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    Waterfront Lot in Protected Cove Title is generated by Realmo AI

    1513 Braxton Gate Drive 216, Morganton, NC 28655

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    Claim this Listing
    New
    For Sale
    $575,000

    Land, Other - Morganton, NC

    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 1513 Braxton Gate Drive 216

    General Information

    Property type
    Land
    Property subtype
    Other
    EntryLevel
    216
    Exterior features
    Dock
    Dock
    1
    Standard status
    Active
    APN
    1764-05-8018

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Dianne Reihl

    Listing agent Dianne Reihl

    Listing office Engel & Völkers Foothills Lake James 3053 NC Highway 126, Morganton, NC

    Listing date Jun 2, 2026

    MLS# 4388439 Listing URL

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

    HighLights

    • Lake James waterfront lot in Southpointe with over 245' of stabilized waterfrontage
    • Docked waterfront access about 65' from the waters edge, with a floating dock swim platform
    • Lot #216 in the protected cove “Sherman Hollow” with a no‑wake zone for swimming, kayaking, and paddleboarding
    • Dock includes a lift; gazebo and dock to be sold as is (dock lift/motor not warranted)
    • Southpointe community amenities include city sewer, city water, high‑speed fiber optic internet, clubhouse, swimming pool, and walking trails
    • HOA dues are $1,140/yr

    Overview

    Lot #216 is a waterfront building lot in Southpointe with long water views over Lake James’ emerald-green waters. The property sits about 65 feet from the water’s edge and is tucked back in a large, quiet, protected cove known as “Sherman Hollow,” designated as a no-wake zone. With over 245 feet of stabilized waterfrontage, it’s well suited for swimming, kayaking, paddleboarding, and relaxing on the gazebo or on the floating dock’s swim platform. The dock has a lift; power to the electrical box connection and wire to the dock are disconnected. The dock and gazebo are being sold as-is, and the seller does not warrant the electrical box, wiring, or connection.

    Southpointe is an established, active community with city sewer as well as city water. It also offers high-speed fiber optic internet, low HOA dues of $1,140 per year, a clubhouse, swimming pool, and walking trails. The lot is about 15 minutes from downtown Morganton and is also minutes from Fonta Flora State Park and Paddys Creek State Park.

    This is an attractive fit for buyers looking to build a dream full-time residence or vacation home with a protected-water lifestyle and strong shoreline stability. The community amenities and access to city sewer and water can simplify the build planning for future owners, while the no-wake cove supports a calm, recreational setting. Prospective buyers should plan for due diligence regarding dock power since the electrical connection is currently disconnected and sold as-is.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Building Supply Auto Repair Shop Kitchen & Bath Showroom Storage Facility Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Morganton
    County
    Burke
    State
    North Carolina
    Longitude
    -81.828743
    Latitude
    35.764129

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    FAQs

    What type of property is this?
    Waterfront Land - Protected Lake James waterfront lot with stabilized shoreline, floating dock, and lift-ready dock improvements.
    Where is this waterfront land located?
    The property is located at 1513 Braxton Gate Drive 216 Morganton, NC.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: Lake James waterfront lot in Southpointe with over 245' of stabilized waterfrontage; Docked waterfront access about 65' from the waters edge, with a floating dock swim platform; Lot #216 in the protected cove “Sherman Hollow” with a no‑wake zone for swimming, kayaking, and paddleboarding
    (828) 443-2172
    We can help!
    Listing Contact
    Dianne Reihl
    Real Estate License ID: 246976
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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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    1513 Braxton Gate Drive 216, Morganton, NC 28655
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