Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    476 Nc-24 Morehead City, NC 28557

    • Land
    • 16.08 lot acres
    For Sale
    View listing
    $2,295,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 476 Nc-24

    Lot size
    16.08 lot acres
    Property type
    Land

    Description

    This exceptional 16.08-acre property boasts over 1000 feet of road frontage on Highway 24 in Morehead City, North Carolina. Situated just before the Brandywine Bay Golf Club Community and across the highway from Camp Morehead, this land offers unparalleled visibility and accessibility. Currently zoned CH (Commercial Highway), it presents a remarkable opportunity for various commercial ventures. Recent updates include a completed wetland delineation and secured commitments for water and sewer services, streamlining the development process. The property's prime coastal location and flexible zoning potential also allow for exploration of residential or mixed-use development options, subject to necessary approvals. The parcel's APN is 635614346750000. The asking price is $2,295,000. This is a rare chance to acquire a significant tract of land in a highly desirable coastal North Carolina location. Don't miss this exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Morehead City
    County
    Carteret
    State
    North Carolina
    Longitude
    -76.8237
    Latitude
    34.7315

    Comparable in this City

    • Value Estimation by Request
      4,000 SF

      210 Hwy

      Distribution properties • 4,000 SF
      210 Hwy, Morehead City, NC 28557
      View Details
    • Value Estimation by Request
      23.53 Acres

      103 Gloria Dawn Rd

      Land • 23.53 Acres
      103 Gloria Dawn Rd, Morehead City, NC 28557
      View Details
    • Value Estimation
      $530,000
      28.21 Acres

      1013 Oak Dr

      MOBILE HOME PARK, TRAILER PARK • 28.21 Acres
      1013 Oak Dr, Morehead City, NC 28557-6265
      View Details
    • Value Estimation
      $505,000
      3.70 Acres

      136 Gloria Dawn Rd

      MOBILE HOME PARK, TRAILER PARK • 3.70 Acres
      136 Gloria Dawn Rd, Morehead City, NC 28557-8430
      View Details
    • Value Estimation
      $3,180,000
      8,160 SF

      Morehead City, NC 28557

      MOBILE HOME PARK, TRAILER PARK • 8,160 SF
      Morehead City, NC 28557
      View Details
    • Value Estimation by Request
      1.27 Acres

      4856 Arendell St

      MOBILE HOME PARK, TRAILER PARK • 1.27 Acres
      4856 Arendell St, Morehead City, NC 28557-2635
      View Details

    Similar Nearby for Sale

    • $2,295,000
      16.08 Acres

      Hwy 24 Morehead City Acreage

      16 Acres, Prime Coastal Location, Commercial/Residential
      476 Nc-24, Morehead City, NC 28557
      View Details
    • $2,195,000
      5.60 Acres

      Morehead City Commercial Land - 5.6 Acres

      Prime Opportunity Zone acreage, high visibility.
      105 Gloria Dawn Rd, Morehead City, NC 28557
      View Details
    • $4,995,000
      23.53 Acres

      Morehead City Commercial Land

      Prime 23+ acres, Opportunity Zone
      103 Gloria Dawn Rd, Morehead City, NC 28557
      View Details
    • $1,650,000
      10.09 Acres

      Coastal Industrial Land - Morehead City, NC

      10 Acres, Water/Sewer, Opportunity Zone
      5081 Business Dr, Morehead City, NC 28557
      View Details
    • $1,449,900
      0.40 Acres

      Soundfront Lot in Promise Land

      Vacant soundfront lot in downtown Morehead City's Promise Land.
      1013 Shepard St, Morehead City, NC 28557
      View Details
    • New
      $563,900
      3,644 SF

      Income Property in Morehead City

      Income-producing property with five separate units in a prime location.
      106 N 9Th St, Morehead City, NC 28557
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      2,248 SF

      Hwy 70 E Morehead City Office Space

      Prime Morehead City location, high traffic area.
      4415 Arendell St, Morehead City, NC 28557
      View Details
    • Contact for pricing
      90,000 SF

      Former Kmart Retail Space Available

      90,000 SF retail space for lease on Arendell Street.
      4915 Arendell St, Morehead City, NC 28557
      View Details
    • $1.00 SF/Yr
      4,415 SF

      Visible Office Space For Rent

      Office space with high visibility on a main thoroughfare.
      4252 Arendell St, Morehead City, NC 28557
      View Details
    • $1,200 /Mo
      1,500 SF

      Morehead City Retail/Office Space

      1500 sq ft unit in busy shopping center.
      3025 Bridges St, Morehead City, NC 28557
      View Details
    • Contact for pricing

      Former Kmart Retail Space

      90,000 SF retail space in Morehead City, NC.
      Morehead City, NC 28557
      View Details
    • $8 SF/Yr
      3,820 SF

      Morehead City Warehouse Space

      3,820 square foot warehouse space available for lease.
      1875 N 20Th St, Morehead City, NC 28557
      View Details
    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.
    476 Nc-24
    Morehead City, NC 28557
    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.