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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5319 Highway 24 Newport, NC 28570

    • Commercial real estate
    • 2.23 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2598621
    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

    • Commercial real estate

    Property Details for 5319 Highway 24

    Lot size
    2.23 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional commercial property, located at 5319 Highway 24 in Newport, North Carolina, presents a unique investment opportunity. The expansive 2.23-acre lot offers significant frontage on Highway 24, ensuring high visibility and accessibility for any business. The property's "Other" classification allows for a wide range of potential uses, subject to local zoning regulations. The asking price is $699,999. Given its prime location and substantial acreage, this land parcel is ideal for developers seeking a strategic foothold in a growing market or established businesses looking to expand their operations. The property's size and highway frontage provide ample space for construction, parking, and outdoor activities, making it suitable for a variety of commercial ventures. Further due diligence is recommended to determine the suitability of the land for specific business plans and to confirm compliance with all applicable building codes and zoning ordinances. This is a rare opportunity to acquire a significant commercial land holding in a desirable location. Serious inquiries are encouraged to explore the potential of this exceptional property. The absence of square footage information requires independent verification. Interested parties should conduct their own due diligence regarding zoning and permitted uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Carteret
    State
    North Carolina
    Longitude
    -77.03448
    Latitude
    34.69893

    Comparable in this City

    • $750,000

      US Hwy 70 Warehouse Lot

      Prime Newport, NC Industrial Land
      3 Us Highway 70, Newport, NC 28570
      View Details
    • $379,000
      1.44 Acres

      Prime Newport Commercial Land

      1.44 Acres, $379,000
      974 Nc 24, Newport, NC 28570
      View Details
    • $249,000
      0.87 Acres

      Prime Newport Commercial Land

      0.87-acre lot, ideal for development. High-growth potential.
      160 Nine Mile Rd, Newport, NC 28570
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    • $3,500,000
      20.70 Acres

      Newport Commercial Land - 20 Acres

      Highway 70 Commercial Land
      415 Roberts Rd, Newport, NC 28570
      View Details
    • $1,115,136
      2,834 SF

      Prime Newport CVS Pharmacy Investment

      High-yield retail pharmacy, strong tenant.
      129 Nine Foot Rd, Newport, NC 28570
      View Details
    • $125,000
      0.16 Acres

      Residential Lot in Gated Community

      Residential lot in gated community with many amenities.
      781 Cannonsgate Dr, Newport, NC 28570
      View Details

    Similar Nearby for Sale

    • $249,000
      0.87 Acres

      Prime Newport Commercial Land

      0.87-acre lot, ideal for development. High-growth potential.
      160 Nine Mile Rd, Newport, NC 28570
      View Details
    • $379,000
      1.44 Acres

      Prime Newport Commercial Land

      1.44 Acres, $379,000
      974 Nc 24, Newport, NC 28570
      View Details
    • $750,000

      US Hwy 70 Warehouse Lot

      Prime Newport, NC Industrial Land
      3 Us Highway 70, Newport, NC 28570
      View Details
    • $3,500,000
      20.70 Acres

      Newport Commercial Land - 20 Acres

      Highway 70 Commercial Land
      415 Roberts Rd, Newport, NC 28570
      View Details
    • $1,115,136
      2,834 SF

      Prime Newport CVS Pharmacy Investment

      High-yield retail pharmacy, strong tenant.
      129 Nine Foot Rd, Newport, NC 28570
      View Details
    • $125,000
      0.16 Acres

      Residential Lot in Gated Community

      Residential lot in gated community with many amenities.
      781 Cannonsgate Dr, Newport, NC 28570
      View Details
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    5319 Highway 24
    Newport, NC 28570
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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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