+/-120 Acre Cheshire Rd, Rocky Point Development Tract

Vacant Land for Sale
Catylist Listing ID: 30761982
Property Subtypes: Agricultural, Hospitality, Mobile Home Park, Multi-Family, Residential (Single Family), Vacation/Resort
Gross Land Area: 120 Acres
Sale Price: $2,100,000
Unit Price: $17,500 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/12/2022

Overview / Comments

+/-120 acre parcel prime for residential development, working farm or ranch, wedding venue and more. Approximately half the acreage is cleared and includes three man-made ponds with drainage while the wooded half is ready for timbering.

Situated between NC 133 and NC 210 the location provides easy access to the booming Pender Commerce Park and other employers in the US 421 Corridor plus is within 15 miles of most major Wilmington Area employers, easy access to I-40, area beaches and Wilmington proper. The subject is located within a federally designated Opportunity Zone, providing an extremely favorable avenue to offset gains without the constraints of a 1031 exchange.

Residential Performance zoning provides 15,000sf lots with septic by-right and 12,000sf lots with connection to municipal or community water and sewer systems. Municipal water is available at the Cheshire Rd. frontage. This tract could potentially support 250 or more single family residential lots with the appropriate infrastructure. A Planned Unit Development including townhouses or multifamily may provide even more density.

The Wilmington MSA was recently found to be number one in the country for inbound moves and has been experiencing an increasingly severe housing shortage for years. These conditions create incredible opportunity for new housing developments in the area. Pender County is historically favorable to residential development with fewer barriers to entry than other counties in the region.

This offering is less the house, +/-15 acres and the cell tower lease offered in listing ID 30728940

Showings by appointment only, Listing Agent must be present. There are three exempt prospects.

Additional Details

Nearest MSA: Wilmington
County: Pender
Tax ID/APN: 3224-24-8687-0000, 3224-32-0627-0000
Zoning: RP
Property Located Between: HWY 133 and HWY 210
Property Visibility: Excellent
Legal Description: W/S 1426 Deed 730/173 Lb Cheshire After Life Estate
Feet of Frontage: 2,200
Zoning Description: Residential Performance District (RP) shall meet the following general standards: 1) Buildings on the periphery of a Residential Performance Development shall be setback no less than twenty (20’) feet from the adjoining property line. Additional buffers may be required based on the adjacent land use. See buffer chart in Section 8.2.6. 2) All undivided areas within the development (other than street rights-of-way, parking, and structures) shall be designated as open space as defined in Appendix A Definitions and Article 8. Such open space shall be offered to the public or encumbered for the perpetual benefit of the residents. 3) Private streets will be permitted in Performance Residential Developments; however, dedication of public streets and utility easements shall be required if such are indicated on the official plans as adopted by Pender County or any municipality if it is determined by the County Planning Board. 4) When a development proposal is submitted under this Article, it shall be processed as a Master Plan. 5) Projects proposing less than ten (10) lots shall be submitted as one phase and must be contiguous when submitted for final plat. 6) A homeowners association shall be established and kept continuously active, for the maintenance of open and private spaces and stormwater runoff, along with any private water, sewer or roads, when warranted. 7) All requirements of Article 9 Flood Damage Prevention must be met. 8) Any land designated as usable open space shall be used in calculating the density for a proposed development. 9) Buffer strips shall be required and maintained by the Homeowner’s Association. 10) All preliminary plans shall provide the approximate delineation of Corps of Engineers Section 404 and Section 10 Wetlands.
Topography: Level
Easements: Other
Available Utilities: Electric, Water, Cable, Internet Access
Water Service: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,819 4,912 11,141
Median Age: 39.2 37.41 37.75
Households: 694 1,809 4,120


Photograph of Listing Agent

Eric Knight

Nest Realty NCCMLS Member
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