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    Land with Home and Potential Title is generated by Realmo AI

    2462 & 2464 Leonhardt Road, Cherryville, NC 28021

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    Claim this Listing
    Pending
    $185,000

    LAND - Cherryville, NC

    Property size:
    924 SF
    Lot size:
    4.16 Acres
    Added:
    May 15, 2026
    Days on Market:
    8
    Last Refresh:
    May 22 at 6:06 am

    Property Features for 2462 & 2464 Leonhardt Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    51078
    Size
    924 SF
    Lot size
    4.16 Acres

    Taxes and HOA fees

    Tax Description
    W CARPENTER/RD 1159

    Utilities

    Water source
    Well

    We can help!

    Listing Contact
    Kristie Robertson
    Kristie Robertson

    Listing agent Kristie Robertson

    Listing office Wilson Realty PO Box 4570, huntersville, NC

    Listing date May 15, 2026

    MLS# 4381616 Listing URL

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Over 4 acres across three separate parcels offering flexibility and value.
    • Second parcel equipped with well and septic system, ready for building.
    • Includes a 924 sq ft manufactured home suitable for residence or rental.
    • Quiet rural setting providing peaceful country living.
    • Partially wooded parcel offering privacy and natural beauty.
    • Investment opportunity with potential for expansion or development.

    Overview

    This property offers over 4 acres across three separate parcels in a quiet rural setting. One parcel features a 924 sq ft manufactured home, suitable as a primary residence or for rental income. A second parcel will be cleared and is equipped with a well and septic system, making it ready for another home site. The third parcel is partially wooded, providing privacy and potential for recreation or future development. This property delivers flexibility and value for those seeking a peaceful homestead or an investment opportunity. It offers the serenity of country living while still being within reach of nearby conveniences.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $108.6K
    NOI $9,776 @ 9.00% cap · cautious / downside scenario
    Moderate
    $139.7K
    NOI $9,776 @ 7.00% cap · market / base-case scenario
    Aggressive
    $195.5K
    NOI $9,776 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $19.4k $21.00
    − Vacancy −$1.6k −$1.76
    EGI $17.8k $19.24
    − OpEx −$8.0k −$8.66
    NOI $9.8k $10.58
    924 SF · lease $21.00/SF/yr · vacancy 8.40% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $139.7K
    $122.2K – $162.9K (±1% cap)
    NOI $9,776 @ 7.0% cap · market cap 5.28%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $290.8K
    $254.5K – $339.3K (±1% cap)
    NOI $20,358 @ 7.0% cap · market cap 11.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Cherryville
    County
    Gaston
    State
    North Carolina
    Longitude
    -81.3649
    Latitude
    35.3791

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    FAQs

    What type of property is this?
    Residential land & home lot - 4+ acres with home, well, septic, ready to build.
    Where is this residential land & home lot located?
    The property is located at 2462 & 2464 Leonhardt Road Cherryville, NC.
    What is the asking price?
    The asking price for this property is $185,000.
    What are key features of this property?
    This property features: Over 4 acres across three separate parcels offering flexibility and value.; Second parcel equipped with well and septic system, ready for building.; Includes a 924 sq ft manufactured home suitable for residence or rental.
    (704) 736-5073
    We can help!
    Listing Contact
    Kristie Robertson
    Kristie Robertson
    Learn More
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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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