Soundfront Duplex with Private
For Sale
$899,000
219 Kitty Hawk Bay Drive lot 181, Kill Devil Hills, NC 27948
RESIDENTIAL, Beach Box, Reverse Floor Plan, Coastal, Kill Devil Hills, NC
Property Size1,888 SF
Lot Size0.25 Acres
Price / SF$476.17
Days on Market177
Property Features for 219 Kitty Hawk Bay Drive lot 181
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2
Parking features
Off Street
Interior features
Cathedral Ceiling(s), Dryer Connection, Ice Maker Connection, Pantry, Washer Connection
Appliances
Dishwasher, Dryer, Range/Oven, Refrigerator w/Ice Maker, Washer
Subdivision
Colington Hrbr
Lot features
Beach Frontage, Bulkheaded, Level, Water Frontage
Standard status
Active
Size
1,888 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2741
HOA Fee
$384 Annually
Utilities
Heating system
Central
Cooling system
Central Air
Water front
1
Amenities
private dock
balconies and decks
Building Details
Year built
1984
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
Outer Banks Beach Rentals & Sales
(252) 255-1255
Listed By:
Lori London · License #169530
(252) 202-2816
Added: Apr 2
Changed: Sep 14
Last Checked: Sep 25 at 8:06PM
MLS# 132372
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.
Investment Insights
Based on property information with market context.
This 1,888-square-foot duplex was built in 1984 and includes two bedrooms on each side, multiple levels of living space, and broad water views. Each unit includes a kitchen with a range, refrigerator, dishwasher, and washer and dryer. Central heating and cooling serve the property, while laminate-style and carpeted flooring, cathedral ceilings, pantries, and washer and dryer connections add functional interior features. Off-street parking is provided.
Outdoor improvements include expansive balconies and decks, a private dock along the soundfront, a front deck, and rear stairs. Updates include vinyl siding installed in 2022, some upper windows and doors replaced in 2022, electrical service to both sides, exterior light fixtures, and a roof dating to approximately 2013. The property is zoned R-4 on a 0.25-acre lot.
Residents may access the community clubhouse, pool, tennis courts, and marina for a fee.
Outdoor improvements include expansive balconies and decks, a private dock along the soundfront, a front deck, and rear stairs. Updates include vinyl siding installed in 2022, some upper windows and doors replaced in 2022, electrical service to both sides, exterior light fixtures, and a roof dating to approximately 2013. The property is zoned R-4 on a 0.25-acre lot.
Residents may access the community clubhouse, pool, tennis courts, and marina for a fee.
Key Highlights
- 1,888‑square‑foot duplex with two bedrooms on each side
- Soundfront setting with a private dock and expansive water views
- 0.25‑acre lot zoned R‑4
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,873
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$557,460
$557.5K
Cap Rate 7%
$398,186
$398.2K
Cap Rate 9%
$309,700
$309.7K
Market Conditions
NOI Build-Up for 1,888 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.9K $22.20/SF
− Vacancy
−$2.1K −$1.11/SF
EGI
$39.8K $21.09/SF
− OpEx
−$11.9K −$6.33/SF
NOI
$27.9K $14.76/SF
Area
Dare County, NC
Vacancy
5.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$557,460
Cap Rate 7%
$398,186
Cap Rate 9%
$309,700
Alternative Uses
Best Use
Multifamily LT 5
$398.2K
$348.4K – $464.6K
NOI $27,873 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$368.9K
$322.8K – $430.4K
NOI $25,823 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$455.7K
$398.8K – $531.7K
NOI $31,900 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
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Business Placement
Demographics for 27948, NC
12,095
Population
10,143
Households
1.2
Avg Household Size
46
Median Age
43%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
1,301
Density / Sq Mi
$85,319
Median Household Income
$41,433
Median Earnings
$1,539
Median Rent
$398,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit waterfront property with multiple living levels, decks, central HVAC, and off-street parking.
Where is this duplex located?
The property is located at 219 Kitty Hawk Bay Drive lot 181 Kill Devil Hills, NC.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1,888‑square‑foot duplex with two bedrooms on each side; Soundfront setting with a private dock and expansive water views; 0.25‑acre lot zoned R‑4
