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    New Bern Subdivision Land Title is generated by Realmo AI

    43.8 Elizabeth Avenue, New Bern, NC 28562

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    Claim this Listing
    For Sale
    Under Contract
    $2,500,000

    LAND - New Bern, NC

    Lot size:
    43.80 Acres
    Added:
    Aug 6, 2025
    Days on Market:
    297
    Last Refresh:
    May 29 at 7:06 pm

    Property Features for 43.8 Elizabeth Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R6
    Standard status
    Active Under Contract
    APN
    8-240 -063
    Lot size
    43.80 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Tract B Derby Park Remaining Area | Derby Park Phase Eight
    Tax Annual Amount
    127

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Allana Ross | New Bern 4 Sale

    Listing agent Allana Ross | New Bern 4 Sale License #271627

    Listing office NorthGroup 3308 Trent Road, New Bern, NC

    Listing date Aug 6, 2025

    MLS# 100523558 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

    • 141 approved building lots ready for development within New Bern city limits
    • Property is rezoned R6, allowing for residential development
    • Subdivision plan is approved and ready to be recorded
    • Public water and sewer are available for connection
    • Large acreage: significant portion of the 43.8‑acre subdivision included
    • Development ready: project is ready to start the permitting process

    Overview

    Located within New Bern City Limits, this 43.8-acre subdivision, known as Millstone Crossing, is ready for development. The property, formerly named Derby Park Phase Eight, has been rezoned R6 and features 146 approved building lots. The sale includes lots 6 to 146 and the associated common area. Access to the property is currently available at the end of Elizabeth Avenue and Saratoga Lane. Public water and sewer services are available, with fees to be assessed and paid during the permitting process. The project is ready to start the permitting process. Please note that lots 1 to 5 and their associated common area are not included in this sale, as they are under different ownership. Relevant documents such as the survey, concept plan, general plan, and zoning approval are available upon request from the listing broker. The property is currently not part of an HOA. The advertised tax value reflects the land prior to rezoning and will change significantly upon recording of the subdivision. The owner is a NC Licensed Real Estate Broker.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    New Bern
    County
    Craven
    State
    North Carolina
    Longitude
    -77.111458
    Latitude
    35.131377

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    FAQs

    What type of property is this?
    Residential land & home lot - 43.8-acre subdivision with 146 approved building lots.
    Where is this residential land & home lot located?
    The property is located at 43.8 Elizabeth Avenue New Bern, NC.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: 141 approved building lots ready for development within New Bern city limits; Property is rezoned R6, allowing for residential development; Subdivision plan is approved and ready to be recorded
    (252) 217-9562
    We can help!
    Listing Contact
    Allana Ross | New Bern 4 Sale
    Real Estate License ID: 271627
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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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