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

    Conlon Way Elizabeth City, NC

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Land adjacent to shopping center and new hospital.

    Type:LAND
    Lot size:
    13.46 Acres
    Added:
    Jan 20, 2025
    Days on Market:
    454
    Last Refresh:
    Apr 5 at 9:59 pm

    Property Features for Conlon Way

    General Information

    Standard status
    Active
    Lot size
    13.46 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Dave Redmond
    Dave Redmond

    Listing agent Dave Redmond

    Listing office Divaris Real Estate - Hampton Roads

    Listing date Jan 20, 2025

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of Divaris Real Estate - Hampton Roads

    Overview

    Commercial Land Near Shopping Center

    This commercial land is adjacent to the highly successful Tanglewood Pavilions Shopping Center, a Walmart Supercenter, and various freestanding retail and restaurant developments. It is accessible from two signalized intersections and visible to the new Sentara hospital, which employs 1,000 people. The property is in immediate proximity to US Route 17, providing easy access to the Virginia Beach-Norfolk-Newport News MSA and northeastern North Carolina. Ample site infrastructure is available, some in place and some in close proximity. The location offers abundant nearby shops and services in this regional hub market.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Elizabeth City
    County
    Pasquotank
    State
    North Carolina
    Longitude
    -76.22
    Latitude
    36.3

    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 Boulevard, Elizabeth City, NC 27909
      View Details
    • $399,000

      Elizabeth City Land For Sale

      Versatile property in a high-traffic location with ample parking.
      300 N Hughes Boulevard, Elizabeth City, NC 27909
      View Details
    • $2,695,827
      21,500 SF

      Elizabeth City Multifamily Investment Opportunity

      Well-maintained apartment complex with 24 units and high occupancy.
      1005 Raleigh Street, Elizabeth City, NC 27909
      View Details
    • $150,000

      Commercial Land on US Hwy 17

      Corner commercial property with road frontage and available utilities.
      N Road Street lot: 124-A, Elizabeth City, NC 27909
      View Details
    • $425,000

      Elizabeth City Land For Sale

      1.5 AC property in a prime location.
      108 Commercial Boulevard lot: 7, Elizabeth City, NC 27909
      View Details
    • $79,900

      Waterfront Lot in Pelican Pointe

      Waterfront lot with amenities in Elizabeth City, North Carolina.
      207 Ibis Way, Elizabeth City, NC 27909
      View Details
    • $189,000

      Pasquotank Riverfront Vacant Lot

      Waterfront lot in established community near Elizabeth City.
      510 Small Drive, Elizabeth City, NC 27909
      View Details
    • $700,000

      Commercial Property in Elizabeth City

      Commercial property suitable for car repair or future development.
      425 Sam Davis Street, Elizabeth City, NC 27909
      View Details
    • $460,000

      Commercial Land on Hughes Boulevard

      1.234-acre commercial lot with high traffic frontage.
      530 S Hughes Boulevard, Elizabeth City, NC 27909
      View Details
    • $450,000
      7,027 SF

      Elizabeth City Landmark Restaurant Opportunity

      Former oyster bar available for sale in Elizabeth City.
      1524 N Road Street, Elizabeth City, NC 27909
      View Details
    • $460,000

      Elizabeth City Land For Sale

      1.234-acre commercial lot with high traffic frontage.
      530 S Hughes Boulevard, Elizabeth City, NC 27909
      View Details
    • $60,000

      Residential Lot in Quiet Community

      Cleared lot in water-access community, ready for building.
      1302 Little River Drive lot: 2, Elizabeth City, NC 27909
      View Details

    FAQs

    What type of property is this?
    Land - Land adjacent to shopping center and new hospital.
    Where is this land located?
    The property is located at Conlon Way Elizabeth City, NC.
    What are key features of this property?
    This property features: Immediate proximity to US Route 17, offering easy access to a large MSA and northeastern North Carolina.; Visible to new Sentara hospital (1,000 jobs), a powerful demand driver.; Adjacent to Tanglewood Pavilions Shopping Center and Walmart Supercenter.
    (757) 873-4700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Dave Redmond
    Dave Redmond
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!