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    Sound Front Lot Opportunity Title is generated by Realmo AI

    128 Sunrise Lane lot 33, Kill Devil Hills, NC 27948

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    Claim this Listing
    For Sale
    $299,000

    LAND - Kill Devil Hills, NC

    Added:
    Jan 3, 2026
    Days on Market:
    138
    Last Refresh:
    May 21 at 9:06 pm

    Property Features for 128 Sunrise Lane lot 33

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-1
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1640

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Michael Davenport Team

    Listing agent Michael Davenport Team License #See Brokers Notes

    Listing office Sun Realty - KDH 1500 S CROATAN HIGHWAY, Kill Devil Hills, NC

    Listing date Jan 3, 2026

    MLS# 131399 Listing URL

    Copyright © 2026 Outer Banks Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Sound front lot with stunning, wide‑open water views and sunset views.
    • Excellent potential for a private dock and sound side amenities.
    • Located mostly in an X flood zone, providing building flexibility.
    • Nicely maintained, family‑friendly neighborhood off Colington Road.
    • Peaceful and secluded location, yet conveniently located.
    • Mature surroundings in a desirable Colington area.

    Overview

    This sound front lot is located in a family-friendly neighborhood off Colington Road. The property offers privacy, natural beauty, and waterfront potential. The location provides a peaceful and secluded feel while remaining conveniently located. Situated mostly in an X flood zone, the property allows flexibility for future building plans. It offers sound views that create a backdrop for everyday living and sunsets. The lot has potential for a private dock or other sound side amenities, making it suitable for boating, kayaking, paddleboarding, or waterfront activities. With mature surroundings and a welcoming neighborhood feel, this is an opportunity to build a home in one of Colington's areas. The property is zoned R-1 and located at 128 Sunrise Lane lot: 33, Kill Devil Hills, NC 27948.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Accounting Firm HVAC Service Electrical Service Daycare Center Bakery Restaurant Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Kill Devil Hills
    County
    Dare
    State
    North Carolina
    Longitude
    -75.702349
    Latitude
    35.997153

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    FAQs

    What type of property is this?
    Waterfront Land - Waterfront lot in Kill Devil Hills with sound views.
    Where is this waterfront land located?
    The property is located at 128 Sunrise Lane lot 33 Kill Devil Hills, NC.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Sound front lot with **stunning, wide‑open water views and sunset views.**; **Excellent potential for a private dock and sound side amenities.**; Located mostly in an X flood zone, providing building flexibility.
    (252) 202-6113
    We can help!
    Listing Contact
    Michael Davenport Team
    Real Estate License ID: See Brokers Notes
    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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