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    Prime Land with Highway Frontage Title is generated by Realmo AI

    4200 Nc 24 27 Hwy, Midland, NC 28107

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    For Sale
    $2,500,000

    13.65 acres at a prime location in Midland, North Carolina.

    Lot size:
    13.65 Acres
    Added:
    Mar 21, 2022
    Days on Market:
    1522
    Last Refresh:
    Jan 20 at 10:53 am

    Property Features for 4200 Nc 24 27 Hwy

    General Information

    Standard status
    Active
    Lot size
    13.65 Acres

    We can help!

    Listing Contact
    Cindy McCoy
    Cindy McCoy

    Listing agent Cindy McCoy License #167736

    Listing office McCoy Real Estate Inc

    Listing date Mar 21, 2022

    Source Exprealty

    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 McCoy Real Estate Inc

    HighLights

    • Prime location at the intersection of Highway 601 and Highway 24/27 in Midland.
    • Significant road frontage: approximately 828' on Hwy 24/27 and 125' on Hwy 601.
    • Access to sewer on Hwy 601 and access to water and sewer on Hwy 24/27.
    • Sewer access installation on Hwy 24/27 side expected by Sept 2023, with two taps available.
    • Zoning allows for subdividing with a minimum lot size of 24,000 sq ft and a minimum width of 360'.
    • Property consists of two parcels.

    Overview

    This 13.65-acre property is located in Midland, North Carolina, at the intersection of Highway 601 and Highway 24/27. The site features road frontage on both highways, wrapping around a Speedway gas station. It offers approximately 828 feet of road frontage on Highway 24/27 and approximately 125 feet on Highway 601. Access to sewer is available off Highway 601, with access to both water and sewer on Highway 24/27. Sewer lines are currently being installed on the Highway 24/27 side, with installation starting in April 2023 and expected completion by September 2023. Two taps will be available. The zoning allows for subdividing with a minimum lot size of 24,000 square feet and a minimum width of 360 feet. The property consists of two parcels.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store Nail Salon Department Store Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Midland
    County
    Cabarrus
    State
    North Carolina
    Longitude
    -80.4841
    Latitude
    35.2545

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    FAQs

    What type of property is this?
    Commercial land - 13.65 acres at a prime location in Midland, North Carolina.
    Where is this commercial land located?
    The property is located at 4200 Nc 24 27 Hwy Midland, NC.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: Prime location at the intersection of Highway 601 and Highway 24/27 in Midland.; Significant road frontage: approximately 828' on Hwy 24/27 and 125' on Hwy 601.; Access to sewer on Hwy 601 and access to water and sewer on Hwy 24/27.
    1
    We can help!
    Listing Contact
    Cindy McCoy
    Cindy McCoy
    Real Estate License ID: 167736
    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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