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    622 New Riv Dr Surf City, NC 28445-6610
    Property profile & analytics

    622 New Riv Dr Surf City, NC 28445-6610

    View on Map
    • Hotels
    • 5,568 SF
    • 0.60 lot acres
    Off-Market
    Last Sale Jul 29, 2022
    $70,000,000
    Property ID
    US53-2307446
    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

    • Loggerhead Inn & Suites - Topsail Island / Hotel & Motel

    Property Details for 622 New Riv Dr

    Year built
    1968
    Lot size
    0.60 lot acres
    Property size
    5,568 SF
    Zone code
    C2
    Property type
    Hotels
    Property subtype
    Motels
    APN
    4245-11-8861-0000
    APU
    42451188610000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

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

    Location Insight

    • Map
    • Local Demand
    City
    Surf City
    County
    Pender
    State
    North Carolina
    Longitude
    -77.5346
    Latitude
    34.433
    CBSA code
    48900
    CBSA name
    WILMINGTON, 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
    $412,290
    $351,339
    $763,629
    -
    $412,290
    $351,339
    $763,629

    Comparable in this City

    • Value Estimation
      $740,000
      6,240 SF

      803 Ocean Blvd

      HOTEL/MOTEL • 6,240 SF
      803 Ocean Blvd, Topsail Beach, NC 28445
      View Details
    • Value Estimation by Request
      3,856 SF

      1502 New Riv Dr

      HOTEL/MOTEL • 3,856 SF
      1502 New Riv Dr, Surf City, NC 28445-6628
      View Details
    • Value Estimation
      $1,640,000
      15,360 SF

      412 New Riv Dr

      HOTEL/MOTEL • 15,360 SF
      412 New Riv Dr, Surf City, NC 28445-6606
      View Details
    • Value Estimation
      $715,000
      4,013 SF

      213 Shr Dr

      HOTEL/MOTEL • 4,013 SF
      213 Shr Dr, Holly Ridge, NC 28445
      View Details
    • Value Estimation
      $1,490,000
      16,800 SF

      634 Channel Blvd, Unit 636

      HOTEL/MOTEL • 16,800 SF
      634 Channel Blvd, Topsail Beach, NC 28445
      View Details
    • Value Estimation by Request
      2,268 SF

      518 New Riv Dr

      HOTEL/MOTEL • 2,268 SF
      518 New Riv Dr, Surf City, NC 28445-6608
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Surf City Motel and Condo

      40-unit motel and condo near the beach.
      1501 N New River Dr, Surf City, NC 28445
      View Details
    • $6,300,000
      15,437 SF

      Tiffany's Motel and Condotel Units

      40 motel and condotel units on Topsail Island.
      1503 N New River Dr, Surf City, NC 28445
      View Details
    • $425,000

      Commercial Zoned Lot Available

      Commercial zoned lot in Surf City, not in flood zone.
      J H Batts Rd, Surf City, NC 28445
      View Details
    • $99,900
      0.25 Acres

      Residential Land in Holly Ridge

      Vacant lot in Summerhouse on Everett Bay community.
      604 Martin House Loop, Holly Ridge, NC 28445
      View Details
    • $550,000
      0.77 Acres

      Marsh Front Lot in Surf City

      Residential land near Surf City beaches, ideal for building.
      120 Little Kinston Rd, Surf City, NC 28445
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land Near Publix Center

      1.08 acre commercial land near Highway 50 and 210.
      13203 Nc Highway 50, Surf City, NC 28445
      View Details
    • Contact for pricing

      Stand Alone Office Building

      Stand alone office building in rapidly growing area for lease.
      145 Lee St, Holly Ridge, NC 28445
      View Details
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    Surf City, NC 28445-6610
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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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