1901 I 587, Greenville, NC 27834
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Elaine Ceccacci

Elaine Ceccacci

+1(912) 509-9132
$115,000
Est. payment /mo
38 Acres Lot
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UPDATED:

Key Details

Property Type Vacant Land

Sub Type Residential Lot

Listing Status Active

Purchase Type For Sale

Subdivision Not In Subdivision

MLS Listing ID 100576174

HOA Y/N No

Lot Size 38.000 Acres

Acres 38.0

Property Sub-Type Residential Lot

Source Hive MLS

Property Description

Parcel 23817 contains +/- 38 acres (per my measurement of the aerial tax map) of woodland on the north and the south side of the I 587 corridor. The acreage on the north side of the I 587 W corridor has access via Silas Lane, a gravel private right of way, and is in the Greenville ETJ. It is zoned RA 20 for low density residential use. The property owner reports the cell tower has been purchased by Crown Castle Towers 09, LLC and the site is no longer leased. The south side contains a billboard that is leased to the Lamar Companies. The billboard site will most likely be purchased by the Lessee. The most recent lease renewal became effective on June 17, 2019 for a 10-year term. The lease specifies an automatic 10-year renewal at the same terms and conditions. Thus, the lease is relatively long-term with approximately 14 years remaining on the term. Owner reports that the annual rent is $2,000. No rent escalations are specified in the lease agreement. The Lessee has the Right of First Refusal to purchase the billboard site if the Lessor elects to sell the property. The Lessee also has the right to purchase a perpetual easement for the billboard site for 6 times the annual rent or $12,000 if the Lessor opts to sell the property. The Lessee also has the right to terminate the lease at lease at any time by providing written notice. Nevertheless, the lease is expected to be renewed for the foreseeable future. The value of this lease is calculated by discounting the income stream to present value. A 6% discount rate is used in this analysis since this rate appears to be appropriate in the current market. The present value factor for an ordinary level annuity at a 6% discount rate for a 14-year term is 9.294984. Thus, the present value of the $2,000 annual income stream is $18,589.97. The legal description is outdated as well as the acreage for the property on the county tax site from where I 587 passed through decades ago. It will be the buyer's responsibility to obtain a survey for title insurance.

Location

State NC

County Pitt

Community Not In Subdivision

Zoning Residential

Direction For the north side, you would take a dight on Evans St, left on Dickinson Ave, right on Spring Forest Rd, left on Silas Ln, Land is behind the cellphone tower. For the south side you would take a right on Evans St, left on Dickinson Ave, right on Spring Forest Rd, Continue on Mozingo road turn left onto I587 W the land will be on the right side.

Location Details Mainland

Rooms

Other Rooms None

Exterior

Utilities Available None

Waterfront Description None

Garage No

Building

Lot Description See Remarks

Water None

Schools

Elementary Schools Falkland Elementary School

Middle Schools Farmville Middle School

High Schools Farmville Central High School

Others

Tax ID 023817

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

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Hive MLS / Savannah / Classic / (NCRMLS) / Cape Fear Realtors / Mountain Lakes Board of Realtors
Listed by Berkshire Hathaway HomeServices Prime Properties

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Elaine Ceccacci

Elaine Ceccacci

+1(912) 509-9132

Agent | License ID: 384818

Agent License ID: 384818

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