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    Lake Tillery Estate with Development Potential Title is generated by Realmo AI

    416 Lake Shore Drive, Norwood, NC 28128

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    Claim this Listing
    New
    For Sale
    $4,750,000

    LAND - Norwood, NC

    Property size:
    7,000 SF
    Lot size:
    14.37 Acres
    Price / SF:
    $678/SF
    Added:
    May 15, 2026
    Days on Market:
    1
    Last Refresh:
    May 15 at 7:06 pm

    Property Features for 416 Lake Shore Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Elevator, Fence
    Fencing
    Fenced
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    APN
    6564-02-87-5123
    Size
    7,000 SF
    Lot size
    14.37 Acres

    Taxes and HOA fees

    Tax Description
    HSE 416 LAKE SHORE DR

    Utilities

    Sewer type
    Public Sewer
    Water source
    Well

    Building Details

    Additional Structures
    Workshop

    We can help!

    Listing Contact
    Jonathan Hawkins

    Listing agent Jonathan Hawkins

    Listing office MATHERS REALTY.COM 213 w 10th st, Oakboro, NC

    Listing date May 15, 2026

    MLS# 4381915 Listing URL

    Copyright © 2026 Canopy 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

    • 14+ acre estate overlooking Lake Tillery with 104' of waterfront.
    • Includes a waterside dock with boat lift and entertaining deck with kitchen.
    • Features a 7,000 sq ft lodge, 1,300 sq ft rustic cabin, 2 barns, riding ring, and orchards.
    • Zoned R‑20, allowing for 2‑3 homes per acre, with potential for development.
    • Located in Norwood's tourism encouragement zone, offering further development opportunities.
    • Equipped with city water and two wells (one recently serviced) for irrigation.

    Overview

    This 14.37-acre estate, known as Hawk's Nest, overlooks Lake Tillery and is a combination of two parcels. The property includes a 1,300 sq ft rustic cabin and a waterside dock equipped with a boat lift and an entertaining deck with a kitchen. The waterfront measures 104 feet. Away from the water, the wooded lot features two barns, a riding ring, and orchards, along with a 7,000 sq ft lodge. The property is connected to city water and also has two wells primarily used for irrigation; the cabin well was recently serviced and replaced. Zoned R-20, the property allows for 2-3 homes per acre, presenting development opportunities. The town of Norwood's Land Use Plan includes this property in the tourism encouragement zone, further enhancing its development potential. The property is suitable for horse and equestrian activities, agricultural use, and commercial real estate ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Hotel & Motel Bar & Pub (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwood
    County
    Stanly
    State
    North Carolina
    Longitude
    -80.11123
    Latitude
    35.248762

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    FAQs

    What type of property is this?
    Horse & equestrian property - 14+ acre estate overlooking Lake Tillery with development options.
    Where is this horse & equestrian property located?
    The property is located at 416 Lake Shore Drive Norwood, NC.
    What is the asking price?
    The asking price for this property is $4,750,000.
    What are key features of this property?
    This property features: 14+ acre estate overlooking Lake Tillery with 104' of waterfront.; Includes a waterside dock with boat lift and **entertaining deck with kitchen.**; Features a 7,000 sq ft lodge, 1,300 sq ft rustic cabin, 2 barns, riding ring, and orchards.
    (980) 328-2675
    We can help!
    Listing Contact
    Jonathan Hawkins
    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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