Add Listing
    For Sale
    • 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

    107 Island Ridge Drive Statesville, NC 28677

    View on Map
    New
    For Sale
    $400,000

    LAND - Statesville, NC

    Lot size:
    0.54 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 1 at 10:06 pm

    Property Features for 107 Island Ridge Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-20
    Standard status
    Active
    APN
    4710-62-5847
    Lot size
    0.54 Acres

    Taxes and HOA fees

    TaxDescription
    L31 Windemere Island

    Utilities

    Sewer type
    Private Sewer
    Water source
    Well
    Water front
    1

    We can help!

    Listing Contact
    Shawn Murphy

    Listing agent Shawn Murphy License #295855

    Listing office Lake Norman Realty, Inc. PO Box 5656, NC

    Listing date Apr 1, 2026

    MLS# 4364072

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

    Overview

    Lake Norman Waterfront Land

    This 0.54-acre waterfront land is located on Windemere Island, situated on the main channel of Lake Norman. The property offers sunset views and is positioned for building a custom lake home. The location is adjacent to Lake Norman State Park, providing access to hiking trails, biking trails, and a beach. Community amenities include a pool, clubhouse, and tennis courts. Community water and sewer services are available. The zoning is R-20.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Hotel & Motel Skin Care Clinic Bed & Breakfast Florist

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.964463
    Latitude
    35.6654

    Nearby Similar for Sale

    • $450,000

      Versatile Commercial Property with Income Potential

      Commercial property with multi-parcel opportunity, tenant in place through May 2026.
      2504 Newton Drive, Statesville, NC 28677
      View Details
    • $224,900

      Highway-Business Corner Lot

      Prime corner lot in emerging growth corridor with high visibility.
      Scroggs Cemetery Road unit: 1, Statesville, NC 28677
      View Details
    • $870,000

      Farmland and Hunting Land Opportunity

      61+ acres of prime land near downtown Statesville, NC.
      209 Retro Lane, Statesville, NC 28625
      View Details
    • $200,000

      Statesville Office/Land Opportunity

      Versatile property with commercial zoning in a high-growth area.
      1225 Davie Avenue, Statesville, NC 28677
      View Details
    • $489,000

      Waterfront Lot in Gated Community

      0.64-acre waterfront lot with dock and seawall on Lake Norman.
      163 High Lake Drive, Statesville, NC 28677
      View Details
    • $300,000

      Commercial Land in Statesville, NC

      Half-acre lot suitable for future commercial development in Statesville.
      359 Turnersburg Hwy, Statesville, NC 28677
      View Details
    • $649,500

      Professional Office with Residential Apartments

      Two-story brick building with office space and residential apartments.
      224 Harrill Street, Statesville, NC 28677
      View Details
    • $39,900

      Statesville City Building Lot

      City building lot with water and sewer access in Statesville.
      523 Crowell Avenue, Statesville, NC 28677
      View Details
    • $2,200,000

      Statesville Commercial Land For Sale

      42-acre commercial and residential land in Statesville, North Carolina.
      523 Turnersburg Highway, Statesville, NC 28625
      View Details
    • $224,900

      Highway Corner Lot in Statesville

      Prime commercial land with high visibility and multiple entry points.
      Scroggs Cemetery Road unit: 1, Statesville, NC 28677
      View Details
    • $165,000

      Commercial Land in Statesville, NC

      Corner lot zoned HI with city water and sewer.
      309 Monroe Street, Statesville, NC 28677
      View Details
    • $339,000

      Statesville Land Parcel For Sale

      10-acre parcel in Statesville, ideal for residential development.
      911 Westminster Drive, Statesville, NC 28677
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Exclusive waterfront lot on Lake Norman ready for custom home.
    Where is this waterfront land located?
    The property is located at 107 Island Ridge Drive Statesville, NC.
    What is the asking price?
    The asking price for this property is $400,000.
    (704) 978-9293
    We can help!
    Listing Contact
    Shawn Murphy
    Real Estate License ID: 295855
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!