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    6715 S Croatan Hwy Nags Head, NC 27959

    View on Map
    Sponsored
    For Sale
    $11,950,000

    COMMERCIAL - Nags Head, NC

    Property size:
    9,279 SF
    Lot size:
    6.07 Acres
    Days on Market:
    10
    Last Refresh:
    Mar 29 at 3:06 pm

    Property Features for 6715 S Croatan Hwy

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    C2 & CR
    APN
    008823000
    Parking features
    Off Street
    Size
    9,279 SF
    Lot size
    6.07 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    1932
    Flooring type
    Tile, Wood
    Building materials
    Cedar, Shake Siding, Wood Frame
    Roof type
    Shingle, Asphalt

    We can help!

    Listing Contact
    Robert (Bobby) Harrell

    Harrell & Associates

    Listing agent Robert (Bobby) Harrell License #77804

    Listing date Mar 20, 2026

    MLS# 100561569

    Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    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, the inn is listed on the National Register of Historic Places and 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, with repeat clientele and year-round tourism demand. The offering includes oceanfront parcels totaling approximately 210 feet of direct Atlantic Ocean frontage, presenting an opportunity for future development, expansion, or preservation of premier beachfront property. The property is zoned C2 & CR. The property size is 9279 square feet, situated on a 6.07-acre lot.
    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
    -75.603326
    Latitude
    35.91882

    Nearby Similar for Sale

    • $11,950,000
      264,357.00 Acres

      Historic Inn with Oceanfront Opportunity

      Iconic Outer Banks inn with oceanfront development potential.
      6715 S Croatan Hwy, Nags Head, NC 27959
      View Details
    • $1,200,000
      34,000.00 Acres

      Approved Cottage Court Development Opportunity

      Approved cottage court development opportunity in Nags Head, North Carolina.
      7222 S Virginia Dare Trl, 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 Hwy 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: - 210 feet of direct Atlantic Ocean frontage included, offering a rare oceanfront development opportunity.; - Historic Outer Banks Inn listed on the National Register of Historic Places, offering timeless coastal charm.; - Turnkey hospitality investment with strong brand recognition and repeat clientele.
    (252) 473-7804
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    6715 S Croatan Hwy Nags Head, NC 27959
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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
    6715 S Croatan Hwy Nags Head, NC 27959
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    We can help!
    Listing Contact
    Robert (Bobby) Harrell
    Real Estate License ID: 77804
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