Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    213 Cpe Fear Blvd Carolina Beach, NC 28428-5128

    • Hotels
    • 5,456 SF
    • 0.43 lot acres
    OFF-MARKET
    Value Estimations
    $1,300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5748890
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Russo's Motel / Hotel & Motel

    Property Details for 213 Cpe Fear Blvd

    Year built
    1960
    Construction
    WOOD FRAME
    Lot size
    0.43 lot acres
    Property size
    5,456 SF
    Zone code
    MX
    Property type
    Hotels
    APN
    R09006-025-018-000
    APU
    R09006025018000

    Description

    This exceptional investment opportunity presents a 19-key motel located at 213 Cape Fear Blvd, Carolina Beach, NC 28428. The property, built in 1960 and renovated in 2012, sits on a 0.57-acre lot in New Hanover County and offers significant potential. The two-story, two-building motel currently operates as a profitable hospitality business, boasting 16 parking spaces for guests. However, its strategic location within a Mixed Use Transitional District unlocks exciting possibilities for future development. This zoning allows for a blend of residential and small-scale commercial uses, presenting a unique chance to expand the existing motel or explore alternative development projects. The property's prime location in Carolina Beach offers easy access to the town's attractions and amenities, ensuring strong occupancy rates and potential for increased revenue. The asking price for this turnkey operation is $4,500,000. This is a rare chance to acquire a profitable existing business with substantial upside potential in a desirable coastal location. The property's versatility and zoning make it an attractive investment for both seasoned hospitality operators and developers seeking a coastal development project.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $880,000
      6.5%
      $815,000
      7%
      $755,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,506,000
      Market price range: $502k - $3.40M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Carolina Beach
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8956
    Latitude
    34.0336
    CBSA code
    48900
    CBSA name
    WILMINGTON, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,152
    $449,700
    $475,400
    $925,100
    -
    $449,700
    $475,400
    $925,100

    Comparable in this City

    • Value Estimation
      $28,285,000
      103,040 SF

      100 Charlotte Ave

      HOTEL • 103,040 SF
      100 Charlotte Ave, Carolina Beach, NC 28428-5119
      View Details
    • Value Estimation
      $2,945,000
      5,096 SF

      410 Carolina Bch N Ave

      HOTEL • 5,096 SF
      410 Carolina Bch N Ave, Carolina Beach, NC 28428
      View Details
    • Value Estimation
      $720,000
      2,384 SF

      201 Cpe Fear Blvd

      HOTEL • 2,384 SF
      201 Cpe Fear Blvd, Carolina Beach, NC 28428-5128
      View Details
    • Value Estimation
      $1,440,000
      4,800 SF

      318 Carolina Bch N Ave

      HOTEL • 4,800 SF
      318 Carolina Bch N Ave, Carolina Beach, NC 28428-6113
      View Details
    • Value Estimation
      $770,000
      2,700 SF

      503 Lk Park S Blvd

      HOTEL • 2,700 SF
      503 Lk Park S Blvd, Carolina Beach, NC 28428
      View Details
    • Value Estimation
      $18,780,000
      66,825 SF

      1 Harper Ave

      HOTEL • 66,825 SF
      1 Harper Ave, Carolina Beach, NC 28428-4960
      View Details

    Similar Nearby for Sale

    • $374,900

      Buildable Lot Near Carolina Beach

      Prime homesite to build your dream home near Carolina Beach.
      110 Dow Ave, Carolina Beach, NC 28428
      View Details
    • $650,000
      0.14 Acres

      Carolina Beach Buildable Lot

      Cleared lot near Carolina Beach Lake and Boardwalk.
      602 3Rd St S, Carolina Beach, NC 28428
      View Details
    • $1,375,000
      2,042 SF

      Turn-Key Ocean-Access Quadplex

      Remodeled, furnished 4-unit property near Texas Ave beach access.
      1603 Lake Park Blvd S, Carolina Beach, NC 28428
      View Details
    • $800,000

      Oceanfront Condominium with Designer Finishes

      Completely transformed oceanfront condominium in Carolina Beach with upscale upgrades.
      1800 Canal Dr, Carolina Beach, NC 28428
      View Details
    • $775,000

      Oceanfront Condo with Designer Finishes

      Completely renovated condo with ocean views, pool, and upscale amenities.
      1800 Canal Dr, Carolina Beach, NC 28428
      View Details
    • $595,000

      Waterfront Lot with Deeded Boat

      Rare lot in Pleasure Cay with deeded boat slip.
      503 Peninsula Dr, Carolina Beach, NC 28428
      View Details

    Similar Nearby for Lease

    • $7,000 /Mo
      3,600 SF

      Turn-Key Bar & Restaurant

      Bar and restaurant with outdoor deck in Carolina Beach, NC.
      219 Myrtle Ave, Carolina Beach, NC 28428
      View Details
    • $300 /Mo
      64 SF

      Carolina Beach Office Space

      Upstairs office space for rent in Carolina Beach, NC.
      1029 N Lake Park Blvd N, Carolina Beach, NC 28428
      View Details
    • $7,000 /Mo
      2,400 SF

      Turn-Key Restaurant & Bar Space

      Restaurant and bar with outdoor entertainment in Carolina Beach, NC.
      219 Myrtle Ave, Carolina Beach, NC 28428
      View Details
    • $1,695 /Mo
      1,427 SF

      Top-Floor Condo Near Carolina Beach

      Spacious 2-bedroom condo with community pool, near the beach.
      609 Spencer Farlow Dr, Carolina Beach, NC 28428
      View Details
    • $32 SF/Yr
      2,997 SF

      New Retail Space Near Beach

      New retail space in luxury apartment complex near Carolina Beach.
      904 North Lake Park Blvd, Carolina Beach, NC 28428
      View Details
    • $300 /Mo
      64 SF

      Carolina Beach Office Space Available

      Upstairs office space for rent in Carolina Beach, NC.
      1029 N Lake Park Blvd N, Carolina Beach, NC 28428
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    213 Cpe Fear Blvd
    Carolina Beach, NC 28428-5128
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.