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    6715 S Croatan Highway Nags Head, NC 27959

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    For Sale
    $11,950,000

    Hotel / Motel - Nags Head, NC

    Lot size:
    264,357.00 Acres
    Added:
    Mar 17, 2026
    Days on Market:
    50
    Last Refresh:
    May 5 at 1:06 pm

    Property Features for 6715 S Croatan Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Off Street, Parking Lot, Paved or Surfaced
    Interior features
    Fire Sprinklers, Handicap Features
    Exterior features
    Outdoor Pool, Handicap Features, Grade Loading, Dumpster, Pole Sign
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    Lot size
    264,357.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    62272.26

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water front features
    Oceanfront, Waterfront
    Water front
    1

    Building Details

    Number of units
    26
    Flooring type
    Tile, Wood
    Building materials
    Frame
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Bobby Harrell
    Bobby Harrell

    Listing agent Bobby Harrell License #77804

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

    Listing date Mar 17, 2026

    MLS# 132187 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

    Historic Inn with Oceanfront Opportunity

    The historic First Colony Inn, located in the heart of Nags Head, offers coastal charm and an oceanfront investment opportunity. Constructed in 1932 and listed on the National Register of Historic Places, the inn exemplifies the classic 'Old Nags Head style' beach hotels. The shingle-style structure features wraparound verandas. The property includes 26 guest rooms, many with kitchenettes, sitting areas, whirlpool tubs, or private porches. Amenities include a seasonal outdoor pool, landscaped grounds, common areas, and beach access. The inn has been a destination for weddings, reunions, and coastal getaways. The offering includes oceanfront parcels totaling approximately 210 feet of direct Atlantic Ocean frontage, presenting an opportunity for future development, expansion, or preservation of beachfront property. The First Colony Inn represents a hospitality investment combined with a coastal real estate opportunity in North Carolina.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    First Colony Inn Bed & Breakfast

    Suggested Use

    Law Firm Spa & Massage Center Dental Office Real Estate Agency Restaurant Auto Repair Shop Auto Parts Store Department Store Bar & Pub Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Nags Head
    County
    Dare
    State
    North Carolina
    Longitude
    -75.6034355
    Latitude
    35.9187845

    Nearby Similar for Sale

    • $5,000,000

      Nags Head Waterfront Commercial Assemblage

      Soundfront commercial property with boardwalk access and diverse tenants.
      7531 S Virginia Dare Trail, Nags Head, NC 27959-9990
      View Details
    • $1,200,000

      Approved Cottage Court Development Opportunity

      Approved cottage court development opportunity in Nags Head, North Carolina.
      7222 S Virginia Dare Trail, Nags Head, NC 27959
      View Details

    FAQs

    What type of property is this?
    Hotel - Iconic Outer Banks inn with oceanfront development potential.
    Where is this hotel located?
    The property is located at 6715 S Croatan Highway Nags Head, NC.
    What is the asking price?
    The asking price for this property is $11,950,000.
    What are key features of this property?
    This property features: Oceanfront Development Opportunity: Approximately 210 feet of direct Atlantic Ocean frontage.; Historic Landmark: Iconic hospitality property listed on the National Register of Historic Places.; Turnkey Hospitality Business: Established inn with 26 uniquely appointed guest rooms and strong repeat clientele.
    (252) 473-7804
    We can help!
    Listing Contact
    Bobby Harrell
    Bobby Harrell
    Real Estate License ID: 77804
    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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