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    118 Dolphin Court Grandy, NC 27939

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    For Sale
    $279,900

    Residential - Grandy, NC

    Added:
    Jan 31, 2026
    Days on Market:
    97
    Last Refresh:
    May 8 at 7:06 am

    Property Features for 118 Dolphin Court

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Clubhouse
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    597.32

    Utilities

    Water front features
    Canalfront, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Susan Sullivan Rainwater

    Listing agent Susan Sullivan Rainwater License #188897

    Listing office Sun Realty - Kitty Hawk / Currituck 6385 N Croatan Hwy, Kill Devil Hills, NC

    Listing date Jan 31, 2026

    MLS# 131683 Listing URL

    Copyright © 2026 Outer Banks Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Canalfront property with new bulkhead, decking, and fencing.
    • Includes a well‑maintained Heartland‑Prowler camper with slideouts, fireplace, bedroom, and full bath.
    • Outdoor entertainment building with built‑in wooden awning‑style window overlooking the canal.
    • Waterfront location ideal for fishing and duck hunting.
    • Conveniently located 7 miles (15 min) to OBX H2O waterpark and 15.7 miles (20 min) to Kitty Hawk.
    • Short boat ride to Duck and Corolla.

    Overview

    Waterfront Oasis Ready for Spring

    This property presents an opportunity to own a waterfront oasis. The lot is ready for personal touches just in time for the spring and summer seasons. It includes a camper, built by Heartland (Prowler Model with Slideouts), featuring a fireplace, private bedroom, and a full shower/bath. An island bar and entertainment console provide ample room to move around inside. The camper is situated to overlook the canal front waterway. New bulkhead, decking, and fencing surround the outdoor entertainment building, which includes a built-in wooden "awning style" window facing the canal front deck area. The front view faces the Currituck Sound waterway, a canal front area with wildlife. Located in the heart of Grandy, it is 7.0 miles (15 min) to OBX H2O waterpark and 15.7 miles (20 min) to Kitty Hawk, with convenient access to restaurants and shopping. This is a direct spot for fishing and duck hunting, with a short boat ride to Duck and Corolla.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Campgrounds

    Suggested Use

    Restaurant Real Estate Agency Law Firm Hair Salon Auto Repair Shop Nail Salon Hotel & Motel Auto Parts Store Department Store Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Grandy
    County
    Currituck
    State
    North Carolina
    Longitude
    -75.8651762
    Latitude
    36.2436453

    FAQs

    What type of property is this?
    Campground - Waterfront lot with camper ready for spring/summer enjoyment.
    Where is this campground located?
    The property is located at 118 Dolphin Court Grandy, NC.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: Canalfront property with new bulkhead, decking, and fencing.; Includes a well‑maintained Heartland‑Prowler camper with slideouts, fireplace, bedroom, and full bath.; Outdoor entertainment building with built‑in wooden awning‑style window overlooking the canal.
    (252) 267-6467
    We can help!
    Listing Contact
    Susan Sullivan Rainwater
    Real Estate License ID: 188897
    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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