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    Old Washington Road Washington, NC 27889

    View on Map
    For Sale
    $2,200,000

    COMMERCIAL - Washington, NC

    Lot size:
    10.56 Acres
    Added:
    Apr 11, 2025
    Days on Market:
    355
    Last Refresh:
    Mar 31 at 6:06 pm

    Property Features for Old Washington Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RR
    Standard status
    Active
    APN
    5648738264
    Lot size
    10.56 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    10.56 Acres of Vacant Land

    We can help!

    Listing Contact
    Andrew Walters

    Listing agent Andrew Walters License #282248

    Listing office Mossy Oak Properties Land and Farms 626 Lewis Road, Fountain, NC

    Listing date Apr 11, 2025

    MLS# 100500593

    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.

    Overview

    Commercial Land on Highway 264

    This 10.56-acre property is commercial and investment land located in Pitt County, NC, off Highway 264. It features approximately 900 feet of frontage along Highway 264 and 525 feet of frontage on Old Washington Road. The land is level, well-drained, and includes some fallow grassy areas and sporadic, younger volunteer pine trees. The property is not located in a FEMA floodplain or any designated wetland area. This property is suitable for a number of development purposes, including potential commercial zoning for restaurants, gas stations, and other commercial businesses, as well as residential subdivisions or apartment living complexes. Given the growth and development moving from Greenville towards Washington, this property represents a solid investment opportunity. Few properties in this area feature dual road frontage and ample frontage on Highway 264. The property is located 5 minutes from Pactolus, 15 minutes from Greenville, 5 minutes from Grimesland, 15 minutes from Chocowinity, and 10 minutes from Washington.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Washington
    County
    Beaufort
    State
    North Carolina
    Longitude
    -77.162664
    Latitude
    35.617265

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    FAQs

    What type of property is this?
    Commercial land - 10.56 acres with frontage on Highway 264 and Old Washington Road.
    Where is this commercial land located?
    The property is located at Old Washington Road Washington, NC.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: 10.56 acres of commercial and investment land.; **Dual road frontage:** 900 ft on Highway 264 and 525 ft on Old Washington Road.; Potential for commercial zoning (restaurants, gas stations) or residential development (subdivision, apartments).
    (252) 904-3184
    We can help!
    Listing Contact
    Andrew Walters
    Real Estate License ID: 282248
    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.

    More about this property
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