Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Kill Devil Hills Multifamily Investment Title is generated by Realmo AI

    1711 Bobby Lee Trail, Kill Devil Hills, NC 27948

    View on Map
    Claim this Listing
    For Sale
    $2,250,000

    Multifamily 5+ Units - Kill Devil Hills, NC

    Lot size:
    53,650.00 Acres
    Added:
    Sep 29, 2025
    Days on Market:
    235
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for 1711 Bobby Lee Trail

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Paved or Surfaced
    Standard status
    Active
    Lot size
    53,650.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    17910.38

    Utilities

    Heating system
    Central
    Cooling system
    Central Air
    Water front features
    2 - Lots From Oceanfront (3rd Row

    Building Details

    Number of units
    8
    Flooring type
    Vinyl
    Architectural style
    Other

    We can help!

    Listing Contact
    William Richardson

    Listing agent William Richardson License #285814

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

    Listing date Sep 29, 2025

    MLS# 130631 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.

    HighLights

    • 8‑unit condo complex to be sold as one.
    • Enjoy ocean views from this fantastic property.
    • Historically low vacancy rates make this a solid investment.
    • Potential for long‑term or vacation rental income.
    • Located in Kill Devil Hills between the highways on Third Street.
    • Multiple units have been renovated within the last year.

    Overview

    This eight-unit condo complex is located in the heart of Kill Devil Hills between the highways on Third Street. The property offers ocean views. Multiple units have been renovated within the last year. Historically, this rental property has low vacancy rates and can be used for either long-term or vacation rentals. The Pin numbers for each condo are as follows: Unit 101 - 98841047519301; Unit 102 - 98841047519302; Unit 103 - 98841047519303; Unit 104 - 98841047519304; Unit 201 - 98841047519305; Unit 202 - 98841047519306; Unit 203 - 98841047519307; Unit 204 - 98841047519308. All condos are to be sold as one and not individually.
    Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop 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
    -75.670071
    Latitude
    36.032581

    Nearby Similar for Sale

    • $775,000
      3,000 SF

      Commercial Site in Kill Devil Hills

      Centrally located commercial site with building and storage in Kill Devil Hills.
      502 S Croatan Highway lot: 16A, Kill Devil Hills, NC 27948
      View Details
    • $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
      View Details
    • $699,000
      2,301 SF

      Kill Devil Hills Duplex

      Versatile 4-bedroom duplex in Kill Devil Hills, NC.
      707 Fox Street lot: 5, Kill Devil Hills, NC 27948
      View Details
    • $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
    • 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?
    Apartment building - Eight-unit condo complex with ocean views in Kill Devil Hills.
    Where is this apartment building located?
    The property is located at 1711 Bobby Lee Trail Kill Devil Hills, NC.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: 8‑unit condo complex to be sold as one.; Enjoy ocean views from this fantastic property.; Historically low vacancy rates make this a solid investment.
    (214) 620-5050
    We can help!
    Listing Contact
    William Richardson
    Real Estate License ID: 285814
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1711 Bobby Lee Trail, Kill Devil Hills, NC 27948
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!