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    Rare Lot in Saddle Ridge Title is generated by Realmo AI

    184 Club House Drive, Ennice, NC 28623

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    Claim this Listing
    For Sale
    $49,900

    Deeded lot with amenities in a family-oriented community.

    Type:Land or Vacant Lot
    Lot size:
    0.06 Acres
    Added:
    Apr 11, 2025
    Days on Market:
    421
    Last Refresh:
    Apr 5 at 10:51 pm

    Property Features for 184 Club House Drive

    General Information

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

    We can help!

    Listing Contact
    DENNIS DEAL

    Listing agent DENNIS DEAL

    Listing office KELLER WILLIAMS REALTY ELITE

    Listing date Apr 11, 2025

    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 KELLER WILLIAMS REALTY ELITE

    HighLights

    • Deeded lot in the highly sought‑after Saddle Ridge Community.
    • On‑site electricity, water, and septic hookups.
    • Extensive community amenities including a heated pool, clubhouse, sports courts, and fishing pond.
    • Spacious 30 X 14 deck and 10 X 10 storage building included.
    • Option to purchase a like‑new, top‑of‑the‑line 35' Keystone Montana 5th Wheel.
    • Convenient location near the Blue Ridge Parkway, Sparta, Galax, Mount Airy, and New River access.

    Overview

    This is an extremely rare opportunity to acquire a deeded lot in the Saddle Ridge Community, located in Alleghany County. The property includes a spacious 30 X 14 deck and a 10 X 10 storage building. Electricity, water, and septic hook-ups are available on-site. Saddle Ridge is a highly sought-after, family-oriented community with amenities such as a heated pool, bathhouse, clubhouse/community building, bookroom, pickleball and tennis courts, walking areas, picnic areas, a stocked fishing pond, 9 holes of putt-putt, and a laundry area. The property is conveniently located just off the Blue Ridge Parkway, offering close proximity to Sparta, Galax, and Mount Airy. New River access is approximately 20 minutes away, and multiple stocked trout streams are located in the area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Ennice
    County
    Alleghany
    State
    North Carolina
    Longitude
    -80.9394
    Latitude
    36.5022

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    FAQs

    What type of property is this?
    Recreation land - Deeded lot with amenities in a family-oriented community.
    Where is this recreation land located?
    The property is located at 184 Club House Drive Ennice, NC.
    What is the asking price?
    The asking price for this property is $49,900.
    What are key features of this property?
    This property features: Deeded lot in the highly sought‑after Saddle Ridge Community.; On‑site electricity, water, and septic hookups.; Extensive community amenities including a heated pool, clubhouse, sports courts, and fishing pond.
    (336) 283-8691
    We can help!
    Listing Contact
    DENNIS DEAL
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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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