Warehouse Property with Roll-Up
306 W Lake Drive, Kill Devil Hills, NC 27948
For Sale
New
$2,975,000
A portion is leased, with additional warehouse area available for occupancy or lease.
Property Size16,800 SF
Price / SF$177.08
Days on Market2
Property Features for 306 W Lake Drive
General Information
Standard status
Size
Property subtype
Additional Details
Warehouse Space
Tenant in Place
Property Use
Building Details
Year Built
Listing Agency:
Harrell & Associates
Listed By:
Bobby Harrell
(252) 473-7804
Source:
Resortrealtysales
Added: Nov 8
Last Checked: Nov 8 at 4:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harrell & Associates
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Investment Insights
Based on property information with market context.
This warehouse property contains 16,800 square feet, excluding finished second-level space. A 2,400-square-foot portion is under lease, while the remaining area is available for owner occupancy or leasing. The building dates to 1989 and features high ceilings and roll-up doors.
Access to the property is available from the bypass. The identified units are C, E, F, G, H, and I.
Access to the property is available from the bypass. The identified units are C, E, F, G, H, and I.
Key Highlights
- 16,800 square feet, excluding finished second‑level space
- 2,400 square feet currently under lease; remaining area available for occupancy or lease
- High ceilings and roll‑up doors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,492
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,549,840
$2.5M
Cap Rate 7%
$1,821,314
$1.8M
Cap Rate 9%
$1,416,578
$1.4M
Market Conditions
NOI Build-Up for 16,800 SF
Gross rent
$161.3K $9.60/SF
− Vacancy
−$11.3K −$0.67/SF
EGI
$150.0K $8.93/SF
− OpEx
−$22.5K −$1.34/SF
NOI
$127.5K $7.59/SF
Area
Dare County, NC
Vacancy
7.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,549,840
Cap Rate 7%
$1,821,314
Cap Rate 9%
$1,416,578
Alternative Uses
Best Use
Warehouse
$1.82M
$1.59M – $2.12M
NOI $127,492 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.06M
$3.55M – $4.73M
NOI $283,853 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Well-served
Demand for This Use
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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 Industrial in South region
Similar Off Market Nearby
- Nags Head Self Storage — 2214 S Lark Ave, Nags Head, NC 27959
- Storage King USA — 209 W 8th St, Nags Head, NC 27959
Frequently Asked Questions
What type of property is this?
Warehouse - A portion is leased, with additional warehouse area available for occupancy or lease.
Where is this warehouse located?
The property is located at 306 W Lake Drive Kill Devil Hills, NC.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: 16,800 square feet, excluding finished second‑level space; 2,400 square feet currently under lease; remaining area available for occupancy or lease; High ceilings and roll‑up doors
