Bed & Breakfast with Rooftop
500 Arendell Street Morehead City, NC 28557
500 Arendell Street, Morehead City, NC, 28557
$1,750,000
For Sale
$1,750,000
Renovated bed & breakfast features an open second-floor layout and a rooftop deck with hot tub, plus expansion plans.
Property Size5,540 SF
Price / SF$315.88
Days on Market637
Property Features for 500 Arendell Street
General Information
- Standard status
- Active
- Size
- 5,540 SF
- Property subtype
- RES, LH-BB, MU
Building Details
- Year Built
- 1920
Listing agency
Inner Banks Properties
(252) 226-9818
Listed by
Ross Beebe · License #213811,NORTHCAROLINA
Source
Realnex
Added: Oct 24, 2024 Updated: Jul 22 at 5:15AM Checked: Jul 22 at 5:15AM
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 Inner Banks Properties
Investment Insights
Based on property information with market context.
500 Arendell St has been renovated from the former Tidewater Power Building into a bed & breakfast with flexible on-site accommodations. The first floor includes a cozy one-bedroom, one-bath efficiency unit and two spacious two-car garage bays. The second floor features an open-concept living arrangement with a kitchen with custom woodwork and exposed beams, two bedrooms, two bathrooms, a living room, and an office space. Outdoor space is highlighted by a rooftop deck with a hot tub.
The property is located across from the historic waterfront Business District in Morehead City, providing convenient access to restaurants, bars, shops, boutiques, and Big Rock Landing. Renovations are noted as engineered to endure hurricane-force winds, with the building engineered for future expansion. Approved plans call for a third floor with four additional one-bedroom, one-bath units, each with a private deck. Materials are also on-site to create an additional efficiency unit on the second floor, including a living room, dining room, kitchen, laundry, one bedroom, and one bathroom.
The property is located across from the historic waterfront Business District in Morehead City, providing convenient access to restaurants, bars, shops, boutiques, and Big Rock Landing. Renovations are noted as engineered to endure hurricane-force winds, with the building engineered for future expansion. Approved plans call for a third floor with four additional one-bedroom, one-bath units, each with a private deck. Materials are also on-site to create an additional efficiency unit on the second floor, including a living room, dining room, kitchen, laundry, one bedroom, and one bathroom.
Key Highlights
- 5,540 SF renovated Tidewater Power Building featuring a bed & breakfast setup
- First floor includes 1‑bedroom, 1‑bath efficiency unit plus two spacious two‑car garage bays
- Second floor offers an open‑concept layout with custom kitchen, exposed beams, 2 bedrooms, 2 bathrooms, living room, and office
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $133.0k | $24.00 |
| − Vacancy | −$18.6k | −$3.36 |
| EGI | $114.3k | $20.64 |
| − OpEx | −$28.6k | −$5.16 |
| NOI | $85.8k | $15.48 |
5,540 SF · lease $24.00/SF/yr · vacancy 14.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,759 @ 7.0% cap · market cap 4.90%
Second Best
Mixed Use
$594.2K
$519.9K – $693.2K
NOI $41,592 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,340 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Art Farm Inc
Food Processing Plant
Similar For Sale Nearby
Similar Off Market Nearby
- Chapel House LLC — 1300 Evans St, Morehead City, NC 28557, United States
- Olympus Dive Lodge — 707 Arendell St, Morehead City, NC 28557
FAQs
What type of property is this?
Bed & breakfast - Renovated bed & breakfast features an open second-floor layout and a rooftop deck with hot tub, plus expansion plans.
Where is this bed & breakfast located?
The property is located at 500 Arendell Street Morehead City, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 5,540 SF renovated Tidewater Power Building featuring a bed & breakfast setup; First floor includes 1‑bedroom, 1‑bath efficiency unit plus two spacious two‑car garage bays; Second floor offers an open‑concept layout with custom kitchen, exposed beams, 2 bedrooms, 2 bathrooms, living room, and office
