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    Waterfront Development Land with Mill Creek Frontage Title is generated by Realmo AI

    152 Forest Hills Drive, Leland, NC 28451

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    Claim this Listing
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    For Sale
    $1,995,000

    LAND - Leland, NC

    Lot size:
    2.23 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 152 Forest Hills Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Le-R-20
    Standard status
    Active
    APN
    030pb014
    Lot size
    2.23 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    L-14 3.18 AC FOREST HILLS PLAT 5/27, 7.19 AC OFF SR 1447
    Tax Annual Amount
    2013

    Utilities

    Water source
    Public
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Additional Structures
    Residence

    We can help!

    Listing Contact
    Jeff Lesley
    Jeff Lesley

    Listing agent Jeff Lesley License #271524

    Listing office Century 21 Vanguard 220 Avondale Ave. #103, Wilmington, NC

    Listing date Jun 5, 2026

    MLS# 100579516 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

    • 10.37‑acre waterfront development tract in Leland with over 800 ft of frontage along Mill Creek
    • Two‑parcel offering totaling 10.37 acres: PID 030PB014 and PID 030PB01601
    • 3.18‑acre parcel includes an existing residence and road frontage
    • 7.19‑acre adjoining parcel includes a large shop building and additional acreage
    • Water source: public water
    • Less than 1.5 miles to US 74/76, with Wilmington access nearby

    Overview

    This waterfront development property consists of two parcels totaling 10.37 acres, zoned Le-R-20. The 3.18-acre parcel (PID 030PB014) includes an existing residence and road frontage. The adjoining 7.19-acre parcel (PID 030PB01601) features a large shop building along with additional acreage. Together, the parcels provide more than 800 feet of frontage along Mill Creek, with the property backing up to the water.

    The site is located in Leland and is described as being convenient to Wilmington and major regional amenities. It is less than 1.5 miles from US 74/76, and everyday conveniences such as grocery stores, dining, shopping, and entertainment are noted as being within approximately one mile. The surrounding area is described as continuing residential growth.

    With frontage along Mill Creek and multiple existing improvements, the property can support residential development plans that may include private estate-style lots or a small subdivision, subject to county approvals and zoning requirements. The combined configuration of residence and shop building on separate acreage parcels may also appeal to developers or builders looking for flexibility while planning new homesites.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Leland
    County
    Brunswick
    State
    North Carolina
    Longitude
    -78.004047
    Latitude
    34.245894

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    FAQs

    What type of property is this?
    Waterfront Land - Two-parcel waterfront tract with over 800 feet on Mill Creek plus an existing residence and shop building.
    Where is this waterfront land located?
    The property is located at 152 Forest Hills Drive Leland, NC.
    What is the asking price?
    The asking price for this property is $1,995,000.
    What are key features of this property?
    This property features: 10.37‑acre waterfront development tract in Leland with over 800 ft of frontage along Mill Creek; Two‑parcel offering totaling 10.37 acres: PID 030PB014 and PID 030PB01601; 3.18‑acre parcel includes an existing residence and road frontage
    (910) 407-1538
    We can help!
    Listing Contact
    Jeff Lesley
    Jeff Lesley
    Real Estate License ID: 271524
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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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