500 Arendell StMorehead City, NC 28557

Property Details for 500 Arendell St

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.08 AC

Property size (Sq ft)

3,038 SF

Zone code

CD

Property type

Office buildings

APN

6386.20.81.4325000

APU

638620814325000

Description

This exceptional Morehead City property, situated on a 0.08-acre lot at 500 Arendell Street, presents a unique investment opportunity. The 5,540 square foot building, originally constructed in 1920 and extensively renovated in 2004, boasts a Class B designation and is zoned DB. Currently operating as a successful bed and breakfast and AirBnB, the two-story structure features three residential living spaces, making it ideal for owner-occupancy. The property includes four parking spaces (two in off-street garages) and offers panoramic waterfront views from its rooftop deck and hot tub. Engineered for expansion, plans are in place to add up to five more rental units and event space, significantly increasing income potential. Its prime location in the historic district, near restaurants, shops, and the waterfront, ensures high demand. The building is a "Fortified Structure," designed to withstand Category 5 hurricane forces. This meticulously restored and renovated property offers substantial rental and event income possibilities, making it a compelling investment in a thriving downtown location. The property's APN is 638620814325000 and is offered fee simple. The asking price is $1,750,000.

• CAP approach

  CAP return

  Valuation

  6%

  $563,652

  6.5%

  $520,294

  7%

  $483,130

• Comparable approach

  Method

  Valuation

  Relative Method

  $340,958

  Geo Method

  $697,342

• Alternative Use

  Use

  Valuation

  Residential

  $645,165

  Hospitality

  $590,967

  Educational

  $491,678

  Medical

  $508,588

  Retail

  $764,832

Location Insight

City

Morehead City

County

Carteret

State

North Carolina

Latitude

34.7213

Longitude

-76.7085

CBSA code

33980

CBSA name

MOREHEAD CITY, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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