Add Listing
    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

    231 Overlook Drive Troy, NC 27371

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $40,000

    LAND - Troy, NC

    Lot size:
    0.40 Acres
    Added:
    Jun 19, 2023
    Days on Market:
    1033
    Last Refresh:
    Apr 16 at 9:06 am

    Property Features for 231 Overlook Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-1
    Standard status
    Active Under Contract
    APN
    6589-20-70-6970
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Description
    LOT 161 CAROLINA FOREST

    Utilities

    Sewer type
    Septic Needed

    We can help!

    Listing Contact
    Crystal Williams
    Crystal Williams

    Listing agent Crystal Williams License #333410

    Listing office McRae Properties 8006 Highway 73 W., Mount Gilead, NC

    Listing date Jun 19, 2023

    MLS# 4041831 Listing URL

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Waterview Lot in Gated Community

    This 0.4-acre waterview lot, identified as Lot 161, is situated within the gated community of Carolina Forest on Lake Tillery. It presents an opportunity for building a home and enjoying lake activities. The lot offers seasonal views of the main channel of Lake Tillery. An expired soil/perc test, previously approved for a three-bedroom home, indicates that a new soil/perc test will be required. Carolina Forest provides amenities including security guards, a clubhouse, an outdoor swimming pool, a playground, walking trails, a tennis/basketball court, and community activities. The boat slip and seawall at the Clubhouse have been recently renovated.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Montgomery
    State
    North Carolina
    Longitude
    -80.0476
    Latitude
    35.369095

    Nearby Similar for Sale

    • $750,000

      Troy, NC Commercial Property

      4,000 SF commercial space with 3.21 acres.
      120 Progress Drive, Troy, NC 27371
      View Details
    • $345,000

      Lake Tillery Waterfront Lots

      Rare waterfront lots with sunset views on Lake Tillery.
      Lakewood Circle, Troy, NC 27371
      View Details
    • $10,000

      Wooded Homesite in Gated Community

      Gently sloping, wooded 0.48-acre homesite in Carolina Forest.
      301 Chinkapin Road, Troy, NC 27371
      View Details
    • $364,500

      Land Near Uwharrie National Forest

      21.44 acre lot near Uwharrie National Forest trails.
      Deerfield Circle, Troy, NC 27371
      View Details
    • $7,900

      Lake Tillery Wooded Lot

      0.37-acre wooded lot in gated lake community near recreation.
      111 Peach Drive, Troy, NC 27371
      View Details
    • $10,000

      Lake Tillery Residential Lot

      0.37-acre lot with lake access in Carolina Forest community.
      107 Basswood Road, Troy, NC 27371
      View Details
    • $195,000

      Historic Downtown Troy Retail Building

      Tenant-occupied retail building in Troy's historic downtown district.
      323 N Main Street, Troy, NC 27371
      View Details
    • $14,000

      Lake Tillery Lot in Troy

      0.17-acre lot near Lake Tillery with lake access.
      Holiday Drive lot: 309, Troy, NC 27371
      View Details
    • $11,990

      Wooded Lot in Gated Community

      Wooded lot with amenities near Uwharrie National Forest.
      120 Hedgeline Drive, Troy, NC 27371
      View Details
    • $275,000

      Downtown Troy Commercial Property

      Commercial property with multiple retail/office spaces and established renters.
      215 N Main Street, Troy, NC 27371
      View Details
    • $725,000

      147 Acres of Recreational Timberland

      Rural timberland with Uwharrie River frontage and recreation potential.
      Ophir Road, Troy, NC 27371
      View Details
    • $780,000
      4,500,000 SF

      105 Acres in Montgomery County

      Two joined parcels (105 acres) in Montgomery County, North Carolina.
      2939 Hwy 134N, Troy, NC 27371
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot in Carolina Forest with seasonal lake views.
    Where is this residential land & home lot located?
    The property is located at 231 Overlook Drive Troy, NC.
    What is the asking price?
    The asking price for this property is $40,000.
    What are key features of this property?
    This property features: Waterview lot in the gated Carolina Forest community on Lake Tillery.; Enjoy access to Lake Tillery and all its lake life activities.; Community amenities include a clubhouse, outdoor pool, playground, walking trails, and sports courts.
    (910) 220-3228
    We can help!
    Listing Contact
    Crystal Williams
    Crystal Williams
    Real Estate License ID: 333410
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!