220 Willis Rd Cove City, NC 28523
This exceptional 12.56-acre parcel in Cove City, North Carolina, presents a unique opportunity for multi-family development. Located at 220 Willis Rd, Craven County, zip code 28523 (APN: 303629001/3036008), this unrestricted land boasts over 430 feet of road frontage. The property is partially cleared and ready for construction. A significant advantage is the presence of an existing four-bedroom septic system, fully inspected and permitted, with a water meter already installed at the road. A second four-bedroom septic permit is also on file, situated mid-property, allowing for another residence or a large outbuilding. Electricity is provided by Jones Onslow EMC. The seller is offering owner financing. This combined tract (Tracts 2 and 3) has been resurveyed. While no soil evaluation has been conducted, the existing septic system on Tract 2 could potentially serve a home on Tract 3 via a bore under Willis Road. The property's assessed value is $50,780, with annual taxes totaling $284. The property was listed on July 2nd, 2024. Acceptable payment methods include cash and conventional financing. This is a remarkable opportunity to build your dream home and potentially another residence or other structure on this expansive lot.
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendComparables
6 recent transactions · within 1.5 miComparable in this City
Property description
Physical attributes from public recordsZoning & alternative use
No recorded transactions found for this property.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.