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    6475 Croatan Hwy Kitty Hawk, NC 27949

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    For Sale
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    Income-producing mixed-use property with office suites and residential units.

    Property Features for 6475 Croatan Hwy

    General Information

    Standard status
    Active

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    Listing Contact
    Kiirsten Farr
    Source: Crexi

    Listing Agency: Coldwell Banker Seaside Realty Listing Agent: Kiirsten Farr

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    High-Visibility Mixed-Use Commercial Property

    This mixed-use commercial property is located in a visible and strategically positioned corridor, at the foot of the Wright Memorial Bridge. It features a two-story office building constructed in 2005 and a detached mixed-use structure built in 2014. The office building is configured into six professional office suites, each with reception areas and shared lounge spaces, and includes elevator access and full ADA compliance. The suites have flexible interior layouts that can be reconfigured. The site includes ample parking and landscaped grounds with mature vegetation and irrigation. All six office suites and two dwelling units are currently occupied, producing an in-place gross annual income of $210,605.52, with contractual rent increases scheduled beginning in 2026, projecting an annual income increase to approximately $219,887 by mid-2026. The detached rear building features multiple temperature-controlled storage bays, with one currently leased and two vacant, along with two income-producing accessory units with kitchens, private living areas, and decks overlooking the Currituck Sound. Owner financing is available and preferred, with competitive fixed-rate options considered for 2025 year terms. The property offers strong in-place income, multiple revenue streams, and value-add potential.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Auto Parts Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kitty Hawk
    County
    Dare
    State
    North Carolina
    Longitude
    -75.7420765
    Latitude
    36.0940418

    Nearby Similar for Sale

    • $999,000
      31,500.00 Acres

      Kitty Hawk Commercial Property For Sale

      Highly visible commercial property suitable for various business concepts.
      3719 N Croatan Hwy, Kitty Hawk, NC 27949
      View Details
    • Contact for pricing
      4,640 SF

      NNN Leased Investment Opportunity

      NNN leased 7-Eleven with 10 years remaining on lease.
      6100 N Croatan Hwy, Kitty Hawk, NC 27949
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Income-producing mixed-use property with office suites and residential units.
    Where is this mixed-use property located?
    The property is located at 6475 Croatan Hwy Kitty Hawk, NC.
    What are key features of this property?
    This property features: - High-visibility location at the foot of the Wright Memorial Bridge on the Outer Banks' most heavily traveled commercial corridor.; - Strong in-place gross annual income of $210,605.52 from fully occupied office suites and dwelling units, with contractual rent increases scheduled.; - Rare mixed-use property featuring a Class A office building and a detached building with residential units and large-equipment storage.
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    6475 Croatan Hwy Kitty Hawk, NC 27949
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    Kitty Hawk, NC 27949
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6475 Croatan Hwy Kitty Hawk, NC 27949
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