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    Waterfront Multiple-Use Development Lot Title is generated by Realmo AI

    1238 Neuse Drive lot 70, Oriental, NC 28571

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    Claim this Listing
    For Sale
    $150,000

    LAND - Oriental, NC

    Lot size:
    0.35 Acres
    Added:
    Jan 31, 2025
    Days on Market:
    490
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for 1238 Neuse Drive lot 70

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    MU
    Standard status
    Active
    APN
    J082-469-1
    Lot size
    0.35 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    Lots 70 Neuse Heights Rec. Map Bk 4, Pg 42
    Tax Annual Amount
    1600

    Utilities

    Utilities
    Water Available
    Water source
    Public
    Water front
    1

    We can help!

    Listing Contact
    Beth Frazer
    Beth Frazer

    Listing agent Beth Frazer License #206845

    Listing office Beth Frazer & Associates, Inc. 401 Hodges St, Oriental, NC

    Listing date Jan 31, 2025

    MLS# 100486770 Listing URL

    Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 5 waterfront lots total, including lot 70 (part of parent listing MLS #100444794; whole 5 lots also available)
    • Direct access to Whittaker Creek leading into the Neuse River and the Intracoastal Waterway
    • Located in the Village of Oriental in an MU (multiple use) zone
    • Town water and sewer available; public water available

    Overview

    This offering is for a single waterfront lot located in a MULTIPLE USE (MU) zone in the village of Oriental. The parcel was divided as part of a total of five waterfront lots. Town water and sewer are available to the site, providing utility service for prospective development plans. The property’s waterfront connection includes direct access to Whittaker Creek, which leads into the Neuse River and the Intracoastal Waterway.

    The land is positioned within the village of Oriental, giving it a setting suited to a range of mixed development concepts consistent with the MU zoning designation. The creek-to-river/intracoastal access is the key attribute for buyers looking for a waterfront-oriented site.

    With direct water access and municipal water and sewer available, this lot can fit buyers planning a waterfront residential build or another MU-compatible use. It is also available as part of the broader offering of five lots, if an operator or developer prefers to assemble the full waterfront block for a larger plan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Oriental
    County
    Pamlico
    State
    North Carolina
    Longitude
    -76.685396
    Latitude
    35.031828

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    FAQs

    What type of property is this?
    Waterfront Land - Waterfront lot in a MU zone with town water and sewer and direct access to Whittaker Creek and the Neuse River.
    Where is this waterfront land located?
    The property is located at 1238 Neuse Drive lot 70 Oriental, NC.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: 5 waterfront lots total, including lot 70 (part of parent listing MLS #100444794; whole 5 lots also available); Direct access to Whittaker Creek leading into the Neuse River and the Intracoastal Waterway; Located in the Village of Oriental in an MU (multiple use) zone
    (252) 670-4085
    We can help!
    Listing Contact
    Beth Frazer
    Beth Frazer
    Real Estate License ID: 206845
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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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