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

    3871 Mill Run Terrell, NC 28682

    View on Map
    New
    For Sale
    $149,500

    LAND - Terrell, NC

    Lot size:
    0.85 Acres
    Added:
    Mar 25, 2026
    Days on Market:
    3
    Last Refresh:
    Mar 27 at 9:06 am

    Property Features for 3871 Mill Run

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    4617047443500000
    Lot size
    0.85 Acres

    Taxes and HOA fees

    TaxDescription
    Lot PT 43 Plat 26-38

    Utilities

    Sewer type
    Septic Needed
    Water source
    Well, Well Needed

    We can help!

    Listing Contact
    Deanna Galloway

    Listing agent Deanna Galloway

    Listing office Lake Norman Realty, Inc. 1818 N Highway 16, NC

    Listing date Mar 25, 2026

    MLS# 4359322

    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

    Terrell, NC Land Opportunity

    This 0.85-acre lot presents an opportunity to build a home in Terrell, North Carolina. Situated near Lake Norman, the property offers views and is located within minutes of shopping and dining options. The lot is suitable for a 3-bedroom home, with a septic layout already completed. Located in Riverwood Subdivision, this property offers a setting for residential construction.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Dental Office Hair Salon Building Supply Auto Repair Shop Hotel & Motel Department Store Discount Store Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Terrell
    County
    Catawba
    State
    North Carolina
    Longitude
    -80.959463
    Latitude
    35.586975

    Nearby Similar for Sale

    • $810,000

      Waterfront Lot on Lake Norman

      Waterfront lot to build your dream home on Lake Norman.
      3766 Gordon Street unit: 48, Terrell, NC 28682
      View Details
    • $525,000

      Lake Norman Waterfront Land

      Nearly an acre of Lake Norman waterfront property.
      8787 Holdsclaw Road, Terrell, NC 28682
      View Details
    • $775,000

      Waterfront Lot in Sherrills Ford

      Waterfront lot with septic, deep water access, convenient location.
      9490 Sherrills Ford Road, Terrell, NC 28682
      View Details
    • $4,200,000

      Terrell, NC Commercial Land

      Two parcels totaling 17.62 acres with highway frontage.
      8042 Nc Highway 150 E, Terrell, NC 28682
      View Details
    • $869,000

      Lake Norman Land with Dock

      8+ acre Lake Norman property with deeded dock in place.
      8733 Holdsclaw Road, Terrell, NC 28682
      View Details
    • $699,000

      Waterfront Lot in Gated Community

      Waterfront lot with main channel views in Sherrills Ford.
      4254 Sigmon Cove Lane, Terrell, NC 28682
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot near Lake Norman, ready for a home.
    Where is this residential land & home lot located?
    The property is located at 3871 Mill Run Terrell, NC.
    What is the asking price?
    The asking price for this property is $149,500.
    What are key features of this property?
    This property features: Lake Norman views and proximity.; Ready for a 3‑bedroom home.; Septic layout already completed.
    (704) 308-1079
    We can help!
    Listing Contact
    Deanna Galloway
    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!