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    1515 N Ridge St, Unit 47 Southern Pines, NC 28387

    Sponsored
    For Sale
    Under Contract
    $350,000

    LAND - Southern Pines, NC

    Lot size:
    1.42 Acres
    Days on Market:
    33
    Last Refresh:
    Feb 7 at 11:06 am

    Property Features for 1515 N Ridge St

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Zoning
    RS-1
    APN
    00036291
    Lot size
    1.42 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Water source
    Well

    Building Details

    Additional Structures
    Residence

    We can help!

    Listing Contact
    Clio Carroll
    Clio Carroll

    Keller Williams Realty Pinehurst (910) 603-5300

    Listing agent Clio Carroll (860) 368-9728 License #300974

    Listing date Jan 6, 2026

    MLS# 100543007 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.

    Learn more

    Property Insight Report

    Overview

    Subdividable Land in Southern Pines

    This 1.41-acre property in Southern Pines, North Carolina, presents an exceptional opportunity for developers, builders, and investors. Zoned RS-1 by Southern Pines, the town has confirmed it could be subdivided under the minor subdivision category. The property features approximately 220 feet of road frontage and is 280 feet deep. A 30-foot access easement is located on the left side of the property, benefiting the property to the rear; this easement can also be used for this property. A well was installed in 2021. According to Southern Pines utilities overlay, no public water or sewer is currently available. The land is level, rectangular, and partially cleared, with a 1930 Folk Victorian Cottage situated on the right side. The cottage can be renovated or demolished based on the buyer's assessment. This property is subject to a right of first refusal, with the holders having 30 days to respond once notice is given. The dwelling and property will be sold in 'as-is' condition. Cash offers are preferred.
    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 Gym & Fitness Center Big Box & Wholesale Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Southern Pines
    County
    Moore
    State
    North Carolina
    Longitude
    -79.371318
    Latitude
    35.18405

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    FAQs

    What type of property is this?
    Land - 1.41 acres suitable for developers, builders, and investors.
    Where is this land located?
    The property is located at 1515 N Ridge St, Unit 47 Southern Pines, NC.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - Subdividable 1.41-acre lot, confirmed by the town of Southern Pines.; - Significant $50,000 price reduction!; - Located on the cusp of Horse Country in Southern Pines.
    (860) 368-9728
    Request Owner's contact information
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    Southern Pines, NC 28387
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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.

    More about this property
    1515 N Ridge St, Unit 47 Southern Pines, NC 28387
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    We can help!
    Listing Contact
    Clio Carroll
    Clio Carroll
    Real Estate License ID: 300974
    (860) 368-9728
    Learn more
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