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    138 Courthouse Rd Currituck, NC 27929

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    For Sale
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    Thriving restaurant with outdoor spaces in the heart of Currituck.

    Property size:
    1,848 SF
    Lot size:
    0.49 Acres

    Property Features for 138 Courthouse Rd

    General Information

    Standard status
    Active
    Size
    1,848 SF
    Lot size
    0.49 Acres

    Building Details

    Year built
    1938

    We can help!

    Listing Contact
    Anjela Wocel
    Source: Exitrealty

    Listing Agency: Call It Closed International Realty Listing Agent: Anjela Wocel

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Established Restaurant in Prime Location

    Located in the heart of historic Currituck, right across from the Currituck Ferry, is a thriving restaurant that has been a beloved fixture in the community for over 12 years. Known for its warm atmosphere and welcoming vibe, this eatery has served thousands of loyal customers, from locals who dine here weekly to vacationers. In addition to its well-established menu, the restaurant features a popular raw bar, offering fresh, local seafood. The restaurant's inviting outdoor spaces include a wraparound porch, a covered patio, and a beautifully paved gas firepit area. A recently added beer garden with 16 taps and a large cooler further enhances the dining experience. The property size is 1848 square feet. This well-established restaurant is ready for its next chapter with the perfect new owner. This sale is for the assets and property only. The property is intended for use as a restaurant.
    Location Intelligence

    Current Use by Public Records

    Pass the Salt Cafe Cafe & Coffee Shop

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Auto Repair Shop Skin Care Clinic Garden Center Discount Store Furniture & Home Goods Pet Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Currituck
    County
    Currituck
    State
    North Carolina
    Longitude
    -76.0171968
    Latitude
    36.4496242

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    FAQs

    What type of property is this?
    Conventional restaurant - Thriving restaurant with outdoor spaces in the heart of Currituck.
    Where is this conventional restaurant located?
    The property is located at 138 Courthouse Rd Currituck, NC.
    What are key features of this property?
    This property features: - Prime location in historic Currituck, directly across from the Currituck Ferry.; - Thriving, well-established cafe with a 12+ year history and loyal customer base.; - Popular raw bar featuring fresh, local seafood.
    (800) 242-7007
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    138 Courthouse Rd Currituck, NC 27929
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    Currituck, NC 27929
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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
    138 Courthouse Rd Currituck, NC 27929
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    We can help!
    Listing Contact
    Anjela Wocel
    Real Estate License ID: 289068
    (800) 242-7007 (804) 238-9950 (407) 338-3339
    Learn more
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