Semi-Oceanfront Duplex at Cottages
For Sale
$699,000
46014 A&B Little Kinnakeet Circle, Buxton, NC 27920
RESIDENTIAL, Coastal, Buxton, NC
Property Size2,978 SF
Lot Size0.07 Acres
Price / SF$234.72
Days on Market165
Property Features for 46014 A&B Little Kinnakeet Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Utility Room, Laundry Room, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Interior features
All Window Treatments, Bay/Bow Window, Dryer Connection, Pantry, Washer Connection
Appliances
Dishwasher, Dryer, Range/Oven, Refrigerator, Washer
Subdivision
Cottages at the Cape
Lot features
Adj. To Common Area, Cul-de-sac, Level
View
Ocean, Park
Directions
Old Lighthouse Road to the renovated past Coast Guard housing at Cottages at the Cape. First cul-de-sac on the left.
Standard status
Active
Size
2,978 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3398
HOA Fee
$4,380 Annually
Utilities
Heating system
Heat Pump (Heating), Electric (Heating), Central
Cooling system
Heat Pump, Central Air
Water front features
Ocean Front
Water front
1
Amenities
private screened porches
outdoor showers
ground-level dry entry
Building Details
Year built
1997
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
NC 12 Realty
(252) 995-6212
Listed By:
Sylvia Mattingly · License #205295
(252) 305-1617
Added: Mar 10
Changed: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 132086
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 semi-oceanfront duplex, located in Buxton, NC, presents a rare opportunity. Situated within the Cottages at the Cape, the property includes two updated units, named "Croaker" and "Dolphin". Together, the units offer a combined 4 bedrooms and multiple living spaces. Each unit features modern upgrades, including quartz countertops and LVP flooring. Private screened porches provide views of the Atlantic and the Cape Hatteras Lighthouse. The property offers flexibility for various uses, including living in one unit and renting the other, partnering with family for getaways, or maximizing ROI as a dual-income vacation rental. Additional features include a ground-level dry entry and outdoor showers. The property is located within a community with maritime charm. The lot size is 0.07 acres and the property size is 2978 square feet.
Key Highlights
- Semi‑oceanfront duplex at the Cottages at the Cape with ocean front features
- Two units included: “Croaker” and “Dolphin,” with a combined 4 bedrooms
- Private screened porches included on each side
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
$43,964
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
6.29%
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%
$879,280
$879.3K
Cap Rate 7%
$628,057
$628.1K
Cap Rate 9%
$488,489
$488.5K
Market Conditions
NOI Build-Up for 2,978 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
$66.1K $22.20/SF
− Vacancy
−$3.3K −$1.11/SF
EGI
$62.8K $21.09/SF
− OpEx
−$18.8K −$6.33/SF
NOI
$44.0K $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%
$879,280
Cap Rate 7%
$628,057
Cap Rate 9%
$488,489
Alternative Uses
Best Use
Multifamily LT 5
$628.1K
$549.6K – $732.7K
NOI $43,964 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$581.9K
$509.2K – $678.9K
NOI $40,732 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$718.8K
$629.0K – $838.6K
NOI $50,316 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 27920, NC
1,181
Population
995
Households
1.2
Avg Household Size
52
Median Age
26%
College-Educated
95%
High-School Grad
7.8 sq mi
ZIP Area
151
Density / Sq Mi
$67,054
Median Household Income
$36,576
Median Earnings
$1,295
Median Rent
$385,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with ocean views, rental potential, and modern amenities.
Where is this duplex located?
The property is located at 46014 A&B Little Kinnakeet Circle Buxton, NC.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Semi‑oceanfront duplex at the Cottages at the Cape with ocean front features; Two units included: “Croaker” and “Dolphin,” with a combined 4 bedrooms; Private screened porches included on each side
