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    Wooded Homesite in River Landing Title is generated by Realmo AI

    115 Mimosa Court, Wallace, NC 28466

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    Claim this Listing
    For Sale
    $75,000

    LAND - Wallace, NC

    Lot size:
    0.65 Acres
    Added:
    Oct 25, 2024
    Days on Market:
    587
    Last Refresh:
    Jun 3 at 10:06 am

    Property Features for 115 Mimosa Court

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    09-6868
    Lot size
    0.65 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    Lot B61 The Bluffs

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Courtenay Thompson

    Listing agent Courtenay Thompson License #319876

    Listing office White House Real Estate 269 River Ridge Dr., Wallace, NC

    Listing date Oct 25, 2024

    MLS# 100472928 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

    • Large 0.65 acre wooded estate homesite in a private court within the exclusive 'The Bluffs' community.
    • Approximately 191 feet of the property borders a large, stocked pond suitable for fishing, kayaking, and wildlife observation.
    • Ample space (over 200 feet long) to accommodate various custom home styles and sizes.
    • Optional, affordable memberships provide access to two 'Top 50' championship golf courses and world‑class club amenities.
    • Community amenities include an outdoor pool, fitness club, tennis and pickleball courts, fine dining, and social clubs.
    • Access to walking/biking trails, the River Lodge with kayak access to the Northeast Cape Fear River, and a 45‑minute drive to the beach.

    Overview

    This 0.65-acre wooded homesite is located in The Bluffs, a private community within River Landing. Situated in a private court, the back of the lot extends approximately 191 feet along a pond stocked with bass, bluegill, and other fish. The pond, approximately 0.25 miles long, is suitable for kayaking, canoeing, fishing, and wildlife observation. With a length exceeding 200 feet and a back spanning 191 feet, the lot can accommodate various custom home styles and sizes. River Landing offers optional memberships with access to two championship golf courses and club amenities. Residents can enjoy an outdoor pool, fitness club, tennis and pickleball courts, fine dining at the grand clubhouse, and casual meals at the grille/bar. Social clubs and classes are available, along with walking/biking trails and kayak access to the Northeast Cape Fear River at the River Lodge. The property is located in Wallace, NC, and is a 45-minute drive to the beach.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Wallace
    County
    Duplin
    State
    North Carolina
    Longitude
    -77.9377403
    Latitude
    34.7345885

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    FAQs

    What type of property is this?
    Residential land & home lot - Large wooded lot with pond access in River Landing.
    Where is this residential land & home lot located?
    The property is located at 115 Mimosa Court Wallace, NC.
    What is the asking price?
    The asking price for this property is $75,000.
    What are key features of this property?
    This property features: Large 0.65 acre wooded estate homesite in a private court within the exclusive 'The Bluffs' community.; Approximately 191 feet of the property borders a large, stocked pond suitable for fishing, kayaking, and wildlife observation.; Ample space (over 200 feet long) to accommodate various custom home styles and sizes.
    (910) 620-7142
    We can help!
    Listing Contact
    Courtenay Thompson
    Real Estate License ID: 319876
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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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