Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Pee Dee River Recreational Land Title is generated by Realmo AI

    Grassy Island Road, Ellerbe, NC 28338

    View on Map
    Claim this Listing
    For Sale
    $224,500

    LAND - Ellerbe, NC

    Lot size:
    24.94 Acres
    Added:
    Feb 14, 2024
    Days on Market:
    827
    Last Refresh:
    May 21 at 4:06 pm

    Property Features for Grassy Island Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    743700847513
    Lot size
    24.94 Acres

    Taxes and HOA fees

    Tax Description
    1808/462

    Utilities

    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Dru Anderson
    Dru Anderson

    Listing agent Dru Anderson License #289625

    Listing office Anderson Real Estate 202 East Morgan St., Wadesboro, NC

    Listing date Feb 14, 2024

    MLS# 4107127

    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

    • 24.94 acres on the Pee Dee River/Blewett Falls Lake
    • Recreational property offering deer, boar, duck hunting and fishing
    • Septic improvement for a 4 BR home
    • Gated entrance and roads/trails throughout the property
    • Grassy Island Boat Ramp across the street
    • 2021 Survey available

    Overview

    This 24.94-acre recreational property is located on the Pee Dee River and Blewett Falls Lake. It offers opportunities for deer, boar, and duck hunting, as well as fishing. The property features a gated entrance and a network of roads and trails. A septic improvement for a 4-bedroom home is already in place, and a 2021 survey is available. The property is situated on a high ridge overlooking the river, suitable for building a home or cabin. The Grassy Island Boat Ramp is located across the street, providing convenient boat launching and restroom facilities. The lake dam project temporarily reduced lake levels, leading to the growth of bushes in the cove in front of the property. Water levels have returned to normal for approximately one year, and the bushes are expected to gradually thin out. Any modifications to existing permits or additional permitting required for the buyer's intended use are the buyer's responsibility. This property presents a rare opportunity to own land on the Pee Dee River.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Ellerbe
    County
    Richmond
    State
    North Carolina
    Longitude
    -79.799034
    Latitude
    35.064652

    Nearby Similar for Sale

    • $3,990,000

      Prime Highway Corridor Acres

      31.41 acres in Highway Corridor Overlay District I73/I74.
      Crawford Road, Ellerbe, NC 28338
      View Details
    • $49,900

      Land in Whip-O-Will Woods

      Scenic land perfect for a dream home or private retreat.
      8 Country Lane lot: 8, Ellerbe, NC 28338
      View Details
    • $49,900

      Land in Whip-O-Will Woods

      Scenic land in a wooded landscape, ideal for building.
      7 Country Lane lot: 7, Ellerbe, NC 28338
      View Details
    • $55,000

      Picturesque Land Parcel in Ellerbe

      2.5 acre cleared parcel in Ellerbe, North Carolina.
      3123 Everett Chappell Road, Ellerbe, NC 28338
      View Details
    • $139,900

      Ellerbe, NC Land Opportunity

      Nearly 20-acre tract ideal for building, hunting, or recreation.
      3 Greenlake Road, Ellerbe, NC 28338
      View Details
    • $599,000

      Richmond County Acreage with Pond

      46.75 acres in Richmond County with road frontage and pond.
      300 McCall Road, Ellerbe, NC 28338
      View Details
    • $1,993,719
      14 SF

      Highway Commercial Land I-74 Visibility

      14.5 acre commercial land with I-74 frontage.
      US Highway 220 @ I-74, Ellerbe, NC 28338
      View Details
    • $120,000

      20 Acres of Land in Ellerbe

      20 acres of land suitable for building a home.
      219 Wallace Road, Ellerbe, NC 28338
      View Details
    • $3,600,000
      180,000 SF

      Richmond County Warehouse For Rent

      40,000 square feet leased through June 2025.
      1748 N US 220, Ellerbe, NC
      View Details
    • $1,993,719
      632,926 SF

      I-74 Exit Ramp Parcel

      I-74 exit ramp parcel suitable for fuel or food retail.
      0 Macon Ridge Road, Ellerbe, NC 28338
      View Details

    FAQs

    What type of property is this?
    Land - 24.94 acres on the Pee Dee River/Blewett Falls Lake.
    Where is this land located?
    The property is located at Grassy Island Road Ellerbe, NC.
    What is the asking price?
    The asking price for this property is $224,500.
    What are key features of this property?
    This property features: 24.94 acres on the Pee Dee River/Blewett Falls Lake; Recreational property offering deer, boar, duck hunting and fishing; Septic improvement for a 4 BR home
    (704) 690-0803
    We can help!
    Listing Contact
    Dru Anderson
    Dru Anderson
    Real Estate License ID: 289625
    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

    Thank You for Inquiry
    Grassy Island Road, Ellerbe, NC 28338
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!