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    Midtown Wilmington Development Opportunity Title is generated by Realmo AI

    114 Longstreet Drive, Wilmington, NC 28412

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    For Sale
    $925,000

    LAND - Wilmington, NC

    Lot size:
    1.19 Acres
    Added:
    Jan 10, 2026
    Days on Market:
    128
    Last Refresh:
    May 18 at 8:06 am

    Property Features for 114 Longstreet Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-5
    Standard status
    Active
    APN
    R06117-011-020-000
    Lot size
    1.19 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOT 1 VACANT LONGSTREET PLACE
    Tax Annual Amount
    2605

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Patrick A Alderson

    Listing agent Patrick A Alderson License #260610

    Listing office Flat Fee Realty and Management LLC 3710 Shipyard Blvd. Ste A, Wilmington, NC

    Listing date Jan 10, 2026

    MLS# 100548492 Listing URL

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

    HighLights

    • 1.2 acre lot rezoned to R5, approved for 12 townhomes.
    • Prime Midtown location on the edge of Pine Valley Community.
    • Development‑ready: Survey, site layout, soil test, and architectural plans included.
    • Walking distance to Pine Valley Country Club (newly renovated golf course opening Fall 2026).
    • Close proximity (1‑2 miles) to Novant Hospital, Independence Mall, Cape Fear Country Club, and Live Oak Bank Headquarters.
    • Rare development opportunity.

    Overview

    This approximately 1.2-acre lot presents a development opportunity in a central Wilmington location, bordering the Pine Valley Community. The property has been rezoned to R-5 and is approved for the construction of 12 townhomes. Available documentation includes a survey, preliminary site layout, soil test, and architectural plans, which will be transferred with the sale. The lot is situated within walking distance of Pine Valley Country Club, which features a renovated golf course scheduled to open in the fall of 2026. The location is also within 1 to 2 miles of Novant Hospital, Independence Mall, Cape Fear Country Club, and Live Oak Bank Headquarters.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.907773
    Latitude
    34.192751

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    FAQs

    What type of property is this?
    Residential land & home lot - 1.2 acre lot approved for 12 townhomes.
    Where is this residential land & home lot located?
    The property is located at 114 Longstreet Drive Wilmington, NC.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: 1.2 acre lot rezoned to R5, approved for 12 townhomes.; Prime Midtown location on the edge of Pine Valley Community.; Development‑ready: Survey, site layout, soil test, and architectural plans included.
    (910) 515-3977
    We can help!
    Listing Contact
    Patrick A Alderson
    Real Estate License ID: 260610
    Learn More
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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.

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