Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    203 Pensacola Ave, Unit 2 Morehead City, NC 28557

    Sponsored
    For Sale
    $325,000

    LAND - Morehead City, NC

    Lot size:
    0.23 Acres
    Days on Market:
    72
    Last Refresh:
    Feb 5 at 10:06 am

    Property Features for 203 Pensacola Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    Residential
    APN
    636616736210000
    Lot size
    0.23 Acres

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Bailey Basnight Real Estate
    Bailey Basnight Real Estate

    Coldwell Banker Sea Coast AB (252) 247-7600

    Listing agent Bailey Basnight Real Estate (252) 241-1200 License #281517

    Listing date Nov 26, 2025

    MLS# 100537641

    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

    Residential Lot in Morehead City

    This residential lot, sized at 0.23 acres, is located in Morehead City, North Carolina. Situated in a sought-after neighborhood, the property offers water views of Pelletier Creek. The location provides convenient access to shops, dining establishments, and schools. Marinas and dry stack boat storage facilities are within walking distance. The beaches of the Crystal Coast are a short drive away. The property is suitable for walking and biking to downtown Morehead City. This lot is ideal for either a seasonal getaway or a year-round residence. The property does not require flood insurance. The lot measures 80 x 125. Pairing it with the adjacent lot would create an expansive homesite nearing half an acre.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Morehead City
    County
    Carteret
    State
    North Carolina
    Longitude
    -76.777572
    Latitude
    34.727608

    Nearby Similar for Sale

    • New
      $563,900
      3,644 SF

      Income Property in Morehead City

      Income-producing property with five separate units in a prime location.
      106 N 9Th St, Morehead City, NC 28557
      View Details
    • $239,000
      1,030 SF

      Updated Townhome in Central Location

      Updated 2BR/1.5BA townhome near shopping, dining, and water access.
      3200 Crystal Oaks Ln, Morehead City, NC 28557
      View Details
    • Contact for pricing
      5,880 SF

      Downtown Morehead City Office Space

      Office space for lease in downtown Morehead City.
      911 Arendell St, Morehead City, NC 28557
      View Details
    • $1,100,000

      Restaurant Ready Building For Sale

      Restaurant-ready building with kitchen and walk-in coolers for sale.
      3010 Arendell St, Morehead City, NC 28557
      View Details
    • $1,750,000
      5,540 SF

      Morehead City Mixed-Use Gem

      Historic Downtown B&B, Huge Potential
      500 Arendell St, Morehead City, NC 28557
      View Details
    • $420,000
      2,318 SF

      Morehead City Office Building

      Prime Medical/Creative Office Space
      403 35Th St, Morehead City, NC 28557
      View Details
    • $2,550,000
      13,813 SF

      2904 Arendell St

      Lifestyle centers • 13,813 SF
      2904 Arendell St, Morehead City, NC 28557
      View Details
    • $450,000
      2,248 SF

      Morehead City Retail Corner Lot

      High-traffic Hwy 70 E retail space. Vacant, ready for your business.
      4415 Arendell St, Morehead City, NC 28557
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot with water views in desirable Morehead City neighborhood.
    Where is this residential land & home lot located?
    The property is located at 203 Pensacola Ave, Unit 2 Morehead City, NC.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: - Water views of Pelletier Creek; - No flood insurance required; - Prime location: close to shops, dining, schools, marinas, and boat storage
    (252) 515-0502
    Request Owner's contact information
    203 Pensacola Ave, Unit 2 Morehead City, NC 28557
    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.
    203 Pensacola Ave, Unit 2
    Morehead City, NC 28557
    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
    203 Pensacola Ave, Unit 2 Morehead City, NC 28557
    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

    We can help!
    Listing Contact
    Bailey Basnight Real Estate
    Bailey Basnight Real Estate
    Real Estate License ID: 281517
    (252) 515-0502
    Learn more
    Google sign-in failed. Please try again or use another login method.