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    33301 33301 Engelhard, NC 27824

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 33301 33301

    Year built
    1996
    Property type
    Commercial real estate

    Description

    This exceptional opportunity presents the chance to acquire Martelle's Feed House, a well-established restaurant operating successfully for 28 years in Engelhard, NC. Located at 33301 Highway 264, this iconic establishment boasts a charming "old country kitchen" atmosphere, complete with antique dГ©cor and a rich history dating back over 100 years. The restaurant features a spacious layout with over 150 seats, including a dedicated bar area and a banquet room, perfect for hosting various events. The expansive 6900+ square foot building houses a fully equipped commercial kitchen, ensuring smooth and efficient daily operations. Martelle's diverse menu caters to a wide range of tastes, attracting a loyal clientele and drawing in visitors from the surrounding farm and fishing community, particularly hunters during the fall and winter months. The seller is open to discussing seller financing options, and detailed financial information is available to qualified buyers. Showings are best scheduled for Mondays before 11:30 AM or between 2:00 PM and 5:00 PM to avoid disrupting daily operations. A catering truck and trailer are also included in the sale. This is a rare chance to own a thriving, long-standing business in a picturesque North Carolina town.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Engelhard
    County
    Hyde
    State
    North Carolina
    Longitude
    -76.0455
    Latitude
    35.541

    Comparable in this City

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      12,479 SF

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      Commercial real estate • 12,479 SF
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    • Value Estimation by Request
      6.40 Acres

      Engelhard, NC 27824

      COMMERCIAL (GENERAL) • 6.40 Acres
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      COMMERCIAL (GENERAL)
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      0.91 Acres

      34862 Us Highway 264

      Commercial real estate • 0.91 Acres
      34862 Us Highway 264, Engelhard, NC 27824
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    • Value Estimation by Request

      Engelhard, NC 27824

      COMMERCIAL (GENERAL)
      Engelhard, NC 27824
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    • Value Estimation by Request
      5.00 Acres

      Engelhard, NC 27824

      COMMERCIAL (GENERAL) • 5.00 Acres
      Engelhard, NC 27824
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    Similar Nearby for Sale

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      Engelhard Commercial Building Opportunity

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      Engelhard Commercial Property - Huge Potential

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      0.84 Acres

      Vacant Land in Engelhard, NC

      Vacant land available for sale in Engelhard, North Carolina.
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      0.70 Acres

      Vacant Land in Engelhard, NC

      Vacant land available in Engelhard, North Carolina.
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    33301 33301
    Engelhard, NC 27824
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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.

    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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