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    Property profile & analytics

    231 71st St Oak Island, NC 28465

    • Garden apartment buildings
    • 1,140 SF
    OFF-MARKET
    Value Estimations
    $340,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-3165812
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 231 71st St

    Year built
    2017
    Property size
    1,140 SF
    Zone code
    R6MH
    Property type
    Garden apartment buildings
    APN
    236OF00901
    APU
    236OF00901

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $340,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $308,000
      Market price range: $179k - $382k
      AI Estimate
      $360,000
      Market price range: $291k - $379k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Oak Island
    County
    Brunswick
    State
    North Carolina
    Longitude
    -78.0929
    Latitude
    33.9141
    CBSA code
    34820
    CBSA name
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $125,000
    $129,640
    $254,640
    -
    $125,000
    $129,640
    $254,640

    Comparable in this City

    • Value Estimation
      $310,000
      680 SF

      234 65th St

      GARDEN APT, COURT APT (5+ UNITS) • 680 SF
      234 65th St, Oak Island, NC 28465-4637
      View Details
    • Value Estimation
      $315,000
      1,320 SF

      202 66th St

      GARDEN APT, COURT APT (5+ UNITS) • 1,320 SF
      202 66th St, Oak Island, NC 28465-4631
      View Details
    • Value Estimation
      $305,000
      924 SF

      103 72nd St

      GARDEN APT, COURT APT (5+ UNITS) • 924 SF
      103 72nd St, Oak Island, NC 28465-4422
      View Details
    • Value Estimation
      $295,000
      938 SF

      205 72nd St

      GARDEN APT, COURT APT (5+ UNITS) • 938 SF
      205 72nd St, Oak Island, NC 28465-4424
      View Details
    • Value Estimation
      $170,000
      728 SF

      222 74th St

      GARDEN APT, COURT APT (5+ UNITS) • 728 SF
      222 74th St, Oak Island, NC 28465-4233
      View Details
    • Value Estimation
      $275,000
      990 SF

      108 76th St

      GARDEN APT, COURT APT (5+ UNITS) • 990 SF
      108 76th St, Oak Island, NC 28465-4221
      View Details

    Similar Nearby for Sale

    • New
      $630,000
      1,719 SF

      Turnkey Duplex Near Oak Island Beach

      Renovated duplex, two units, short-term rental potential near the ocean.
      111 NE 19Th St, Oak Island, NC 28465
      View Details
    • $619,000
      0.30 Acres

      Oak Island Duplex with Vacant Lot

      Tenant-occupied duplex with adjacent vacant lot near the beach.
      148 NW 3Rd St, Oak Island, NC 28465
      View Details
    • $925,000
      2,660 SF

      Beachfront Triplex in Oak Island

      Versatile triplex with ocean views, steps to beach and marina.
      5416 W Beach Dr, Oak Island, NC 28465
      View Details
    • $235,000

      Affordable Island Living Opportunity

      Mobile home near Oak Island amenities, sold as is.
      254 NE 66Th St, Oak Island, NC 28465
      View Details
    • $325,000

      Oversized Corner Lot Near Beach

      Spacious cleared lot near beach, shops, and restaurants.
      4401 E Oak Island Dr, Oak Island, NC 28465
      View Details
    • $275,000
      Pending

      Garage/Workshop on Oak Island Lot

      High and dry lot with 1,200+ sq. ft. garage/workshop.
      132 NW 18Th St, Oak Island, NC 28465
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Corner Lot Commercial Land

      Corner lot with access, suited for many concepts.
      8301 E Oak Island Dr, Oak Island, NC 28465
      View Details
    • Contact for pricing
      1,439 SF

      Retail Space in Publix-Anchored Center

      Retail space available in Oak Island near the beach.
      5001-5003 E Oak Island Dr, Oak Island, NC 28465
      View Details
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    231 71st St
    Oak Island, NC 28465
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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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