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    Commercial Land Development Opportunity Title is generated by Realmo AI

    Horton Drive, Morehead City, NC 28557

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    For Sale
    $1,300,000

    LAND - Morehead City, NC

    Lot size:
    7.46 Acres
    Added:
    Mar 3, 2026
    Days on Market:
    80
    Last Refresh:
    May 22 at 12:06 am

    Property Features for Horton Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    CH
    Standard status
    Active
    APN
    635611561031000
    Lot size
    7.46 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    Acreage PT TR3 Little Nine LLC

    We can help!

    Listing Contact
    Samer Hamad

    Listing agent Samer Hamad License #188498

    Listing office Hamad Realty PO Box 4, Atlantic Beach, NC

    Listing date Mar 3, 2026

    MLS# 100557743 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

    • 7.46‑acre commercial tract primed for development and investment.
    • Pending approvals for 60,000 sq ft of commercial space across four 15,000 sq ft buildings.
    • Permittable under a desirable low‑density stormwater permit.
    • Pre‑planned infrastructure includes shared driveway access.
    • 3‑phase power access readily available at the north corner of the property.
    • Ideal for a business park, distribution hub, or multi‑tenant commercial complex.

    Overview

    This 7.46-acre commercial tract presents a development opportunity. The site has pending approvals for a total of 60,000 square feet of commercial space, featuring four buildings of 15,000 square feet each, permittable under a low-density stormwater permit. The site is designed with a shared driveway access. 3-phase power access is available at the north corner of the property. Sewer and water are available, but lines would need to be run from different points. The current configuration and permitting make this a superb opportunity for investors or developers seeking a streamlined path to building and leasing commercial assets. This is an ideal foundation for a business park, distribution hub, or multi-tenant commercial complex.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Morehead City
    County
    Carteret
    State
    North Carolina
    Longitude
    -76.81935
    Latitude
    34.736065

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    FAQs

    What type of property is this?
    Commercial land - 7.46-acre commercial tract with pending approvals for 60,000 SF.
    Where is this commercial land located?
    The property is located at Horton Drive Morehead City, NC.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: 7.46‑acre commercial tract primed for development and investment.; Pending approvals for **60,000 sq ft of commercial space** across four 15,000 sq ft buildings.; Permittable under a desirable low‑density stormwater permit.
    (252) 342-9294
    We can help!
    Listing Contact
    Samer Hamad
    Real Estate License ID: 188498
    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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