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    2368 Swan Island Rd Corolla, NC 27927

    Sponsored
    For Sale
    $62,500

    Residential - Corolla, NC

    Lot size:
    14,375.00 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 22 at 3:06 pm

    Property Features for 2368 Swan Island Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    14,375.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jean-Paul Peron
    Jean-Paul Peron

    eXp Realty LLC (888) 584-9431

    Listing agent Jean-Paul Peron (888) 584-9431 License #261870

    Listing date Feb 21, 2026

    MLS# 131891 Listing URL

    Copyright © 2026 Outer Banks Association 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.

    Learn more

    Property Insight Report

    Overview

    Carova Beach Homesite Opportunity

    Located in Carova Beach, 2368 Swan Island Rd offers a 1/3 acre homesite. Situated approximately half a mile from both False Cape State Park and the Atlantic Ocean, this property provides a quiet setting. The area maintains a slow rhythm where the regular visitors are the Corolla Wild Horses, coastal birds, and the ocean breeze. From this location, it’s easy to kayak the nearby canals, enjoy the open space at Carova Beach Park, or cross into Virginia to wander the trails of False Cape State Park. The lot offers privacy while keeping you close to the shoreline and the natural amenities. The two adjoining lots to the south are also available, including the middle parcel, which has already been cleared and fitted with a 4-bedroom septic, giving you the ability to own an entire area at the beach with your house in the middle and guaranteed privacy on either side. This homesite places you in the heart of a coastal environment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Hotel & Motel Bed & Breakfast Catering Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Corolla
    County
    Currituck
    State
    North Carolina
    Longitude
    -75.8743693
    Latitude
    36.5438985

    FAQs

    What type of property is this?
    Residential land & home lot - 1/3 acre homesite near False Cape State Park and ocean.
    Where is this residential land & home lot located?
    The property is located at 2368 Swan Island Rd Corolla, NC.
    What is the asking price?
    The asking price for this property is $62,500.
    What are key features of this property?
    This property features: - Quiet coastal setting near False Cape State Park and the Atlantic Ocean.; - 1/3 acre homesite in the 4-wheel drive area of Carova Beach.; - Proximity to natural amenities like Carova Beach Park and False Cape State Park.
    (252) 564-9390
    Request Owner's contact information
    2368 Swan Island Rd Corolla, NC 27927
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    Corolla, NC 27927
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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
    2368 Swan Island Rd Corolla, NC 27927
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    We can help!
    Listing Contact
    Jean-Paul Peron
    Jean-Paul Peron
    Real Estate License ID: 261870
    (252) 564-9390 (910) 622-4576 (888) 584-9431
    Learn more
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