Your email has been sent.
NE Elizabeth Drive Dr - 2 Lots Residential Land Open Bid 250CG056/ 54 1.17 Acres of Commercial Land in Oak Island, NC 28465
Investment Highlights
- Perfect for SHORT-TERM VACATION RENTAL (STR) INVESTMENTS
- Two residential lots on Elizabeth Drive
- Average STR Cap Rates: 8.0% to 12.0% for optimized, well-managed properties.
Executive Summary
This method allows you to initiate the purchase of a property by making a direct offer to the town, which then opens the floor for other competitive bidders.
Step 1: Make an Initial Offer
You submit a formal "Offer to Purchase" directly to the town for a specific piece of property.
Step 2: Town Review & Earnest Money
If the town board is interested in your offer, they will pass a resolution to accept it conditionally.
You must place a 5% deposit (bid bond or cash deposit) with the town clerk to secure your position while the public bidding period opens.
Step 3: The 10-Day Public Challenge Period
The town advertises your offer to the public. Other buyers now have
10 days to outbid you. To beat your offer, a competing buyer must submit a "qualifying upset bid"
This new bid must beat yours by at least 10% of the first $1,000 plus 5% of the remaining balance. They must also submit their own 5% deposit.
while the public bidding period opens.
Step 4: Winning the Property
If no one outbids you within those 10 days, the town board officially awards
the property to you.
If someone does outbid you, the 10-day clock resets. The advertising process
repeats for the new highest bid. This cycle continues until a 10-day period
passes with no new higher bids. If you are outbid and choose not to counter-
offer, your 5% deposit is safely returned to you.
Property Facts
| Sale Type | Investment or Owner User | Property Subtype | Commercial |
| No. Lots | 1 | Proposed Use | Single Family Residence |
| Property Type | Land | Total Lot Size | 1.17 AC |
| Zoning | R | ||
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Single Family Residence |
| Total Lot Size | 1.17 AC |
| Zoning | R |
1 Lot Available
Lot
| Lot Size | 1.17 AC |
| Lot Size | 1.17 AC |
Two Lots Residential Land Open Bid 250CG056 - 0.64 Acres 250CG054 - 0.53 acres An exceptional residential development opportunity is now available in Oak Island, North Carolina. This offering features two intracoastal residential lots
Description
Two residential lots on Elizabeth Drive: Prime development opportunities positioned perfectly to capture Oak Island’s booming high-income retiree and premium vacation rental markets. Elizabeth Drive serves as a critical, scenic parallel route to the Intracoastal Waterway (ICW). This specific corridor combines highly coveted "quiet street" appeal with rapid, golf-cart-friendly proximity to beach access. By targeting developers with the town's surging 11.2%+ population growth, strong median household incomes ($85,872), and an exceptionally low-traffic, pedestrian-safe street canvas, you can present a highly lucrative, low-risk build scenario for two single-family homes. No HOA Restrictions: The absence of rigid Homeowners Association fees allows developers architectural flexibility and gives buyers the freedom to park boats or trailers on-site.
Contact the Sale Advisor
NE Elizabeth Drive Dr - 2 Lots Residential Land Open Bid 250CG056/ 54