided to qualified buyers only.

    Monthly Payment Calculator



    © 2021 Outer Banks Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Trisha Midgett - Midgett Realty. Data last updated: 2021-08-04T23:37:34.453.
    www.trishamidgett.com/homes/117142616
    Print Image

    7531 S Virginia Dare Trail , Unit 1-3 Nags Head, NC 27959

    • Price: $4,500,000
    • Status: Active
    • Updated: 228 min ago
    • MLS #: 114361
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1981
    Built
    Neighborhood:
    Caribbean Corners Center Condo
    County:
    Dare
    Area:
    Nags Head Westside
    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 realtors 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 counselors 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 its on going, the visions of the properties potential never end. All financial and income projections provided to qualified buyers only.
    Exterior Features

    Waterfront Location Soundfront

    Interior Features

    Shopping Center Sq Ft 6988

    Property Features

    Bank Owned YN No Business Name Caribbean Corners Center Business Or Real Estate Bldg/Land Simple Commercial Type Shopping Center Current Use RestaurantsRetail Full Subdivision Name Caribbean Corners Center Condo Gross Income Range Call Agent Percent Of Units Leased 100 Potential Short Sale No Tax Year 2020 Taxes 8803.97 Zoning Gb

    Listing courtesy of Michael Bishal of Great Escapes Realty.


    © 2021 Outer Banks Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Trisha Midgett - Midgett Realty. Data last updated: 2021-08-04T23:37:34.453.
     
    https://bt-photos.global.ssl.fastly.net/obxmls/orig_boomver_1_114361-2.jpg https://bt-photos.global.ssl.fastly.net/obxmls/orig_boomver_1_114361-2.jpg https://bt-photos.global.ssl.fastly.net/obxmls/orig_boomver_1_114361-2.jpg
    Logo
    Trisha Midgett - Midgett Realty
    PO Box 114
    Rodanthe NC, 27968
    <-- Client Provided November 20, 2019-->