Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    884 Cheshire Rd Rocky Point, NC 28457

    Sponsored
    For Sale
    $2,450,000

    Prime land, multiple development options.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 135-acre property in Rocky Point, North Carolina, presents a unique investment opportunity. Located in Pender County (zip code 28457) at 884 Cheshire Rd, this fee-simple land boasts a versatile RP zoning designation, allowing for various uses. Approximately half the acreage is cleared, featuring three man-made ponds with drainage. The remaining wooded area offers mature timber ready for harvesting. A roughly 4,000 square foot single-family residence, constructed with on-site timber, is situated near the road and could be repurposed as a clubhouse or farmhouse after renovation. A November 2022 wetland delineation identified only 0.62 acres of wetlands, flagged and ready for Corps of Engineers confirmation (a copy of the sketch is available). The property's strategic location between NC 133 and NC 210 provides easy access to Pender Commerce Park, US 421 Corridor employers, and major Wilmington Area employers. It's within 15 miles of I-40, area beaches, and Wilmington itself. Benefiting from its location within a federally designated Opportunity Zone, this property offers significant tax advantages. Residential Performance zoning permits 15,000 sq ft lots with septic or 12,000 sq ft lots with municipal/community water and sewer connections. Municipal water and natural gas are available at the road. The Wilmington MSA's high inbound migration and housing shortage create strong potential for significant return on investment. Showings are by appointment only. APN: 3224-24-8687-0000, 3224-32-0627-0000. Asking price: $2,450,000.

    Property Features for 884 Cheshire Rd

    General Information

    Property type
    Farms
    Lot Size
    5,880,600 SF

    HighLights

    • $2,450,000 asking price for 135 acres.
    • Fee simple ownership with APN 3224‑24‑8687‑0000, 3224‑32‑0627‑0000. Located at 884 Cheshire Rd, Rocky Point, NC 28457.
    • RP zoning allows for residential development (15,000 sq ft lots with septic; 12,000 sq ft lots with municipal water/sewer). Municipal water and natural gas available at the road.
    • Property includes a ~4,000 sq ft single‑family home, three ponds, and approximately half cleared land, half wooded. Minimal wetlands present.
    • Excellent location near Wilmington, NC, offering easy access to major highways, employment centers, and beaches. Situated in a federal Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Wholesale Shop Auto Repair Shop Department Store Food Market Discount Store Farmer's Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Rocky Point
    County
    Pender
    State
    North Carolina
    Longitude
    -77.9266768
    Latitude
    34.4175184

    Nearby Comparable

    • $275,000
      1,568 SF

      Nearly New Home on Acreage

      Spacious 2-bedroom home on 1.64 acres with modern amenities.
      546 Pond Rd, Rocky Point, NC 28457
      View Details
    • $1,275,000

      58-Acre Land with River Frontage

      Land with river frontage, timber, and development potential.
      000 Nc-133, Rocky Point, NC 28457
      View Details
    • $12,360,000
      14,400 SF

      Manheim Auto Absolute Net Lease

      Absolute net lease investment opportunity in metro Wilmington, North Carolina.
      169 Auction Dr, Rocky Point, NC 28457
      View Details
    • $45,000

      Recreational Land Near Game Lands

      1.07-acre parcel near Holly Shelter Game Lands.
      Off Shaw, Rocky Point, NC 28457
      View Details
    • $304,900
      2,128 SF

      Spacious Home in Quiet Rocky Point

      Four-bedroom home on a generous lot in a tranquil setting.
      120 Dreyton Hall Ct, Rocky Point, NC 28457
      View Details
    • $1,098,000

      Rocky Point Industrial Site

      10-acre industrial site ready for development in Rocky Point.
      Carver Dr, Rocky Point, NC 28457
      View Details
    • $704,250

      Bells Fork Farm Land - $704,250

      31.3 Acres, Hwy 210 & 133 Intersection
      18660 State Hwy 210, Rocky Point, NC 28457
      View Details

    Nearby Similar for Sale

    • $12,360,000
      14,400 SF

      Manheim Auto Absolute Net Lease

      Absolute net lease investment opportunity in metro Wilmington, North Carolina.
      169 Auction Dr, Rocky Point, NC 28457
      View Details
    • $275,000
      1,568 SF

      Nearly New Home on Acreage

      Spacious 2-bedroom home on 1.64 acres with modern amenities.
      546 Pond Rd, Rocky Point, NC 28457
      View Details
    • $304,900
      2,128 SF

      Spacious Home in Quiet Rocky Point

      Four-bedroom home on a generous lot in a tranquil setting.
      120 Dreyton Hall Ct, Rocky Point, NC 28457
      View Details

    FAQs

    What type of property is this?
    Farm - Prime land, multiple development options.
    Where is this farm located?
    The property is located at 884 Cheshire Rd Rocky Point, NC.
    What is the asking price?
    The asking price for this property is $2,450,000.
    What are key features of this property?
    This property features: $2,450,000 asking price for 135 acres.; Fee simple ownership with APN 3224-24-8687-0000, 3224-32-0627-0000. Located at 884 Cheshire Rd, Rocky Point, NC 28457.; RP zoning allows for residential development (15,000 sq ft lots with septic; 12,000 sq ft lots with municipal water/sewer). Municipal water and natural gas available at the road.
    Request Owner's contact information
    884 Cheshire Rd Rocky Point, NC 28457
    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.
    884 Cheshire Rd
    Rocky Point, NC 28457
    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
    884 Cheshire Rd Rocky Point, NC 28457
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.