Sales comparison approach using 3 comparable sales within 1 mile sold in last 12 months. Adjusted for lot size, in-law suite, and workshop. Assessed value of $258,800 appears below market.
Ranch-Style 3BR/3.5BA on 5.11 Acres with In-Law Suite & Workshop
What sets 505 Firetower Rd apart is the combination of scale and flexibility: a 2,500-square-foot ranch on 5.11 acres that blends country acreage with thoughtful, family-ready spaces. Approaching down Firetower Road, the home’s log-style siding and level, open lot announce property possibilities — room for animals, a garden, or a weekend project — while remaining within a short drive of Elizabeth City’s services and institutions.
Step inside to an open main living area centered on a fireplace with custom built-ins that create a warm gathering point for everyday life. The floorplan is practical and livable: a large laundry/mudroom, generous circulation, and an owner’s suite appointed with double sinks and a soaker tub for quiet evenings at home. The home’s single-story layout makes daily living effortless, and finishes reflect solid stewardship and a comfortable, rural aesthetic.
A major selling feature is the separate in-law suite with its own entrance and split-unit heating/cooling — ideal for multigenerational households, a private home office, or long-term guest quarters. Outside, a fenced backyard provides a secure play area and easy pet management, while a 15x30 metal workshop with electricity supports hobbyists, storage needs, or small-scale agricultural support.
Practical systems include public water, septic service, Dominion Energy electric, forced-air heating with heat pump support, and a composition roof. The property also includes a detached garage and ample driveway parking. Zoned RA-25, the lot allows residential and agricultural uses with no HOA constraints, offering both lifestyle freedom and future flexibility.
This home is a strong match for buyers seeking rural space without sacrificing proximity to community resources: Downtown Elizabeth City, Sentara Albemarle Medical Center, and Elizabeth City State University are all within roughly a 10-mile radius. Buyers should confirm septic condition, roof and HVAC ages during inspection, but for those seeking a turnkey country property with an income- or family-focused in-law suite and a ready-made workshop, 505 Firetower Rd presents a distinctive and well-located opportunity.
See the properties helping shape the valuation.
Comparable sales
- 1,270 SF smaller
- 2.5 fewer bathrooms
- 202,990 SF smaller lot
- 49 years older
- 1,090 SF smaller
- 2.5 fewer bathrooms
- 200,812 SF smaller lot
- 24 years older
A 2002 ranch on 5.11 acres.
Building
Site & utilities
Newland
Researched nearby locations
Location
505 Firetower Rd, Elizabeth City, NC 27909
Set in Newland’s rural fabric, this property offers country living with straightforward access to Elizabeth City’s amenities. The neighborhood combines residential and agricultural uses, giving owners room for animals, gardens, and outdoor projects. Local institutions — downtown services, a regional medical center, and Elizabeth City State University — are all within about a ten-mile drive. Residents here value privacy, wide-open lots, and a community with modest growth and stable local character.
Excellent private outdoor space on 5.11 acres for gardening, animals, and hobby farming; short drives provide access to Elizabeth City parks and waterfront amenities within roughly 10 miles.
A factual market snapshot around 505 Firetower Rd.
Local market dynamics currently favor buyers but reward informed offers. Pasquotank County’s corridor around Firetower Road shows a buyer’s market with roughly 3.5 months of inventory and an area average of 63 days on market — conditions that provide negotiating room. Median sale price for the local area sits near $295,000, while a targeted valuation analysis for this property places fair market value between $340,000 and $370,000 (midpoint ~$355,000), reflecting recent comparable sales within one mile and premiums for the 5.11-acre parcel, in-law suite, and powered workshop. One-year appreciation is modest at ~4.5% with five-year gains near 15%, indicating steady long-term value despite softer short-term demand.
Single-family homes with acreage remain in steady demand locally; properties offering accessory structures and separate living quarters typically attract both owner-occupant buyers and investors seeking rental upside. Estimated gross rental potential is roughly $2,000/month (approx. 6.8% gross yield), reinforcing alternative use cases. Given current inventory and days-on-market metrics, motivated buyers can negotiate, while sellers will be well-served by highlighting the property’s unique add-ons — the workshop, the in-law suite, and usable acreage — which drive buyer interest in this segment.
Residential Agricultural
Zoning
Research-indicated uses
- Single Family Residential
- Agricultural Uses
- Accessory Structures
Assessment data and recorded transactions.
Assessed value is kept visually separate from the CompCasa market-value estimate.
Tax assessment
Sale history
What the research supports — and what is still worth verifying.
Key findings
- Assessed value $258,800 (land $72K, improvements $186.8K) — annual taxes $1,788
- Zoned RA-25 allowing residential and agricultural uses
- Comparable sales within 1 mile in last 12 months range $330K–$375K
- Average days on market in area: 63 days (buyer's market)
Still worth verifying
Routine buyer due diligence items; these are not known defects.
- Confirm lot dimensions and boundaries
- Verify septic system condition and capacity
- Assess age and condition of roof and HVAC systems
- Professional home inspection
What stands out about this property.
Interior Features
- 3 bedrooms, 3.5 bathrooms
- Open living area with fireplace and built-ins
- Owner's suite with double sinks and soaker tub
- Large laundry/mudroom
- In-law suite with separate entrance and split-unit HVAC
- Single-story ranch layout
Exterior & Lot
- 5.11-acre level lot (zoned RA-25)
- 15x30 metal workshop with electricity
- Detached garage and ample driveway parking
- Fenced backyard
- Log-style siding and composition roof
- No HOA restrictions — suitable for animals and small agricultural uses
Location & Neighborhood
- Newland area, Elizabeth City — rural setting with nearby amenities
- Approximately 9–10 miles to Downtown Elizabeth City and local hospitals
- Close to Elizabeth City State University
- Stable community with modest growth
- Public water service; Dominion Energy electric
Walkability & Recreation
- Walkability Rating: 10/100 — Car-Dependent
- 5+ acres provide on-site outdoor recreation and gardening space
- Short drive to Elizabeth City parks, dining, and services (within ~10 miles)
- Room for livestock, hobby farming, or outdoor projects
- Quiet rural roads suitable for walking and biking
Sources & research confidence.
See where the property research came from and how confidence varies by field.