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    # 3&4 Walter Grissom Rd Kittrell, NC 27544

    View on Map
    Sponsored
    Pending
    $150,000

    LAND - Kittrell, NC

    Lot size:
    9.82 Acres
    Days on Market:
    22
    Last Refresh:
    Mar 12 at 9:06 am

    Property Features for # 3&4 Walter Grissom Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    Vegetation
    Wooded, Brush
    Zoning
    AG
    APN
    Part of 010997
    Lot size
    9.82 Acres

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Faye Guin
    Faye Guin

    CENTURY 21 Country Knolls Realty, Inc. (252) 438-2774

    Listing agent Faye Guin (252) 432-5950

    Listing date Feb 18, 2026

    MLS# 10121821 Listing URL

    Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Franklin County Land Parcel

    This 9.82-acre land parcel is located in northern Franklin County, North Carolina. The gently sloping parcel features over 413 feet of frontage on a paved, state-maintained road. The land has young tree growth, specifically Loblolly Pine planted in 2015. A soil map indicates the presence of suitable septic soil. The parcel is one of five recently subdivided from a larger 92.5-acre tract. The seller has decided to place some Restrictive Covenants on all FIVE PARCELS. They will include (1) a limitation on each parcel being subdivided only into TWO parcels and (2) no manufactured or modular homes with required seller-approval of plans, materials, and locations of intended improvements (including driveways and parking areas). Details are being formulated. The property is conveniently located near Kittrell, Louisburg, Henderson, and US1.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Kittrell
    County
    Vance
    State
    North Carolina
    Longitude
    -78.389347
    Latitude
    36.195053

    Nearby Similar for Sale

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      High-traffic location, excellent visibility.
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    FAQs

    What type of property is this?
    Land - 9.82-acre land parcel in Franklin County, North Carolina.
    Where is this land located?
    The property is located at # 3&4 Walter Grissom Rd Kittrell, NC.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: - Large 9.81-acre parcel in northern Franklin County, NC.; - Great road frontage (over 413 feet) on a paved, state-maintained road.; - Suitable septic soil located on soil map.
    (252) 432-5950
    Request Owner's contact information
    # 3&4 Walter Grissom Rd Kittrell, NC 27544
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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.

    More about this property
    # 3&4 Walter Grissom Rd Kittrell, NC 27544
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    We can help!
    Listing Contact
    Faye Guin
    Faye Guin
    Real Estate License ID: 46488
    (252) 432-5950 (252) 438-2774
    Learn more
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