Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Vanceboro Land Ready For Development Title is generated by Realmo AI

    331 Mill Road, Vanceboro, NC 28586

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - Vanceboro, NC

    Lot size:
    0.37 Acres
    Added:
    Sep 24, 2025
    Days on Market:
    232
    Last Refresh:
    May 13 at 4:06 am

    Property Features for 331 Mill Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    1-V-05 -043
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    38 STEWART PK

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Meg Underwood

    Listing agent Meg Underwood License #277391

    Listing office Realty ONE Group East 2918 Trent Rd, New Bern, NC

    Listing date Sep 24, 2025

    MLS# 100532371 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

    • Two adjacent vacant lots offer flexibility for development.
    • Water and sewer are available, simplifying the building process.
    • Conveniently located minutes from downtown Vanceboro.
    • Easy access to local grocery stores and restaurants.
    • Suitable for building a home or investment property.
    • Opportunity for future growth in a welcoming small town.

    Overview

    Two adjacent vacant lots located at 331 & 325 Mill Road in Vanceboro, North Carolina, offer potential for future development. The parcels, totaling 0.37 acres, are zoned residential and have water and sewer available. The location provides convenient access to downtown Vanceboro, with grocery stores, restaurants, and other amenities nearby. These lots present an opportunity for building a home, creating an investment property, or holding for future growth in a small-town setting.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Pharmacy Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Vanceboro
    County
    Craven
    State
    North Carolina
    Longitude
    -77.152541
    Latitude
    35.306615

    Nearby Similar for Sale

    • $100,000

      Vanceboro Commercial Land Opportunity

      Almost one acre lot in the heart of Vanceboro, NC.
      8119 Main Street, Vanceboro, NC 28586
      View Details
    • $1,399,900

      Swine Production Property For Sale

      Turnkey swine production property with upgraded nurseries on 68.56 acres.
      1535 Maul Swamp Road, Vanceboro, NC 28586
      View Details
    • $59,000

      Vanceboro Land with Development Potential

      4.81-acre property with road frontage and utility access.
      340 Willis Landing, Vanceboro, NC 28586
      View Details
    • $19,900

      Vanceboro Wooded Land Opportunity

      1.205 acres of wooded land in Vanceboro, North Carolina.
      Main Street lot: 3 & 4, Vanceboro, NC 28586
      View Details
    • $250,000

      Secluded Wooded Land Near Vanceboro

      15.28-acre wooded property offers privacy and seclusion.
      780 Campbell Road, Vanceboro, NC 28586
      View Details
    • $110,000

      Vanceboro Woodlands: Hunting & Recreation

      33.32 acres of Eastern Carolina woodlands, ideal for hunting.
      380 Harfam Road, Vanceboro, NC 28586
      View Details
    • $3,047,619

      Vanceboro Retail Investment Opportunity

      Absolute net lease investment property in Vanceboro, North Carolina.
      370 Nc Highway 43, Vanceboro, NC
      View Details
    • $96,000

      Vanceboro Acre for Development

      One-acre property suitable for commercial or residential development.
      001 Nc-43, Vanceboro, NC 28586
      View Details
    • $15,000

      Unrestricted Land in Vanceboro, NC

      4.52 acres of unrestricted land with excellent road frontage.
      Us 17, Vanceboro, NC 28586
      View Details
    • $27,500

      Residential Land in Vanceboro, NC

      Almost one acre lot, ideal for building a home.
      6320 River Road, Vanceboro, NC 28586
      View Details
    • $1,950,000

      Waterfront Land in Vanceboro, NC

      294 acres of waterfront property, recreational or potential development.
      Streets Ferry Road, Vanceboro, NC 28586
      View Details
    • $544,900

      Vanceboro Land Investment Opportunity

      144 acres with pine plantation and CREP program land.
      3300 Nc 118 Highway, Vanceboro, NC 28586
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Two adjacent lots in Vanceboro, NC, with utilities available.
    Where is this residential land & home lot located?
    The property is located at 331 Mill Road Vanceboro, NC.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Two adjacent vacant lots offer flexibility for development.; Water and sewer are available, simplifying the building process.; Conveniently located minutes from downtown Vanceboro.
    (252) 229-9849
    We can help!
    Listing Contact
    Meg Underwood
    Real Estate License ID: 277391
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    331 Mill Road, Vanceboro, NC 28586
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!