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    2997 Co Rd Wedowee, AL 36278
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    2997 Co Rd, Wedowee, AL 36278

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    • Land
    • 15.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2997 Co Rd

    Lot size
    15.00 lot acres
    Property type
    Land

    Description

    This exceptional 15+ acre property on Lake Wedowee in Randolph County, Alabama presents a unique investment opportunity. Boasting over 900 feet of picturesque cove shoreline and 972 feet of paved road frontage on Co Rd 129 (address: 2997 Co Rd 129, Wedowee, AL 36278), this unrestricted and developable land offers unparalleled versatility. The gently sloping terrain and existing interior road system facilitate various development options, including multi-home residential projects, boat storage facilities, or a private estate. Its proximity to the Lonnie White Boat Ramp (a quarter-mile away) adds significant convenience. The property's location combines accessibility with the serene beauty of Lake Wedowee, making it ideal for developers, entrepreneurs, or families seeking a secluded lakefront haven. The asking price is $1,650,000. This is a rare chance to acquire a prime piece of Lake Wedowee real estate with significant potential for future growth and return on investment. The property is zoned for Commercial, Hunting/Recreational, and Residential uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wedowee
    County
    Randolph
    State
    Alabama
    Longitude
    -85.5384
    Latitude
    33.3439

    Comparable in this City

    • Value Estimation by Request
      1.55 Acres

      County Rd

      Land
      0 County Rd, Wedowee, AL 36278
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    • Value Estimation by Request
      12,652 SF

      Wedowee, AL 36278

      COMMERCIAL (GENERAL)
      Wedowee, AL 36278
      View Details
    • Value Estimation by Request
      1.89 Acres

      Wedowee, AL 36278

      VACANT COMMERCIAL LAND
      Wedowee, AL 36278
      View Details
    • Value Estimation by Request
      1.45 Acres

      18985 Hwy 431

      VACANT COMMERCIAL LAND
      18985 Hwy 431, Wedowee, AL 36278-4445
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    • Value Estimation by Request
      1.00 Acre

      Wedowee, AL 36278

      COMMERCIAL (GENERAL)
      Wedowee, AL 36278
      View Details
    • Value Estimation by Request
      2,700 SF

      20149 Hwy 431

      COMMERCIAL (GENERAL)
      20149 Hwy 431, Wedowee, AL 36278-4451
      View Details

    Similar Nearby for Sale

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      1.00 Acre

      Unrestricted Land Near Boat Ramp

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      County Road 329, Wedowee, AL 36278
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    • $129,900
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      Unrestricted Lot Near Lake Wedowee

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      924 SF

      Single-Wide Mobile Home on Acreage

      Single-wide manufactured home with public water and septic in place, positioned on a corner lot off County Road 329.
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    • $325,000
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      Wedowee, AL: 4.87 Acre Development Lot

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    Wedowee, AL 36278
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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.

    More about this property
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