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    Lakefront Vacant Lot in HOA Title is generated by Realmo AI

    120 Schley, Lake Waccamaw, NC 28450

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    New
    For Sale
    $55,000

    Mostly cleared lake community lot with power utility connection and HOA oversight of shared pier access.

    Type:Land or Vacant Lot
    Lot size:
    0.40 Acres
    Added:
    May 31, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 3 at 2:16 am

    Property Features for 120 Schley

    General Information

    Standard status
    Active
    Lot size
    0.40 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    ERIC D HILL

    Listing agent ERIC D HILL

    Listing office ATLANTIC BLUE COAST REALTY LLC

    Listing date May 31, 2026

    Source Corcoran

    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 ATLANTIC BLUE COAST REALTY LLC

    HighLights

    • Approximately 0.4‑acre (88' x 200') vacant lot in the Sutton Place neighborhood near the lake
    • Lot is mostly cleared
    • Already has a connection for power utility
    • HOA is in place to oversee maintenance and usage of the shared community pier
    • Adjoining property at 116 Schley Ave (5‑bedroom house, MLS #100575470) is separately for sale and may be available as a combo purchase
    • Plumbing connections are on the opposite side of the street and may require boring under Schley Ave (confirm with LW Town Hall)

    Overview

    This is a mostly cleared vacant lot in the Sutton Place neighborhood at the lake, offered for sale as a standalone parcel. The property is approximately 0.4 acres and is served by an existing connection for power utility. HOA requirements are in place to oversee maintenance and usage of the shared community pier, supporting a planned community setting.

    The lot is located at 120 Schley Ave in Lake Waccamaw. While specific details such as frontage and street layout are not provided beyond the lot’s stated dimensions, the seller notes that plumbing connections are on the opposite side of the street, which may require boring under Schley Ave to connect service.

    This site should appeal to buyers looking to build in a lake-access community with an established HOA structure for pier use. It may also be of interest to those considering a package with the adjoining 116 Schley Ave property, which is separately for sale and could be combined if still available. Buyers are encouraged to speak with Lake Waccamaw Town Hall for further details regarding utilities and any sitework considerations.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Pharmacy Food Market Storage Facility Grocery & Convenience Store Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Waccamaw
    County
    Columbus
    State
    North Carolina
    Longitude
    -78.5055197
    Latitude
    34.317363

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    FAQs

    What type of property is this?
    Waterfront Land - Mostly cleared lake community lot with power utility connection and HOA oversight of shared pier access.
    Where is this waterfront land located?
    The property is located at 120 Schley Lake Waccamaw, NC.
    What is the asking price?
    The asking price for this property is $55,000.
    What are key features of this property?
    This property features: Approximately 0.4‑acre (88' x 200') vacant lot in the Sutton Place neighborhood near the lake; Lot is mostly cleared; Already has a connection for power utility
    We can help!
    Listing Contact
    ERIC D HILL
    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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