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    Established Seafood Business Opportunity Title is generated by Realmo AI

    410 E Fleming Drive, Morganton, NC 28655

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    For Sale
    $650,000

    SINGLE_FAMILY - Morganton, NC

    Type:Office
    Lot size:
    1.28 Acres
    Added:
    Jul 11, 2025
    Days on Market:
    309
    Last Refresh:
    May 15 at 11:06 pm

    Property Features for 410 E Fleming Drive

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    APN
    1172
    Lot size
    1.28 Acres

    Taxes and HOA fees

    Tax Description
    REID 1172

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1950

    We can help!

    Listing Contact
    Paulo Benedeti

    Listing agent Paulo Benedeti

    Listing office Coldwell Banker Newton RE 203 E Union Street, Mortganton, NC

    Listing date Jul 11, 2025

    MLS# 4280189

    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

    • Turnkey seafood business with 42 years of proven success.
    • Includes two valuable lots with a solid building on E. Fleming.
    • Priced for quick sale at $650,000.
    • Comes with five trucks, including two 2019 Isuzu models.
    • Fully outfitted retail storefront with $50K in retail/restaurant equipment, a $30K freezer (new Thermo King unit), and a $25K cooler (new compressor).
    • Seller will assist in a seamless transition and sell accounts receivable at wholesale.

    Overview

    This is an established seafood business known as Fisherman's Catch, operating for 42 years. The sale includes two lots with a building on E. Fleming Drive, plus five trucks (two 2019 Isuzus, a 2000 Isuzu, 2006 GMC, and 2016 Chevy). The retail storefront is currently leased at $1,250 per month with $100 yearly increments. The store is fully outfitted with retail and restaurant equipment valued at $50,000, a $30,000 freezer (new Thermo King unit), and a $25,000 cooler (new compressor). The property also includes three outdoor coolers, $5,000 in truck parts and tools, and $5,000 in inventory (boxes and bags). The lot size is 1.28 acres. The seller is willing to assist in the transition and will sell all accounts receivable at wholesale. The property is located in Morganton, Burke County, North Carolina.
    Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morganton
    County
    Burke
    State
    North Carolina
    Longitude
    -81.66297
    Latitude
    35.74738

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    FAQs

    What type of property is this?
    Grocery and convenience store - Turnkey seafood business with real estate and equipment included.
    Where is this grocery and convenience store located?
    The property is located at 410 E Fleming Drive Morganton, NC.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Turnkey seafood business with 42 years of proven success.; Includes two valuable lots with a solid building on E. Fleming.; Priced for quick sale at $650,000.
    (828) 559-9562
    We can help!
    Listing Contact
    Paulo Benedeti
    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.

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