6684 Caratoke HwyGrandy, NC 27939

Property Details for 6684 Caratoke Hwy

Year built

1995

Lot size

1.37 AC

Property size (Sq ft)

1,820 SF

Zone code

GB

Property type

Turn key restaurants

APN

0108000069A0000

APU

0108000069A0000

Description

This exceptional turnkey business opportunity in Grandy, NC, presents a fully renovated Mel's Diner, ideally situated on Caratoke Highway. The diner boasts a retro atmosphere complete with a jukebox and ample seating, including tables, booths, and counter service, catering to diverse customer preferences. The well-equipped kitchen features a streamlined prep line, updated equipment, and ample walk-in refrigeration. Outside, a dedicated storage shed and walk-in freezer provide convenient storage, especially beneficial for deliveries outside operating hours. The property includes 21 parking spaces, including one handicapped-accessible space. A significant advantage is the inclusion of an adjacent building, offering versatile potential. This secondary structure, with 11 parking spaces (including one handicapped-accessible space), features a bathroom, laundry room, and a large open area, suitable for various uses such as a bakery, prep kitchen, or rental office space. The substantial backyard provides additional parking, ideal for RVs or trucks, making this location particularly attractive to travelers to and from the Outer Banks. The combined properties offer a unique and lucrative investment opportunity. The asking price is $699,000.

• CAP approach

  CAP return

  Valuation

  6%

  $387,907

  6.5%

  $358,068

  7%

  $332,492

• Comparable approach

  Method

  Valuation

  Relative Method

  $212,431

  Geo Method

  $316,117

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $699,988

  Mixed-Use / Specialty

  $356,096

  Hospitality / Lodging

  $260,351

  Office

  $353,257

  Institutional / Educational

  $369,948

  Residential Income

  $432,839

  Multifamily

  $522,978

  Automotive / Energy

  $317,098

  Parking / Income-Based Land

  $110,114

  Restaurant / Food Service

  $183,725

  Healthcare / Senior Housing

  $365,883

Location Insight

City

Grandy

County

Currituck

State

North Carolina

Latitude

36.2277

Longitude

-75.8732

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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