511 Wilson Ave Spring Lake, NC 28390-3648
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United Cerebral Palsy Social Service Agency Charitable Organization
Associated Zoning Districts: C1(P), C-1, R5, R5A, R6 Flex Area 3 is east of Bragg Boulevard/NC 87, situated between existing commercial and residential land uses. The larger lot sizes, variety of surrounding uses, and relative under- development compared to other areas of Spring Lake opens the door to multiple avenues for development in the future. This area…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2019Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
Physical attributes from public recordsZoning & alternative use
R6 · Spring Lake, NCAssociated Zoning Districts: C1(P), C-1, R5, R5A, R6 Flex Area 3 is east of Bragg Boulevard/NC 87, situated between existing commercial and residential land uses. The larger lot sizes, variety of surrounding uses, and relative under- development compared to other areas of Spring Lake opens the door to multiple avenues for development in the future. This area was envisioned as a transition area that could hold higher density housing and light commercial businesses that serve the nearby neighborhoods. The Future Land Use Map includes a land use classification that is new for both Cumberland County and Spring Lake: Flex Areas. Flex areas are called for where it is determined that an undeveloped or under-developed space may be compatible with a wider variety of zoning districts than the other established land use classifications. These areas vary in size from approximately 10 acres to 350 acres, with a total of approximately 725 acres of the plan area designated as Flex Area. As development occurs and the flex areas “fill in,” the appropriateness of what’s allowed in the rest of the space may change. When new development occurs in each of these flex areas, it must be considered that the new development may set precedent for the rest of the flex area. Rezoning requests within a Flex Area should consider the use of conditional zoning to ensure the new use is in harmony with existing and surrounding uses. FLEX AREA 1: Associated Zoning Districts: CB, C-1, R5, R5A Flex Area 1 can be found south of downtown Spring Lake. It is bound by Spring Avenue to the North, Second Street to the east, Lake Avenue and the Comfort Inn & Suites to the south, and the backside of lots that abut Main Street to the west. Ideal uses in this space are businesses and residences that support a thriving downtown community, including small- scale multi-family housing that allows citizens of Spring Lake to have walkable access to downtown without disturbing the current neighborhood character. FLEX AREA 2: Associated Zoning Districts: MXD/CD, CB, C-1, R5, R5A Flex Area 2 can be found north of downtown Spring Lake. This flex area has access to Bragg Boulevard/NC 87 on its eastern edge, in addition to spanning across Main Street to the west. The considerable size and desirable location of this area creates an excellent opportunity for a mixed use development.
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Risks
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