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    Iconic Rodanthe Pier Opportunity Title is generated by Realmo AI

    24251 Atlantic Dr, Rodanthe, NC 27968

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    Historic oceanfront pier with redevelopment potential in Rodanthe, North Carolina.

    Type:Industrial, Retail
    Property size:
    3,212 SF
    Price / SF:
    $591/SF
    Added:
    Jul 1, 2024
    Days on Market:
    690
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 24251 Atlantic Dr

    General Information

    Standard status
    Active
    Size
    3,212 SF
    Property subtype
    Industrial, Retail

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Misty Gillikin

    Listing agent Misty Gillikin License #NC 252438

    Listing office REMAX Coastal Associates

    Listing date Jul 1, 2024

    Source Crexi

    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 REMAX Coastal Associates

    HighLights

    • Oceanfront Location: Prime location with panoramic Atlantic Ocean views.
    • Income Potential: Current Net Operating Income (NOI) of $160,000.
    • Development Potential: Ideal for redevelopment into a boutique hotel, resort, or oceanfront residences (subject to regulations).
    • Historic Charm: Established in the 1960s, a beloved landmark with a rich legacy.
    • Ample Space: Approximately 500 feet over the water, suitable for fishing, leisure, and events.
    • Recreational Paradise: Proximity to surfing, fishing, and water sports.

    Overview

    The Rodanthe Pier, established in the 1960s, presents a spectacular oceanfront opportunity in Rodanthe, North Carolina. This historic landmark offers breathtaking ocean views and unparalleled access to the Atlantic. Situated on a prime stretch of Rodanthe's coastline, the pier spans approximately 500 feet over the water. The property holds a rich legacy and is a beloved destination for locals and tourists. The location offers proximity to world-class surfing, fishing, and water sports, attracting outdoor enthusiasts year-round. It is also close to charming shops, dining options, and historical sites. The property is ideal for redevelopment opportunities such as a boutique hotel, resort, or exclusive oceanfront residences, subject to local regulations. The property has potential for investment and offers a canvas for visionary development in North Carolina's coastal real estate market. The property size is 3,212 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marinas

    Map

    City
    Rodanthe
    County
    Dare
    State
    North Carolina
    Longitude
    -75.4686
    Latitude
    35.5945

    FAQs

    What type of property is this?
    Marina - Historic oceanfront pier with redevelopment potential in Rodanthe, North Carolina.
    Where is this marina located?
    The property is located at 24251 Atlantic Dr Rodanthe, NC.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Oceanfront Location: Prime location with panoramic Atlantic Ocean views.; Income Potential: Current Net Operating Income (NOI) of $160,000.; Development Potential: Ideal for redevelopment into a boutique hotel, resort, or oceanfront residences (subject to regulations).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Misty Gillikin
    Real Estate License ID: NC 252438
    Learn More
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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.

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