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    Oceanfront Development Land Opportunity Title is generated by Realmo AI

    NC 12 Highway lot Na, Waves, NC 27982

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    Claim this Listing
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    For Sale
    $1,345,000

    LAND - Waves, NC

    Lot size:
    3.43 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 12:06 am

    Property Features for NC 12 Highway lot Na

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    S-1
    Standard status
    Active
    Lot size
    3.43 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3133

    Utilities

    Water front features
    Ocean Front
    Water front
    1

    We can help!

    Listing Contact
    Cameron Griggs
    Cameron Griggs

    Listing agent Cameron Griggs License #294636

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

    Listing date Jun 3, 2026

    MLS# 133039 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

    • 3.43‑acre oceanfront development land with water views in every direction
    • Approved and permitted site plan for an RV resort with 41 sites, an oceanfront pool, and a two‑story check‑in office
    • Plans include laundry facilities and two 2‑bedroom apartments within the permitted RV resort site plan
    • S‑1 zoning district with flexibility for alternative development options, including single‑family minor subdivision, mixed‑use commercial (warehouses and tiny homes), or a boutique cabin community
    • Land substantially prepared for development: land clearing completed, fencing installed, and power available

    Overview

    This oceanfront development parcel totals 3.43 acres and is positioned for a turnkey path to construction. The property includes an approved and permitted site plan for an RV resort featuring 41 sites, an oceanfront pool, and a two-story check-in office with laundry facilities. The plan also calls for two 2-bedroom apartments. Beyond the RV resort configuration, the S-1 zoning provides flexibility for alternative development concepts.

    The tract is described as a highly visible oceanfront location stretching from Highway 12 to the Atlantic Ocean, with expansive water views in every direction. Substantial groundwork has already been completed, including land clearing, fencing installation, and power made available. The listing describes the site as shovel-ready with multiple preliminary steps worked through.

    For buyers and developers, the existing entitlements and site readiness reduce early-stage friction and support faster project planning. The approved RV resort plan provides a clear development blueprint, while the zoning flexibility also supports other investment approaches, including a minor subdivision for single-family homes, a mixed-use commercial development with warehouses and tiny homes, or a boutique cabin community with resort-style amenities.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Waves
    County
    Dare
    State
    North Carolina
    Longitude
    -75.4670611
    Latitude
    35.5738053

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    FAQs

    What type of property is this?
    Waterfront Land - Oceanfront acreage in S-1 zoning with an approved RV resort site plan and substantially completed site preparation.
    Where is this waterfront land located?
    The property is located at NC 12 Highway lot Na Waves, NC.
    What is the asking price?
    The asking price for this property is $1,345,000.
    What are key features of this property?
    This property features: 3.43‑acre oceanfront development land with water views in every direction; Approved and permitted site plan for an RV resort with 41 sites, an oceanfront pool, and a two‑story check‑in office; Plans include laundry facilities and two 2‑bedroom apartments within the permitted RV resort site plan
    (919) 390-4537
    We can help!
    Listing Contact
    Cameron Griggs
    Cameron Griggs
    Real Estate License ID: 294636
    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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