Commercial Site with Double Curb
For Sale
$750,000
502 S Croatan Highway lot 16A, Kill Devil Hills, NC 27948
COMMERCIAL/INDUSTRIAL, Kill Devil Hills, NC
Property Size3,000 SF
Lot Size0.40 Acres
Price / SF$250
Days on Market263
Property Features for 502 S Croatan Highway lot 16A
General Information
Property type
Residential
Property subtype
Retail
Zoning
C
Subdivision
Kitty Hawk Shrs
Lot features
Roof Sign, Storage Building
Standard status
Active
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4272
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1972
Flooring type
Wood
Building materials
Frame
Roof type
Shingle
Listing Agency:
Harrell & Associates
(252) 441-7887
Listed By:
Kate Harrell · License #281194
(252) 423-0820
Added: Dec 1, 2025
Changed: Aug 19
Last Checked: Aug 21 at 5:06AM
MLS# 131221
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 centrally located commercial site includes a 17,500 sf lot with double curb cuts and a 3,000 sf building, along with a storage shed. The ground level offers an open-style floor plan with hardwood and tile flooring, a restroom, a storage closet, and a large front deck. Access is provided via an interior staircase, leading to a second floor currently used as a workshop, featuring a kitchenette and vaulted ceilings.
The property is currently served by a private septic system, with the option of connecting to sewer to potentially expand usable area. Zoning is listed as C.
Overall, the layout supports a flexible main-floor configuration plus a dedicated second-floor work area, with direct vehicular access provided by two curb cut locations.
The property is currently served by a private septic system, with the option of connecting to sewer to potentially expand usable area. Zoning is listed as C.
Overall, the layout supports a flexible main-floor configuration plus a dedicated second-floor work area, with direct vehicular access provided by two curb cut locations.
Key Highlights
- Prime commercial site in central Kill Devil Hills location.
- 17,500 sq ft lot with double curb cuts.
- 3,000 sq ft building with open‑style floor plan.**
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
$44,050
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
5.87%
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%
$881,000
$881.0K
Cap Rate 7%
$629,286
$629.3K
Cap Rate 9%
$489,444
$489.4K
Market Conditions
NOI Build-Up for 3,000 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
$68.4K $22.80/SF
− Vacancy
−$5.5K −$1.82/SF
EGI
$62.9K $20.98/SF
− OpEx
−$18.9K −$6.29/SF
NOI
$44.0K $14.68/SF
Area
Dare County, NC
Vacancy
8.00%
Lease Rate
$22.80 /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%
$881,000
Cap Rate 7%
$629,286
Cap Rate 9%
$489,444
Alternative Uses
Best Use
Retail
$629.3K
$550.6K – $734.2K
NOI $44,050 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$724.1K
$633.6K – $844.8K
NOI $50,688 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
20k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Dining 21%
Hotels & Casinos 6%
Circle K
Shops & Services
7,630 visits/mo
0.2 miles
Shell
Shops & Services
5,711 visits/mo
0.2 miles
Dairy Queen
Dining
4,352 visits/mo
0.2 miles
Exxon
Shops & Services
1,314 visits/mo
0.3 miles
Quality Inn Carolina Oceanfront
Hotels & Casinos
708 visits/mo
0.5 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Goldman & Tyler Tile Company — Public Parking, Ferris Ave Use, Ferris Ave, Kill Devil Hills, NC 27948
Frequently Asked Questions
What type of property is this?
Showroom - Centrally located commercial site with a two-level building, large front deck, and double curb cuts for access.
Where is this showroom located?
The property is located at 502 S Croatan Highway lot 16A Kill Devil Hills, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Prime commercial site in central Kill Devil Hills location.; 17,500 sq ft lot with double curb cuts.; 3,000 sq ft building with open‑style floor plan.**
