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    Erwin, NC 28339

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    Erwin, NC 28339

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    • Commercial real estate
    • 5.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details

    Lot size
    5.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 5-acre property presents a unique investment opportunity for developers and discerning investors. Located in Erwin, NC, at 0 Nc-217 Unit 0, this expansive lot is zoned B1, offering a wide range of potential uses. The property's significant size provides ample space for various development projects, catering to a diverse range of commercial ventures. Its strategic location within Erwin offers convenient access to essential amenities and infrastructure, enhancing its overall appeal and potential for future growth. The availability of water and sewer services in close proximity significantly streamlines the development process, reducing potential hurdles and accelerating project timelines. This translates to a considerable advantage for developers seeking a streamlined and efficient development experience. The asking price of $165,000 represents a compelling entry point into the Erwin commercial real estate market, offering significant potential for substantial returns on investment. Given the property's size, zoning, and location, this presents a rare opportunity to acquire a prime development site in a growing area. Serious inquiries are encouraged to explore the full potential of this remarkable property and its significant development possibilities. The absence of existing structures allows for complete design flexibility, enabling the creation of a project tailored to specific needs and market demands. This presents a blank canvas for innovative and profitable commercial development.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Erwin
    County
    Harnett
    State
    North Carolina
    Longitude
    -78.6932
    Latitude
    35.3121

    Comparable in this City

    • Value Estimation by Request

      Barnes Dr

      Land
      0 Barnes Dr, Erwin, NC 28339
      View Details
    • Value Estimation by Request
      0.18 Acres

      201 13th St

      COMMERCIAL (GENERAL) • 0.18 Acres
      201 13th St, Erwin, NC 28339-1705
      View Details
    • Value Estimation by Request
      0.34 Acres

      411 Wondertown Dr

      COMMERCIAL (GENERAL) • 0.34 Acres
      411 Wondertown Dr, Erwin, NC 28339-2429
      View Details
    • Value Estimation by Request
      2,235 SF

      9349 Us 421st S

      COMMERCIAL CONDOMINUIM • 2,235 SF
      9349 Us 421st S, Erwin, NC 28339-8833
      View Details
    • Value Estimation by Request
      3,750 SF

      13th St

      COMMERCIAL CONDOMINUIM • 3,750 SF
      13th St, Erwin, NC 28339
      View Details
    • Value Estimation by Request
      4.19 Acres

      4033 Bunnlevel Erwin Rd

      COMMERCIAL (GENERAL) • 4.19 Acres
      4033 Bunnlevel Erwin Rd, Erwin, NC 28339
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land For Sale

      Commercial land available for sale.
      E I St, Erwin, NC 28339
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    • $173,900
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      Erwin, NC Land Opportunity

      19.87 acre commercial land near Walmart shopping center.
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    • $330,000
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      Erwin, NC Commercial Land

      Commercial land for sale in Erwin, North Carolina.
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    • $65,000
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      Commercial Land in Erwin, NC

      Highway business zoned land in Erwin, North Carolina.
      E I St, Erwin, NC 28339
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    • Contact for pricing

      Mobile Home Park Investment Opportunity

      Mobile home park with expansion potential in Erwin, North Carolina.
      2602 Erwin Rd, Erwin, NC 28339
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      4.12 Acres at Lighted Intersection

      4.12 acres with flexible zoning and high traffic count.
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    Similar Nearby for Lease

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      Ideally Situated Business Environment

      Thriving business environment with convenient access to transportation.
      200 N 13Th St, Erwin, NC 28339
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      Commercial Property in Thriving Location

      Ideally situated commercial property with convenient access to transportation.
      100 N 13Th St, Erwin, NC 28339
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    • Contact for pricing

      Harnett County Industrial Park Space

      Industrial park with warehouse and office spaces for lease.
      200 North 13Th St, Erwin, NC 28339
      View Details
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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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