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    Unrestricted Waterfront Land Development Opportunity Title is generated by Realmo AI

    147 Peninsula Lane, Bullock, NC 27507

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    Claim this Listing
    For Sale
    $575,000

    Acreage,Farm,Campers/RVs Permitted,Single Wide Permitted,Double Wide Permitted,Modular On Frame Permitted,Modular Off Frame Permitted

    Type:Farm
    Lot size:
    101.00 Acres
    Added:
    Jan 12, 2026
    Days on Market:
    129
    Last Refresh:
    May 21 at 2:06 am

    Property Features for 147 Peninsula Lane

    General Information

    Property type
    Land
    Property subtype
    Farm
    Zoning
    Farm
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active
    Lot size
    101.00 Acres

    Utilities

    Water front features
    Kerr/Buggs Island Lake, Pond, Waterfront, Ace Feet Of Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Dora Smith , RSPS, AHWD, CLHMS

    Listing agent Dora Smith , RSPS, AHWD, CLHMS

    Listing office NextHome 1st Choice 3464 Hwy 903, Bracey, NC

    Listing date Jan 12, 2026

    MLS# 138743 Listing URL

    Copyright © 2026 Roanoke Valley Lake Gaston Board 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

    • Unrestricted waterfront land with 2000+ feet of shoreline on Island Creek Reservoir, offering development potential or a private oasis.
    • 3500+ feet of road frontage on Keeton Road enhances accessibility.
    • Water access (estimated 2500 feet) on adjacent Army Corps of Engineers/ACE land.
    • Suitable for development, RV park, hunting, off‑grid living, homestead, or mini‑farm.
    • Includes a private pond for livestock, wildlife, and fishing.
    • Conveniently located within 20 minutes of Henderson and Clarksville.

    Overview

    This is a 101-acre unrestricted waterfront land featuring over 2000 feet of shoreline and 3500 feet of road frontage on Keeton Road. The property is zoned for farm use and offers a development opportunity or a private retreat. It is suitable for activities such as 4-wheeling, RV parking, hunting, off-grid living, homesteading, and mini-farming. The tract is large enough for future development, whether for a private retreat, subdivision, or campground. Water access (estimated 2500 feet) is available on the adjacent Army Corps of Engineers/ACE land. The property features scenic country views, with the Island Creek boat ramp and campground on Kerr Lake just five minutes away for Buggs Island Lake access. The land includes a private pond, flowing fields, dirt roads and paths, and partial fencing. The pond serves as a water source for livestock, wildlife, and fishing. The property is located within 20 minutes of Henderson or Clarksville. The property is located in Bullock, Vance County, North Carolina. Campers/RVs, single wide, double wide, modular on frame, and modular off frame homes are permitted. Peninsula Lane provides a scenic drive through the property near Kerr Lake. The slopes provide views across much of the land.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Bullock
    County
    Granville
    State
    North Carolina
    Longitude
    -78.5587
    Latitude
    36.5067

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - 101 acre unrestricted waterfront land perfect for development or private oasis.
    Where is this agricultural land / farmland located?
    The property is located at 147 Peninsula Lane Bullock, NC.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: Unrestricted waterfront land with **2000+ feet of shoreline on Island Creek Reservoir**, offering development potential or a private oasis.; **3500+ feet of road frontage on Keeton Road** enhances accessibility.; Water access (estimated 2500 feet) on adjacent Army Corps of Engineers/ACE land.
    (434) 774-0945
    We can help!
    Listing Contact
    Dora Smith , RSPS, AHWD, CLHMS
    Real Estate License ID: 0225195359,PersonLicenseNumber
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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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