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    502 S Croatan Highway Kill Devil Hills, NC 27948

    View on Map
    For Sale
    $775,000

    Retail - Kill Devil Hills, NC

    Type:Retail
    Lot size:
    17,500.00 Acres
    Added:
    Dec 1, 2025
    Days on Market:
    121
    Last Refresh:
    Apr 1 at 8:06 am

    Property Features for 502 S Croatan Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Exterior features
    Storage Building, Roof Sign
    Standard status
    Active
    Lot size
    17,500.00 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    4272.27

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Flooring type
    Wood
    Building materials
    Frame
    Roof type
    Asphalt, Shingle
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Kate Harrell
    Kate Harrell

    Listing agent Kate Harrell License #281194

    Listing office Harrell & Associates 6701 S Croatan Highway, Nags Head, NC

    Listing date Dec 1, 2025

    MLS# 131221 Listing URL

    Copyright © 2026 Outer Banks Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Kill Devil Hills Retail Site

    This centrally located commercial site in Kill Devil Hills, North Carolina, features a 17,500 square foot lot with double curb cuts, a 3,000 square foot building, and a storage shed. The ground level offers an open-style floor plan with a combination of hardwood and tile flooring, a restroom, a storage closet, and a large front deck. An interior staircase provides access to the second floor, which is currently used as a workshop and includes a kitchenette and vaulted ceilings. The property currently utilizes a private septic system, but the option of connecting to sewer can be explored to expand the usable area of the site.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Manteo Blacksmith Metal Fabrication Plant Low Tide Jewels (Bike/Boat/Book/etc) Store KDH Co-Op Gallery Art Gallery

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kill Devil Hills
    County
    Dare
    State
    North Carolina
    Longitude
    -75.659434
    Latitude
    36.010156

    Nearby Similar for Sale

    • $695,000

      Turnkey Restaurant and Pub Opportunity

      Fully equipped restaurant and pub in Kill Devil Hills, NC.
      100 Colingwood Lane, Kill Devil Hills, NC 27948
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    • $7,421,818
      48,226 SF

      Kill Devil Hills Retail Opportunity

      Large retail building in popular Outer Banks tourist destination.
      2012 S Croatan Hwy, Kill Devil Hills, NC
      View Details
    • $2,450,000

      Kill Devil Hills Multifamily Complex

      Eight-unit condo complex with ocean views in Kill Devil Hills.
      1711 Bobby Lee Trail, Kill Devil Hills, NC 27948
      View Details
    • Contact for pricing
      4,800 SF

      Meineke Car Care Center

      NNN leased auto shop in Kill Devil Hills, NC.
      1800 S Croatan Hwy, Kill Devil Hills, NC
      View Details

    FAQs

    What type of property is this?
    Retail space - Centrally located commercial site with a 3,000 SF building.
    Where is this retail space located?
    The property is located at 502 S Croatan Highway Kill Devil Hills, NC.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Prime commercial site in central Kill Devil Hills location.; 17,500 sq ft lot with double curb cuts.; 3,000 sq ft building with open‑style floor plan.
    (252) 423-0820
    We can help!
    Listing Contact
    Kate Harrell
    Kate Harrell
    Real Estate License ID: 281194
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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