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    Commercial Property at Highway Intersection Title is generated by Realmo AI

    82 N Hwy9, Mill Spring, NC 28756

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    Claim this Listing
    For Sale
    $2,250,000

    Improved Commercial - Mill Spring, NC

    Property size:
    10,100 SF
    Lot size:
    5.60 Acres
    Price / SF:
    $222/SF
    Added:
    Nov 19, 2024
    Days on Market:
    545
    Last Refresh:
    May 18 at 4:06 pm

    Property Features for 82 N Hwy9

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    10,100 SF
    Lot size
    5.60 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5624

    Building Details

    Flooring type
    Concrete
    Roof type
    Other, See Remarks
    Architectural style
    Other

    We can help!

    Listing Contact
    Cheryl Stott
    Cheryl Stott

    Listing agent Cheryl Stott License #76999

    Listing office Coldwell Banker Advantage 177 N. Trade Street, COLUMBUS, NC

    Listing date Nov 19, 2024

    MLS# 317435 Listing URL

    Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Unrestricted and unzoned 5.33‑acre corner lot at the signalized intersection of Highway 9 and Highway 108.
    • High traffic location at the crossroads to Rutherfordton, Columbus, Lake Lure, Lake Adger, and Spartanburg SC, with easy access to I‑26.
    • Existing income‑producing commercial strip building with seven units and a separate 1,800 sq ft commercial building.
    • Includes two residential units, offering immediate rental income potential.
    • City water and six septic systems already in place.
    • Natural gas available, providing an additional utility option.

    Overview

    This 5.33-acre commercial property is located at the corner of Highway 9 and Highway 108 in Mill Spring, North Carolina. The property is unrestricted and unzoned, offering approximately 655 feet of frontage on SR 1368, 500 feet on Highway 9, and 860 feet on Highway 108. It features a commercial strip building with seven units, a freestanding 1,800-square-foot commercial building situated on the corner at the traffic signal, and two residential units. City water and six septic systems are available, along with natural gas. The location is at the crossroads to Rutherfordton, Columbus, Lake Lure, Lake Adger, and Spartanburg, SC, and is a short distance from I-26. Potential uses include enhancing the existing structures and incorporating additional buildings for increased income, or redeveloping the tract. The property is located at a signalized state highway intersection.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Pharmacy Auto Repair Shop Department Store Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Mill Spring
    County
    Polk
    State
    North Carolina
    Longitude
    -82.157629
    Latitude
    35.295615

    FAQs

    What type of property is this?
    Strip mall - Unrestricted 5.33-acre commercial property with multiple buildings.
    Where is this strip mall located?
    The property is located at 82 N Hwy9 Mill Spring, NC.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Unrestricted and unzoned 5.33‑acre corner lot at the signalized intersection of Highway 9 and Highway 108.; High traffic location at the crossroads to Rutherfordton, Columbus, Lake Lure, Lake Adger, and Spartanburg SC, with easy access to I‑26.; Existing income‑producing commercial strip building with seven units and a separate 1,800 sq ft commercial building.
    (828) 817-0788
    We can help!
    Listing Contact
    Cheryl Stott
    Cheryl Stott
    Real Estate License ID: 76999
    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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