500 Arendell StMorehead City, NC 28557

  • Office properties
  • 3,038 SF
For Sale
$1,750,000 View listing

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 properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
500 Arendell St, Morehead City, North Carolina

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

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
2022
$1,295
$95,920
$232,866
$328,786
-
$95,920
$232,866
$328,786

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