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    Shallotte Commercial Development Opportunity Title is generated by Realmo AI

    0 Smith Avenue, Shallotte, NC

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    32.18-acre commercial site in Shallotte, Brunswick County, North Carolina.

    Type:LAND
    Lot size:
    32.18 Acres
    Added:
    Mar 15, 2023
    Days on Market:
    1179
    Last Refresh:
    May 20 at 9:29 pm

    Property Features for 0 Smith Avenue

    General Information

    Standard status
    Active
    Lot size
    32.18 Acres
    Property subtype
    LAND

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    Listing Contact
    Nicholas Silivanch
    Nicholas Silivanch

    Listing agent Nicholas Silivanch

    Listing office Eastern Carolinas Commercial Real Estate

    Listing date Mar 15, 2023

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Eastern Carolinas Commercial Real Estate

    HighLights

    • High‑growth area: Located in Brunswick County, the fastest‑growing county in North Carolina.
    • Rezoning potential: Opportunity to rezone to MF‑14 for potential development of 448 units.
    • Prime location: Situated in Shallotte, the "Central Business Hub" of Brunswick County, with easy access to major highways.
    • Strong retail presence: Close proximity to established shopping centers with national retailers.
    • Proximity to beaches: Less than 20‑minute drive to Holden Beach, Ocean Isle Beach, and Sunset Beach.
    • Access to amenities: Close to schools, golf courses, Shallotte River Swamp Park, and Planet Fun entertainment center.

    Overview

    This 32.18-acre commercial site is located in Shallotte, Brunswick County, North Carolina, with access to US Highway 17 and NC Highway 130. The acreage presents an opportunity for a developer to provide housing in Downtown Shallotte. Water, sewer, cable, and phone lines run along Smith Avenue, with connections requiring coordination with the Town of Shallotte and Brunswick County. Since the Highway 17 Bypass was developed, the Downtown area of Shallotte has prospered. The road network allows residents to reach Wilmington, Myrtle Beach, Holden Beach, or Whiteville in under one hour. Brunswick County is experiencing rapid growth. Shallotte is less than a 20-minute drive from Holden Beach, Ocean Isle Beach, and Sunset Beach. The zoning is HB (17.28 AC) and B2 (14.9 AC). Under the current zoning, a special use permit is needed to build four units per acre in HB and two units per acre in B2. To achieve the property’s highest and best use, a potential buyer should submit for a rezoning to Multifamily (MF-14), which permits 14 units per acre with a special use permit, potentially allowing 448 units. Initial feedback from the town staff has been positive regarding a rezoning. Shallotte is known as the “Central Business Hub” for Brunswick County, with many national retailers choosing Shallotte for their location due to access, population growth, and central location in Brunswick County. Main St. traffic count is 13,500 cpd, and Smith Ave. traffic count is 10,500 cpd. The Shallotte population is 4059 residents. The mean travel time to work is 24 minutes. It is a 15-minute drive to Supply Elementary, and Shallotte Middle and West Brunswick High School are within a 5-mile radius. Shallotte is 45 miles from the Myrtle Beach International Airport and 37 miles from the Wilmington International Airport. The subject property is less than a mile away from Highway 17 Bypass and 2 miles away from NC highway 130.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Shallotte
    County
    Brunswick
    State
    North Carolina
    Longitude
    -78.378384
    Latitude
    33.980214

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    FAQs

    What type of property is this?
    Land - 32.18-acre commercial site in Shallotte, Brunswick County, North Carolina.
    Where is this land located?
    The property is located at 0 Smith Avenue Shallotte, NC.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: High‑growth area: Located in Brunswick County, the fastest‑growing county in North Carolina.; Rezoning potential: Opportunity to rezone to MF‑14 for potential development of 448 units.; Prime location: Situated in Shallotte, the "Central Business Hub" of Brunswick County, with easy access to major highways.
    (910) 399-4602 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nicholas Silivanch
    Nicholas Silivanch
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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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