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    Shallotte Riverfront Homesite Opportunity Title is generated by Realmo AI

    241 Thomas Drive lot 3, Shallotte, NC 28470

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    Claim this Listing
    For Sale
    $645,000

    LAND - Shallotte, NC

    Lot size:
    1.70 Acres
    Added:
    Sep 16, 2025
    Days on Market:
    244
    Last Refresh:
    May 17 at 5:06 am

    Property Features for 241 Thomas Drive lot 3

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Sh-R-15
    Standard status
    Active
    APN
    197ea011
    Lot size
    1.70 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    L-3 1.7 Ac Plat 5/21
    Tax Annual Amount
    801

    Utilities

    Utilities
    Water Available
    Water front features
    Waterfront
    Water front
    1

    We can help!

    Listing Contact
    Jimmie Pendergrass
    Jimmie Pendergrass

    Listing agent Jimmie Pendergrass License #212376

    Listing office Coldwell Banker Sea Coast Advantage 5826 Beach Drive SW, Wilmington, NC

    Listing date Sep 16, 2025

    MLS# 100530955 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

    • Estate‑sized homesite (approximately 1.5 acres) with over 250 feet of deep‑water river frontage on the Shallotte River.
    • Navigable waterfront allowing motorboat access to the Intracoastal Waterway.
    • Convenient location: short drive to Ocean Isle Beach and close proximity to Main Street.
    • Commanding views overlooking nearly 50 acres of undisturbed estuarine marsh, the Shallotte Riverwalk, and Camp UMC.
    • Water available and waterfront features present.
    • Within a 60‑minute drive to Southport, Wilmington, and Myrtle Beach.

    Overview

    Located at 241 Thomas Drive in Shallotte, NC, this property offers a setting of peace and tranquility. The River Heights neighborhood, platted in 1957, has history and folklore over this land and waters. This estate-sized homesite measures approximately 1.7 acres and features over 250 feet of riverfront on deep water along the Shallotte River. The property overlooks nearly 50 acres of undisturbed estuarine marsh within sight of the Shallotte Riverwalk and Camp UMC. The lot rolls down to the river with views all around. From this location, one might motorboat the length of the river to the Intracoastal Waterway and find relaxation on a local beach within perhaps 15 minutes. Dining, shopping and exploring Southport, Wilmington, or Myrtle Beach are all within a 60-minute drive. The property is zoned Sh-R-15 and is conveniently located near Main Street and a short drive to Ocean Isle Beach.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Shallotte
    County
    Brunswick
    State
    North Carolina
    Longitude
    -78.384102
    Latitude
    33.967755

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    FAQs

    What type of property is this?
    Waterfront Land - Estate-sized homesite with navigable waterfront and commanding views.
    Where is this waterfront land located?
    The property is located at 241 Thomas Drive lot 3 Shallotte, NC.
    What is the asking price?
    The asking price for this property is $645,000.
    What are key features of this property?
    This property features: Estate‑sized homesite (approximately 1.5 acres) with **over 250 feet of deep‑water river frontage** on the Shallotte River.; Navigable waterfront allowing **motorboat access to the Intracoastal Waterway**.; Convenient location: short drive to Ocean Isle Beach and close proximity to Main Street.
    (910) 367-0806
    We can help!
    Listing Contact
    Jimmie Pendergrass
    Jimmie Pendergrass
    Real Estate License ID: 212376
    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.

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