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    517 Greenville Ave Carolina Beach, NC 28428
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    Property profile & analytics

    517 Greenville Ave Carolina Beach, NC 28428

    View on Map
    • Commercial real estate
    • 0.23 lot acres
    Off-Market
    Property ID
    US53-1490187
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 517 Greenville Ave

    Lot size
    0.23 lot acres
    Property type
    Commercial real estate
    APN
    R09009-016-001-005

    Description

    This 0.23-acre lot at 517 Greenville Ave, Carolina Beach, NC 28428, presents a remarkable development opportunity. Zoned R-1, it allows for the construction of up to four townhomes without requiring rezoning, significantly streamlining the development process. Recent comparable new construction townhomes in the area have sold for $650,000 to $725,000, indicating strong potential return on investment. The property's location offers exceptional convenience, being within walking distance of the beach, a highly desirable feature for potential homeowners. The asking price for this assignment of contract is $770,000. Note that the existing structure on the lot will require demolition prior to new construction. The property's Parcel Identification Number (PID) is R09009-016-001-005. This is situated in a high-demand area, promising significant returns in Carolina Beach's thriving real estate market. Short-term rental projections are available upon request. This is an exceptional opportunity for developers seeking a prime location and straightforward development path. The property is located in the X flood zone.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Carolina Beach
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.9044217
    Latitude
    34.0270285

    Comparable in this City

    • $805,000
      1,860 SF

      Carolina Beach Townhome Near Beach

      New townhome community with resort-style amenities, short walk to beach.
      908 2Nd St S, Carolina Beach, NC 28428
      View Details
    • $1,395,000
      2,068 SF

      Carolina Beach Multifamily Oceanfront Property

      Two furnished units with private beach access and ocean views.
      1112 Carolina Beach Ave N, Carolina Beach, NC 28428
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    • $1,375,000
      2,042 SF

      Turn-Key Ocean-Access Quadplex

      Remodeled, furnished 4-unit quadplex near Texas Ave beach access.
      1603 Lake Park Blvd S, Carolina Beach, NC 28428
      View Details
    • $385,000
      828 SF

      Carolina Beach Condo Near Access

      Two-bedroom condo near beach accesses, pool, and local attractions.
      1404 Canal Dr, Carolina Beach, NC 28428
      View Details
    • $942,500
      3,110 SF

      Carolina Beach Multifamily Investment Opportunity

      Income-producing property near the beach with strong rental potential.
      1715 Carolina Beach Ave N, Carolina Beach, NC 28428
      View Details
    • New
      $800,000
      3,072 SF

      Carolina Beach Triplex Investment Opportunity

      Turnkey, fully furnished triplex near Carolina Beach boardwalk.
      409 Monroe Ave, Carolina Beach, NC 28428
      View Details

    Similar Nearby for Sale

    • $1,395,000
      2,068 SF

      Carolina Beach Multifamily Oceanfront Property

      Two furnished units with private beach access and ocean views.
      1112 Carolina Beach Ave N, Carolina Beach, NC 28428
      View Details
    • $1,375,000
      2,042 SF

      Turn-Key Ocean-Access Quadplex

      Remodeled, furnished 4-unit quadplex near Texas Ave beach access.
      1603 Lake Park Blvd S, Carolina Beach, NC 28428
      View Details
    • $805,000
      1,860 SF

      Carolina Beach Townhome Near Beach

      New townhome community with resort-style amenities, short walk to beach.
      908 2Nd St S, Carolina Beach, NC 28428
      View Details
    • $385,000
      828 SF

      Carolina Beach Condo Near Access

      Two-bedroom condo near beach accesses, pool, and local attractions.
      1404 Canal Dr, Carolina Beach, NC 28428
      View Details
    • $942,500
      3,110 SF

      Carolina Beach Multifamily Investment Opportunity

      Income-producing property near the beach with strong rental potential.
      1715 Carolina Beach Ave N, Carolina Beach, NC 28428
      View Details
    • New
      $800,000
      3,072 SF

      Carolina Beach Triplex Investment Opportunity

      Turnkey, fully furnished triplex near Carolina Beach boardwalk.
      409 Monroe Ave, Carolina Beach, NC 28428
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Carolina Beach Commercial Space Available

      Commercial space and outparcel available for lease in Carolina Beach.
      1001 St Joseph St, Carolina Beach, NC 28428
      View Details
    • $6,500 /Mo
      2,400 SF

      Turn-Key Bar & Restaurant Venue

      Fully equipped bar and restaurant in Carolina Beach nightlife scene.
      219 Myrtle Ave, Carolina Beach, NC 28428
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    • $300 /Mo
      64 SF

      Office Space in Carolina Beach

      64 sq ft office space for rent in Carolina Beach.
      1029 N Lake Park Blvd N, Carolina Beach, NC 28428
      View Details
    • $300 /Mo
      64 SF

      Carolina Beach Office Space Available

      Upstairs office space for rent in Carolina Beach.
      1029 N Lake Park Blvd N, Carolina Beach, NC 28428
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    • $32 SF/Yr
      2,997 SF

      New Retail Space Near Beach

      New retail space in luxury apartment complex near Carolina Beach.
      904 North Lake Park Blvd, Carolina Beach, NC 28428
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    • $22 SF/Yr
      22,222 SF

      Lake Park Blvd Office Spaces

      Carolina Beach commercial property, flexible suites.
      1328 Lake Park Blvd, Carolina Beach, NC 28428
      View Details
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    517 Greenville Ave
    Carolina Beach, NC 28428
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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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    517 Greenville Ave, Carolina Beach, NC, 28428
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