Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1000 Driftwood Dr Elizabeth City, NC 27909

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime 1-acre waterfront lot, stunning views.

    Property Features for 1000 Driftwood Dr

    General Information

    Property type
    Land
    Lot Size
    43,560 SF

    We can help!

    Listing Contact
    Jeremy S. Vanhorn
    Jeremy S. Vanhorn

    Listing Agency: Howard Hanna Real Estate Services Listing Agent: Jeremy S. Vanhorn

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 1-acre waterfront lot, located at 1000 Driftwood Drive in the peaceful Glen Cove subdivision of Elizabeth City, North Carolina, presents a unique investment opportunity. Boasting breathtaking views of the Albemarle Sound, this level lot offers approximately 43,709.5 square feet of buildable land, perfect for your dream home or commercial venture. Situated approximately 20 minutes outside of Elizabeth City, the property enjoys a tranquil setting while remaining conveniently close to the city's amenities. The lot is zoned residential and is part of Block 103. Tax records reflect a 2021 tax year. The property's waterfront location provides unparalleled access to the sound's beauty and recreational opportunities. The HOA dues are $30 annually. This is a rare chance to acquire a prime piece of waterfront property in a desirable location. The asking price is $75,000. Don't miss this opportunity to own a piece of paradise in Pasquotank County, NC, zip code 27909. Coordinates: 36.1735053, -76.0723988.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth City
    County
    Pasquotank county
    State
    North Carolina
    Longitude
    -76.0723988
    Latitude
    36.1735053

    Nearby Similar for Sale

    • $390,000
      1,730 SF

      Operating Convenience Store with Gas

      Operating convenience store with gas pumps in Elizabeth City, NC.
      410 S Hughes Blvd, Elizabeth City, NC 27909
      View Details
    • $949,000
      3,618 SF

      Waterfront Condos with Deeded Boat Slips

      Unique waterfront condos with deeded boat slips and rooftop decks.
      301/302 S Water St, Elizabeth City, NC 27909
      View Details
    • New
      $2,695,827
      21,500 SF

      Elizabeth City Multifamily Investment Opportunity

      Well-maintained apartment complex with 24 units and high occupancy.
      1005 Raleigh St, Elizabeth City, NC 27909
      View Details
    • $700,000
      13.10 Acres

      Elizabeth City Crop Land

      13 acres of open crop land near hospital.
      1264 Us Highway 17, Elizabeth City, NC 27909
      View Details
    • $450,000
      Pending

      Elizabeth City Landmark Restaurant Opportunity

      Former oyster bar available for sale in Elizabeth City.
      1524 N Road St, Elizabeth City, NC 27909
      View Details
    • $275,000
      2,458 SF

      Elizabeth City Multifamily Property

      Multifamily property for sale in Elizabeth City, North Carolina.
      305 Speed St, Elizabeth City, NC 27909
      View Details
    • $2,500,000
      1,974 SF

      Turnkey Auto Care Center

      Established auto care center in Elizabeth City with proven success.
      308 W Ehringhaus St, Elizabeth City, NC 27909
      View Details
    • $650,000

      Unique Car Wash Opportunity

      Established car wash, dog wash, and vacuum system for sale.
      100 Tidewater Way, Elizabeth City, NC 27909
      View Details
    • $275,000
      2,458 SF

      Multifamily Property in Elizabeth City

      Multifamily property for sale in Elizabeth City, North Carolina.
      303 Speed St, Elizabeth City, NC 27909
      View Details
    • $180,000
      Pending

      Income-Producing Duplex Near Waterfront

      Duplex near waterfront, offering an excellent investment opportunity.
      314 Culpepper St, Elizabeth City, NC 27909
      View Details
    • $749,000
      8,974 SF

      Prime Medical Office Building in Elizabeth City

      Class A, 8,974 SF, $749,000
      102 Northside Park, Elizabeth City, NC 27909
      View Details
    • $1,000,000
      8,100 SF

      Prime Elizabeth City Office Building

      Two-story office, 8,100 sq ft, $1M
      529 Hughes Blvd, Elizabeth City, NC 27909
      View Details

    FAQs

    What type of property is this?
    Land - Prime 1-acre waterfront lot, stunning views.
    Where is this land located?
    The property is located at 1000 Driftwood Dr Elizabeth City, NC.
    What is the asking price?
    The asking price for this property is $75,000.
    What are key features of this property?
    This property features: 1-acre waterfront lot in Glen Cove subdivision, Elizabeth City, NC.; Waterfront lot with Albemarle Sound views.; Level lot, 43,709.5 sq ft.
    (252) 339-1561 Call to check price and availability
    Request Owner's contact information
    1000 Driftwood Dr Elizabeth City, NC 27909
    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.
    1000 Driftwood Dr
    Elizabeth City, NC 27909
    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
    1000 Driftwood Dr Elizabeth City, NC 27909
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jeremy S. Vanhorn
    Jeremy S. Vanhorn
    Real Estate License ID: 310552
    (252) 339-1561
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!