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    The Largest CRE Database in the US with Over 1 Million Listings

    657 Freedom Way Midway Park, NC 28544

    Sponsored
    For Sale
    $1,230,000

    LAND - Midway Park, NC

    Property size:
    1,300 SF
    Lot size:
    12.30 Acres
    Days on Market:
    128
    Last Refresh:
    Jan 30 at 1:06 am

    Property Features for 657 Freedom Way

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    HB & R8M
    APN
    1128-115
    Size
    1,300 SF
    Lot size
    12.30 Acres

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Doyle B Evans
    Doyle B Evans

    Doyle Evans Realty, Inc. (910) 353-1444

    Listing agent Doyle B Evans (910) 353-1444 License #75555

    Listing date Sep 25, 2025

    MLS# 100504587

    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

    Midway Park Land For Sale

    This listing features approximately 12.3 acres of land for sale in eastern North Carolina. The property comprises three adjoining parcels situated at the corner of Highway 24/Freedom Way and Walton Road. Located between Jacksonville and Swansboro, near Marine Corps Base Camp Lejeune, the site benefits from about 475 feet of highway road frontage, offering visibility with average traffic counts of 27,000 vehicles. Approximately six acres are zoned for Highway Business, with the remaining acreage zoned for residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Wholesale Shop Auto Repair Shop Gym & Fitness Auto Parts Store Department Store Kitchen & Bath

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

    Location Insight

    • Map
    • Local Demand
    City
    Midway Park
    County
    Onslow
    State
    North Carolina
    Longitude
    -77.306445
    Latitude
    34.714599

    Nearby Similar for Sale

    • Contact for pricing

      Apartment Community in Midway Park

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      1000 Yorktown Ln, Midway Park, NC 28544
      View Details

    FAQs

    What type of property is this?
    Commercial land - 12.3+- acre land parcel in Midway Park, North Carolina.
    Where is this commercial land located?
    The property is located at 657 Freedom Way Midway Park, NC.
    What is the asking price?
    The asking price for this property is $1,230,000.
    What are key features of this property?
    This property features: - 12.3+- acres of land; - Excellent visibility with approximately 475 ft of highway road frontage on Hwy 24/Freedom Way; - High traffic count of 27,000 vehicles
    (910) 526-2347
    Request Owner's contact information
    657 Freedom Way Midway Park, NC 28544
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    Midway Park, NC 28544
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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
    657 Freedom Way Midway Park, NC 28544
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    We can help!
    Listing Contact
    Doyle B Evans
    Doyle B Evans
    Real Estate License ID: 75555
    (910) 526-2347
    Learn more
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