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    Oceanfront Lot in Nags Head Title is generated by Realmo AI

    7105 S Virginia Dare Trail lot #3, Nags Head, NC 27959

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    Claim this Listing
    For Sale
    $1,449,500

    LAND - Nags Head, NC

    Lot size:
    0.41 Acres
    Added:
    Feb 15, 2026
    Days on Market:
    95
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for 7105 S Virginia Dare Trail lot #3

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    CR
    Standard status
    Active
    Lot size
    0.41 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6864

    Utilities

    Water front features
    Ocean Front
    Water front
    1

    We can help!

    Listing Contact
    John Leatherwood
    John Leatherwood

    Listing agent John Leatherwood License #86507

    Listing office Coldwell Banker Seaside Realty KH 4900 N Croatan Hwy., Kitty Hawk, NC

    Listing date Feb 15, 2026

    MLS# 131827 Listing URL

    Copyright © 2026 Outer Banks Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Oceanfront Lot: Rare opportunity to own oceanfront property.
    • Prime Location in Nags Head: Close to outlet shops, downtown Manteo, and Oregon Inlet/Pirates Cove.
    • Proximity to Nags Head Event Site: Easy walk to annual events, including the Outer Banks Seafood Festival.
    • Sizeable Lot: Approximately 18,000 sq ft.
    • Survey Stakes in Place: Corners of the lot are marked for easy visualization.
    • Convenient Access to Amenities: Numerous restaurants within a 10‑minute drive.

    Overview

    This vacant oceanfront lot is located on the north side of the Sea Foam Motel. The lot measures 50 feet wide and has a platted original depth of 403 feet. According to tax records, the current lot size is 18,000 square feet, equating to an approximate depth of 360 feet based on the 50-foot width. A current survey is recommended to determine the precise current depth. The property is situated in a desirable Nags Head location, directly east of the outlet shops and just two blocks south of the Nags Head Event Site, which hosts multiple annual functions. The Outer Banks Seafood Festival, a popular annual event, is easily accessible from this location. The property is conveniently located close to shopping at the outlet shops and within a short drive of downtown Manteo and the Oregon Inlet/Pirates Cove Fishing Centers. Numerous dining options are available within a 10-minute drive. The corners of the lot have been recently survey staked to aid in visualizing the dimensions. The zoning is CR. The lot size is approximately 0.41 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Dental Office Law Firm Spa & Massage Center Auto Repair Shop Hair Salon Auto Parts Store Real Estate Agency Cafe & Coffee Shop (Bike/Boat/Book/etc) Store Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Nags Head
    County
    Dare
    State
    North Carolina
    Longitude
    -75.598386
    Latitude
    35.912985

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    FAQs

    What type of property is this?
    Waterfront Land - Vacant oceanfront lot in a prime Nags Head location.
    Where is this waterfront land located?
    The property is located at 7105 S Virginia Dare Trail lot #3 Nags Head, NC.
    What is the asking price?
    The asking price for this property is $1,449,500.
    What are key features of this property?
    This property features: Oceanfront Lot: Rare opportunity to own oceanfront property.; Prime Location in Nags Head: Close to outlet shops, downtown Manteo, and Oregon Inlet/Pirates Cove.; Proximity to Nags Head Event Site: Easy walk to annual events, including the Outer Banks Seafood Festival.
    (252) 202-3834
    We can help!
    Listing Contact
    John Leatherwood
    John Leatherwood
    Real Estate License ID: 86507
    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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