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    Versatile Property with Workshop Potential Title is generated by Realmo AI

    127 Nicodemus Kornegay Lane, Albertson, NC 28508

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    New
    For Sale
    $425,000

    LAND - Albertson, NC

    Lot size:
    23.11 Acres
    Added:
    May 21, 2026
    Days on Market:
    2
    Last Refresh:
    May 22 at 2:06 am

    Property Features for 127 Nicodemus Kornegay Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    04 496
    Lot size
    23.11 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CHARLES CARVER & WIFE MARLENE HILL
    Tax Annual Amount
    743

    Building Details

    Additional Structures
    Workshop

    We can help!

    Listing Contact
    Daniel Gallen

    Listing agent Daniel Gallen License #352212

    Listing office RE/MAX Elite Realty Group 300 Western Blvd, Jacksonville, NC

    Listing date May 21, 2026

    MLS# 100575677 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

    • Multiple fully equipped, powered, and enclosed workshops offering extensive storage and workspace.
    • Included equipment: Tractors, construction equipment, enclosed trailer, and additional equipment convey with the sale.
    • Backup power: Kohler generator with 250‑gallon fuel capacity and transfer switch connected to the manufactured home.
    • New well installed approximately 8 months ago with 25/17‑gallon water capacity system and well water test on file.
    • Versatile property suitable for residential, storage, and workshop purposes.
    • Manufactured home included on the property.

    Overview

    Located in rural Duplin County, this property at 127 Nicodemus Kornegay Rd in Albertson offers a unique opportunity with residential, storage, and workshop potential. The property includes a 1996 manufactured home, multiple detached shop buildings, and equipment that conveys with the sale. A new well was installed approximately 8 months ago with a 25/17-gallon water capacity system; a well water test is on file. The primary 20' x 72' enclosed machine shop is fully equipped and features power with 100-amp service, gas heat connected to a dedicated 500-gallon propane tank, one 10' x 10' roll-up door, one 8' x 8' roll-up door, and an attached 12' x 24' side shed. An enclosed trailer on the property also conveys. A second 30' x 42' enclosed shop near the home provides additional storage space with power, overhead lighting, and switches. This building houses an operational Kohler generator with approximately 250-gallon fuel capacity and a transfer switch connected to the manufactured home. The generator has been routinely tested and is capable of powering the property for extended periods. The third 30' x 60' shop is fully insulated and heated, also connected to the 500-gallon propane tank, and features a powered 24' x 11' door and an additional manual 10' x 12' roll-up door. Older tractors, construction equipment, and additional equipment currently on the 23.11-acre property convey with the sale, offering extensive storage, workshop, and equipment capabilities with a wide range of potential uses. Buyer to verify permitted uses and square footage.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Albertson
    County
    Duplin
    State
    North Carolina
    Longitude
    -77.842119
    Latitude
    35.096865

    FAQs

    What type of property is this?
    Flex space - Property with residential, storage, and workshop potential in Albertson.
    Where is this flex space located?
    The property is located at 127 Nicodemus Kornegay Lane Albertson, NC.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Multiple fully equipped, powered, and enclosed workshops offering extensive storage and workspace.; Included equipment: Tractors, construction equipment, enclosed trailer, and additional equipment convey with the sale.; Backup power: Kohler generator with 250‑gallon fuel capacity and transfer switch connected to the manufactured home.
    (910) 650-4043
    We can help!
    Listing Contact
    Daniel Gallen
    Real Estate License ID: 352212
    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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