Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    121 Plantation Road Wilmington, NC 28411

    View on Map
    Claim this Listing
    Picture of Commercial land at 121 Plantation Road, Wilmington, NC
    For Sale
    $750,000

    LAND - Wilmington, NC

    Lot size:
    8.84 Acres
    Added:
    Sep 7, 2022
    Days on Market:
    1336
    Last Refresh:
    May 4 at 9:06 pm

    Property Features for 121 Plantation Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-15
    Standard status
    Active
    APN
    R02800-004-009-000
    Lot size
    8.84 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Ranch 121 Sec 2 Greenview Ranches
    Tax Annual Amount
    1895

    We can help!

    Listing Contact
    Donna H Grady
    Donna H Grady

    Listing agent Donna H Grady License #231580

    Listing office Coastal Properties 1113-C Military Cutoff Rd., Wilmington, NC

    Listing date Sep 7, 2022

    MLS# 100348139 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.

    Overview

    Wilmington Land with Development Potential

    This 8.84-acre parcel is located in northern New Hanover County, between Crooked Pine Rd and Military Cutoff Extension. The property is zoned commercial and has approvals for an assisted living facility and a 95-foot cell tower. Fiber optic and underground electric cables have already been installed in the area. The site is situated on the east side of Military Cutoff Extension, providing convenient access to I-140 and I-40. The service road off Military Cutoff Extension is approximately 1,371 feet from the parcel. The property features 464.4 feet of road frontage on Plantation Rd and 844 feet of road frontage on Old Plantation Road, an overgrown road that connects to Old Oak Rd and eventually Market St. Located in the Porters Neck, Murrayville area, just below I-140 and east of the new Military Cutoff Extension. CFPUA water and sewer are expected to be available by 2026 on a cost basis. The new CFPUA water system, known as the Crooked Pine Water Project, is slated for availability in 2026, while the sewer system, called the Last Frontier Project, is expected to serve the area by the end of 2025. Land studies are available to serious buyers.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Hair Salon Gym & Fitness Center Electrical Service Daycare Center Travel Agency

    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
    -77.819623
    Latitude
    34.303025

    Nearby Similar for Sale

    • $4,400,000
      7,922 SF

      Renovated Restaurant Facility on Market

      Move-in ready restaurant with drive-thru in Porters Neck area.
      8232 Market Street, Wilmington, NC 28411
      View Details
    • $325,000

      Prime Midtown Wilmington Land Parcel

      Desirable 0.46-acre lot zoned for office/institutional development.
      2248 Yaupon Drive lot: 3, Wilmington, NC 28401
      View Details
    • $700,000

      Wilmington Commercial Land Opportunity

      Prime commercial land for sale in Wilmington, North Carolina.
      2501 Wrightsville Avenue, Wilmington, NC 28403
      View Details
    • $4,400,000

      Brooklyn Arts District Land Assemblage

      Rare 0.94-acre multi-parcel in Wilmington's Brooklyn Arts District.
      714 N 4th Street, Wilmington, NC 28401
      View Details
    • $499,000

      Wilmington Redevelopment Opportunity

      Redevelopment opportunity near Downtown Wilmington with existing building.
      2006 Princess Place Drive, Wilmington, NC 28405
      View Details
    • $3,550,000
      13,320 SF

      Wilmington Multifamily Investment Opportunity

      24-unit multifamily property near UNCW with income upside.
      145 Lullwater Drive, Wilmington, NC 28403
      View Details
    • $1,065,000
      3,542 SF

      Turnkey Wilmington Multifamily Investment Opportunity

      Four-unit property near hospital, shopping, and beaches. Fully income-producing.
      1421 -1425 Wellington Avenue, Wilmington, NC 28401
      View Details
    • $695,000
      3,301 SF

      Wilmington Four-Unit Income Property

      Income-producing four-unit property in Wilmington's Historic Mixed-Use District.
      407 Red Cross Street, Wilmington, NC 28401
      View Details
    • $895,000

      Wilmington Commercial Land For Sale

      Commercial property in Community Business District with road frontage.
      4213 Princess Place Drive, Wilmington, NC 28405
      View Details
    • $354,999
      1,350 SF

      Wilmington Duplex: Income and Potential

      Well-maintained duplex with rental income and owner-occupant potential.
      2803 Chappell Avenue, Wilmington, NC 28412
      View Details
    • $349,000
      2,000 SF

      Wilmington Multifamily Investment Opportunity

      Two homes on one lot near South Front District.
      1219 S 4th Street, Wilmington, NC 28401
      View Details
    • $582,500
      2,867 SF

      Income-Generating Multi-Family Home

      Four-bedroom home with two separate one-bedroom apartments.
      327 Pinecliff Drive, Wilmington, NC 28409
      View Details

    FAQs

    What type of property is this?
    Commercial land - 8.84 acres in Wilmington, suitable for assisted living facility.
    Where is this commercial land located?
    The property is located at 121 Plantation Road Wilmington, NC.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: 8.84 acres of commercially zoned land in Northern New Hanover County.; Two Special Use Permits approved: **assisted living facility and 95' cell tower**.; CFPUA Water and Sewer available by 2026, enabling development.
    (910) 262-5390
    We can help!
    Listing Contact
    Donna H Grady
    Donna H Grady
    Real Estate License ID: 231580
    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

    Thank You for Inquiry
    121 Plantation Road, Wilmington, NC 28411
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!