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    Residential Land Parcel With Wooded Privacy Title is generated by Realmo AI

    121 Sally Freeman Road, Colerain, NC 27924

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    For Sale
    $80,000

    LAND - Colerain, NC

    Lot size:
    1.74 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for 121 Sally Freeman Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    Lot size
    1.74 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Kia Settles
    Kia Settles

    Listing agent Kia Settles License #321349

    Listing office eXp Realty, LLC-(NN) 11815 Fountain Way Ste 300, Clayton, NC

    Listing date Jun 3, 2026

    MLS# 142271 Listing URL

    Copyright © 2026 Roanoke Valley Lake Gaston Board 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

    • 1.74‑acre wooded parcel in Powellsville, NC off Sally Freeman Road
    • Road frontage provides direct access to the property
    • Public water and public sewer available
    • Cable available
    • Property includes an existing abandoned building on‑site, offering renovation or redevelopment possibilities

    Overview

    This offering is a residentially zoned land parcel with a wooded setting and mature trees providing natural privacy. The property includes road frontage along Sally Freeman Road and a landscape that opens up options for outdoor use. An existing abandoned building on-site adds flexibility to the buyer’s plans, whether the intent is to renovate and repurpose or to clear it away for a fresh build.

    Located in the Powellsville area of North Carolina, the parcel offers a balance of seclusion and convenience through its access from Sally Freeman Road. The combination of frontage and interior tree cover creates a practical foundation for designing a home tucked into the property’s natural surroundings.

    This site is well suited for buyers seeking a residential property opportunity in a wooded environment, with the added decision point of what to do with the existing structure. Renovation-minded buyers may view the abandoned building as a candidate for restoring and building equity, while others may prefer to demolish it and start from scratch. Either way, the parcel’s setting supports a custom home approach for an owner-operator or investor looking for a clear path to development within residential zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Daycare Center Veterinary Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Colerain
    County
    Bertie
    State
    North Carolina
    Longitude
    -76.9255562
    Latitude
    36.2203902

    Nearby Similar for Sale

    • $80,000

      Residential Land Parcel with Wooded Area

      Wooded residential parcel with road frontage and an existing abandoned building offering renovation or redevelopment flexibility.
      121 Sally Freeman Road, Colerain, NC 27924
      View Details
    • $9,999

      Residential Land Near Chowan River

      Residential land for building a home near the Chowan River.
      112 Chowan Shores Drive lot: 94, Colerain, NC 27924
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    • $8,200

      Cleared Lot in Colerain, NC

      Residential land for sale in Colerain, North Carolina.
      2537B NC 45 N, Colerain, NC 27924
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    • $145,000

      Waterfront Lot with Development Potential

      One-acre waterfront lot in Colerain, NC with development potential.
      239 Chowan Shores Drive, Colerain, NC 27924
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    FAQs

    What type of property is this?
    Residential land & home lot - Residentially zoned land with road frontage, mature trees, and an on-site abandoned structure ready for your next plan.
    Where is this residential land & home lot located?
    The property is located at 121 Sally Freeman Road Colerain, NC.
    What is the asking price?
    The asking price for this property is $80,000.
    What are key features of this property?
    This property features: 1.74‑acre wooded parcel in Powellsville, NC off Sally Freeman Road; Road frontage provides direct access to the property; Public water and public sewer available
    (252) 578-7355
    We can help!
    Listing Contact
    Kia Settles
    Kia Settles
    Real Estate License ID: 321349
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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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