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    Kenansville Land Near Town Amenities Title is generated by Realmo AI

    198 Magnolia Extension, Kenansville, NC 28349

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    Pending
    $780,000

    LAND - Kenansville, NC

    Lot size:
    8.34 Acres
    Added:
    Jun 17, 2024
    Days on Market:
    698
    Last Refresh:
    May 15 at 10:06 am

    Property Features for 198 Magnolia Extension

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    GC/R10
    Standard status
    Pending
    APN
    13-2377-1
    Lot size
    8.34 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    As described at deed book 2055 page 146 of the Duplin County registry.

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    We can help!

    Listing Contact
    Stan S Draughon

    Listing agent Stan S Draughon License #49739

    Listing office United Country Draughon Realty 185 N Country Club Dr., Kenansville, NC

    Listing date Jun 17, 2024

    MLS# 100450901 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

    • 8.336+ acre tract with GC and R‑10 zoning, offering diverse development possibilities.
    • Prime location near town amenities, including government offices and James Sprunt Community College.
    • Subdividable, with one acre zoned General Commercial on Magnolia Extension.
    • Town of Kenansville water and sewer available; sewer extension acceptance expected.
    • Access from Magnolia Extension (State maintained) and Old Warsaw Road, ideal for multi‑family development.
    • Cleared and level land, ready for construction.

    Overview

    The 8.336+ acre tract is zoned GC in the front and R-10 in the rear. The property is located near all amenities in the town, adjacent to the local SECU, State of NC Vocational Rehab, and Employment Security offices. It is near James Sprunt Community College, the County Events Center and the USDA Federal Office complex as well as many other county offices on Magnolia Extension. The property can be subdivided with one acre on Magnolia Ext. zoned General Commercial. The General Commercial District is intended to accommodate a wide range of residential, commercial establishments and professional offices that provide goods and services to the residents of Kenansville and the surrounding area, as well as transient visitors. This district is meant to be applied to areas adjacent to major thoroughfares and in locations that will not adversely impact nearby residential development, areas in close proximity to residential areas to encourage and accommodate pedestrian travel to obtain convenience goods and services and areas adjacent to major transportation arteries. Town of Kenansville water and sewer are available. A Flow Tracking/Acceptance for Sewer Extension has been applied for with the Town of Kenansville and acceptance is expected. Access to the property is from Magnolia Extension, a State maintained road. Access is also available on Old Warsaw Road into the rear of the site that is ideal for multi family development. The property is cleared and level and ready to build.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Kenansville
    County
    Duplin
    State
    North Carolina
    Longitude
    -77.975118
    Latitude
    34.952846

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    FAQs

    What type of property is this?
    Commercial land - 8.34-acre tract zoned GC/R10 near Kenansville amenities.
    Where is this commercial land located?
    The property is located at 198 Magnolia Extension Kenansville, NC.
    What is the asking price?
    The asking price for this property is $780,000.
    What are key features of this property?
    This property features: 8.336+ acre tract with GC and R‑10 zoning, offering diverse development possibilities.; Prime location near town amenities, including government offices and James Sprunt Community College.; Subdividable, with one acre zoned General Commercial on Magnolia Extension.
    (910) 290-4180
    We can help!
    Listing Contact
    Stan S Draughon
    Real Estate License ID: 49739
    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.

    More about this property
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