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    Property profile & analytics

    106 Main St Norwood, NC 28128

    • Commercial real estate
    • 8,652 SF
    • 0.22 lot acres
    For Sale
    View listing
    $550,000
    Last Sale
    Oct 22, 2021
    $140,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1179779
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 106 Main St

    Year built
    1901
    Lot size
    0.22 lot acres
    Property size
    8,652 SF
    Zone code
    C-B
    Property type
    Commercial real estate
    APN
    656302587841
    APU
    656302587841

    Description

    This exceptional 7,000 square foot commercial property, situated on a 0.36-acre lot at 106 S Main Street in the heart of Norwood, NC, presents a unique investment opportunity. The building boasts three separate entrances, offering flexibility for various business configurations. Original wooden floors and a vintage freight elevator add character and charm, reflecting the building's rich history. Large showcase windows provide excellent street visibility, capitalizing on the high foot traffic generated by nearby popular establishments such as Reservoir Coffee and Lantern Sushi, as well as the proximity to Lake Tillery. This prime location is ideal for a diverse range of businesses, including retail spaces, office suites, residential apartments, or creative studios. The substantial square footage allows for the possibility of subdividing the space to accommodate multiple tenants or distinct business functions. The property's versatility and central location within Norwood's vibrant downtown area make it an exceptional investment prospect with significant potential for growth and return. This is a rare chance to acquire a piece of Norwood's history and shape its future. The property is offered at $550,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $155,000
      ML approach
      $245,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norwood
    County
    Stanly
    State
    North Carolina
    Longitude
    -80.1193
    Latitude
    35.2253
    CBSA code
    10620
    CBSA name
    ALBEMARLE, NC MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $732
    $13,044
    $58,755
    $71,799
    -
    $13,044
    $58,755
    $71,799

    Comparable in this City

    • Value Estimation
      $260,000
      0.82 Acres

      Whitley St

      COMMERCIAL (GENERAL) • 0.82 Acres
      Whitley St, Norwood, NC 28128
      View Details
    • Value Estimation
      $245,000
      0.18 Acres

      52 Hwy S Hwy

      COMMERCIAL (GENERAL) • 0.18 Acres
      52 Hwy S Hwy, Norwood, NC 28128
      View Details
    • Value Estimation
      $325,000
      1,610 SF

      477 Carver St

      COMMERCIAL (GENERAL) • 1,610 SF
      477 Carver St, Norwood, NC 28128
      View Details
    • Value Estimation
      $345,000
      3,125 SF

      125 Main St

      COMMERCIAL (GENERAL) • 3,125 SF
      125 Main St, Norwood, NC 28128-6707
      View Details
    • Value Estimation
      $295,000
      525 SF

      42849 Outlet Rd

      COMMERCIAL (GENERAL) • 525 SF
      42849 Outlet Rd, Norwood, NC 28128
      View Details
    • Value Estimation
      $110,000
      1,929 SF

      12394 Us 52nd S Hwy

      COMMERCIAL (GENERAL) • 1,929 SF
      12394 Us 52nd S Hwy, Norwood, NC 28128
      View Details

    Similar Nearby for Sale

    • $550,000
      7,000 SF

      Downtown Norwood Commercial Gem

      7,000 sq ft, 3 entrances, prime location
      106 Main St, Norwood, NC 28128
      View Details
    • $85,000
      0.56 Acres

      High-Traffic Norwood Commercial Lot

      Prime location, high visibility, great access.
      3209 Northwood Dr, Norwood, NC 28128
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    • $144,500
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      Norwood, NC Building Lot

      Large, gently sloped lot in gated community with lake views.
      Eagle Pointe Dr, Norwood, NC 28128
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    • $110,000
      1.01 Acres

      Land in Edgewater Community

      Land with access to clubhouse, pool, and lake amenities.
      Old Frst Ct, Norwood, NC 28128
      View Details
    • New
      $119,900
      3.59 Acres

      Land Parcel in Norwood, NC

      3.59 acre land parcel suitable for new construction.
      Vac Hwy 52 S, Norwood, NC 28128
      View Details
    • $47,000

      Residential Lot on Whitley Road

      0.49-acre lot with utility tap in place.
      457 W Whitley St, Norwood, NC 28128
      View Details
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    106 Main St
    Norwood, NC 28128
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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