49.65 Acre Development Tract For Sale Highway 17

Vacant Land for Sale
Catylist Listing ID: 30743175
Property Subtypes: Industrial, Multi-Family, Residential (Single Family), Retail, Self Storage
Gross Land Area: 49.65 Acres
Sale Price: $29,900 Per Acre
Total Price: $1,484,535
In Opportunity Zone? Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/23/2021

Overview / Comments

The offering consists of approximately 49.65 acres of property, located in the Winnabow area of unincorporated Brunswick County and is situated at the northwest corner of US Highway 17 and Bell Swamp Connection Road. The frontage along Highway 17 provides excellent visibility and approximately 24-acres of frontage along Highway 17 has been cleared and used for agricultural purposes.

The property is zoned Commercial Intensive (CI) and Commercial Low Density (CLD) by Brunswick County. Municipal water is located on the west side of Highway 17, directly adjacent to the site. A 16 inch sewer force main operated by Brunswick County is located on the opposite side of Highway 17 and would require an underground bore to extend to the site.

The existing zoning would allow a variety of commercial uses by right. To develop the property for residential uses, the portion of property zoned CI would need to be downzoned to CLD. The applicant would need to pursue a Planned Development (“PD”) designation through the Planning Board. PD designations allow for 7.3 units per acre, without any lot size requirements with a 25% requirement for open space. Wetlands are allowed to be counted as open space and used towards the density allocation. Any offers contingent on a residential rezoning will be priced at the “greater of” the (i) price per acre or (ii) the permitted density multiplied by $8,500/lot.

The Seller also owns 34 acres on the east side of Highway 17 across from this site which is also on the market. The parcels can be purchased together or separately.

• 49.5 acres located at the NWQ of Hwy 17 and Bell Swamp Connection Rd
• Approximately 24 acres cleared for agriculture use
• Water and Sewer available
• Zoned Commercial Intensive (CI) and Commercial Low Density (CLD)
• Excellent location for residential subdivision
• Very prominent visibility and ingress and egress to Hwy 17

Additional Details

Nearest MSA: Myrtle Beach-Conway-North Myrtle Beach
County: Brunswick
Taxing Authority: Brunswick County
Tax ID/APN: 0970003102
Zoning: CO-CI & CO-CLD
Property Located Between: Highway 87 (to the north) and Mill Creek Road (to the south)
Property Visibility: Excellent
Legal Description: Deed Book 2530; Deed Page 0995
Largest Nearby Street: US Highway 17
Feet of Frontage: 1,250
Highway Access: US Highway 17
Site Description: This property is a fantastic opportunity for residential developer seeking to deliver an entry level price point community. Inventory levels of all residential “For Sale” product are at historic lows since 2019. For homes priced under $325,000, it is believed that inventory levels are well under 30-days supply.
Area Description: Brunswick County, and the Highway 17 corridor in particular, is one of the fastest growing areas in North Carolina. Highway 17 serves as the primary vehicular arterial for Southeastern North Carolina connecting Myrtle Beach, SC to Jacksonville. Surrounded by the metropolitan growth occurring in Wilmington and Myrtle Beach, the rural areas of Brunswick County along Highway 17 are experiencing tremendous residential and commercial growth. With recent manufacturing job announcements occurring in the local industrial market, this property is a prime location to capture the population growth occurring in the Greater Wilmington area.
Lot Frontage: 1,250 Feet
Available Utilities: Water, Sewer
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 564 5,872
Median Age: 43 39.55
Households: 222 2,296
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