Munden Farm 543 Harvest Point Road Elizabeth City, North Carolina Pasquotank County
Pasquotank River View Introduction
This unique waterfront property, situated within commuting distance from Hampton Roads, Virginia and North Carolina’s pristine Outer Banks, is well suited for subdivision development or as a single-owner estate. The 173+/-acre tract includes approximately 5,000 feet of waterfront on the Pasquotank River and Betty’s Creek, along with farmland and wooded acreage. The county seat of Elizabeth City is just a short drive from the property.
This locale is quickly becoming a bedroom community for the Norfolk/Virginia Beach/Newport News metro area. Residents enjoy an easy commute to an urban workplace and return home to the relaxing atmosphere of beautiful northeastern North Carolina, which offers lower taxes, less traffic, and a tranquil lifestyle.
Unique Character
Because Pasquotank County does not allow development of farmland unless it borders waterfront, the Munden Farm is one of the few area properties available for development. The amount of acreage and riverfront frontage makes this property an appealing offering.
Inner Banks
There is a growing trend for homebuyers to locate on the Inner Banks of North Carolina. Sheltered rivers and sounds offer relaxing waterfront living without the risk or the expense of living on the Outer Banks.
Economic Data
This listing is available for the price of one-million and nine hundred and seventy-five thousand ($1,975,000) dollars, or approximately eleven thousand and four hundred and sixteen dollars ($11,416) per acre. The highest and best use is deemed to be single-family residential development. Another waterfront development is located nearby. The land for this development sold in 2003 for approximately fifteen thousand and six hundred ($15,600.00) dollars per acre. Other comparable properties are located in nearby Perquimans, Bertie and Chowan counties. Conventional financing or cash is preferred by the sellers, with possession available at closing.
Legal Information
The property is owned by Fentress H. Munden and Brenda S. Munden, as tenants in common with equal interests. The property was obtained February 19, 1996 as indicated in Deed 588, Page 326, as found in the Pasquotank County Registry. It is located on Harvest Point Road, also referred to as NC State Road 1111. The property identification numbers are 8950 16 8702 and 8950 37 1821. Map and lot numbers are P130-52 and P130-42. Zoning is currently Agricultural 1, or A-1. There are no known easements except for utilities. A crop lease represents the only known encumbrance. This will be further explained in the addendum.
Community and Social Factors
In 2019, Pasquotank County had a population of approximately 40,000. Elizabeth City is considered part of the larger Virginia Beach-Norfolk, Virginia combined statistical area. It is located about one hour from the Outer Banks of North Carolina and lies south of Hampton Roads, Virginia which offers an abundance of jobs and shopping. A number of people working in this area prefer to live in the tranquil setting of the northeastern counties of North Carolina. Restaurants and shopping are plentiful, coinciding with the historical sites of Elizabeth City. The largest U. S. Coast Guard Air Base is located here. Many enjoy the planetarium located at Elizabeth City State University. The county is bordered by the Albemarle Sound, the Pasquotank River and the Perquimans River which offers many opportunities to water enthusiasts. Excellent schools, professional law enforcement agencies and fire departments are available to the public. The Albemarle Hospital provides quality medical care.
Property Specifics
• Location: Harvest Point Road, Elizabeth City, NC • PIN: 8950 16 8702 and 8950 37 1821 • Map No. P130-52 and P130-42 • Acreage: Approximately 173 acres • Property Type: Waterfront, cultivated land, woodland • Topography: Level • Road Frontage: Harvest Point Rd, 270 & 310 ft. estimated • Water Frontage: 5,000 ft. approximately • Shape: Irregular • Access: Gravel, paving plans in process • Drainage: Drains well (several ditches) • Utilities: Electricity, water, phone • Soils: Primarily Elkton, some Barclay and Othello • Zoning: A-1 • Flood Zone: AE (NC Floodplain Mapping, Addendum) • Wetlands: Being updated; previously, approx. 33 acres
Special Note: A representative of CAMA, in a meeting with one of the sellers and the listing agent, gave indication an inland marina may be possible for this site. An assessment would need to be made and the results at this time are unknown.
Paul Loftin Paul Loftin Realty 252-349-2349 (Cell) [email protected]
Statement of Limiting Conditions: The Listing Agent is a licensed NC Real Estate Broker. He is not a surveyor or appraiser. This information is believed to be accurate but is not guaranteed. It is recommended that information be verified by a licensed surveyor, certified appraiser, and other professionals with access to information on this property.