$ 1,100,000
0 Ocean Highway West Ocean Isle Beach, NC 28469
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$ 1,100,000
Est. payment /mo
Price Dropped by $200K
0 Ocean Highway West Ocean Isle Beach, NC 28469
45.2 Acres Lot
UPDATED:
08/28/2024 04:22 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Not In Subdivision
MLS Listing ID 100416164
HOA Y/N Yes
Originating Board North Carolina Regional MLS
Annual Tax Amount $138
Lot Size 45.200 Acres
Acres 45.2
Property Description
Approximately 45.2 acres zoned C-LD/R7500 with over 350 feet of road frontage on Hwy 17 (Ocean Highway) in unincorporated Brunswick County. Proximity to fast growing Shallotte is ideal for combination of residential and/or commercial development. Based on market demographics and recent transactions in the immediate area, a built-for-rental community (BFR/SFR) may be highest and best use. Utilities are at the highway - buyer will need to consult with Brunswick County Utilities to confirm accessibility/capacity for their project. Pricing is based on density assuming existing zoning. C-LD allows for 7.3 single family/townhouse residential units/acre (with water/sewer) and 14 units/acre for multifamily. Offering includes 3.12 acres zoned C-LD. R7500 allows for 2.9 units/acre without water/sewer and 5.8 units/acre with water/sewer. Offering includes 42.08 acres zoned R7500. Link to Brunswick County UDO is part of this listing. Based on the acreage being offered, this would amount to a maximum of 287 units on 45.2 acres or $4,529/developed unit/lot with water/sewer. If buyer chooses to put multifamily in the C-LD portion, it could support 43 units on the 3.12 acres with highway frontage (approximately $7,650/door), while the R7500 section can provide 244 single family/townhouse units. Most new construction single family and townhomes in the area are selling for $280,000 to $350,000. Rental rates for similar products ranges from $1,350 - $2,600/month.
Location
State NC
County Brunswick
Community Not In Subdivision
Zoning CLD
Direction Highway 17 South towards South Carolina. Pass old Shallotte Rd NW and the property is about a mile on the left hand side.
Location Details Mainland
Rooms
Other Rooms None
Exterior
Waterfront No
Others
Tax ID 2120002110
Special Listing Condition None
Listed by Berkshire Hathaway HomeServices Carolina Premier Properties