Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3 Acres Redevelopment Opportunity Title is generated by Realmo AI

    801 E Grover St, Shelby, NC

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Three assembled parcels, approximately 3 acres, suitable for redevelopment.

    Type:LAND
    Lot size:
    3.00 Acres
    Added:
    Dec 26, 2023
    Days on Market:
    892
    Last Refresh:
    May 19 at 9:02 pm

    Property Features for 801 E Grover St

    General Information

    Standard status
    Active
    Lot size
    3.00 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Spencer Borders
    Spencer Borders

    Listing agent Spencer Borders License #100715

    Listing office Foothills Commercial Real Estate

    Listing date Dec 26, 2023

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Foothills Commercial Real Estate

    HighLights

    • Redevelopment opportunity on 3 acres.
    • High traffic and high visibility location.
    • Walking distance to Atrium Health Medical Center.
    • All city utilities available.
    • Recently assembled parcels.
    • 16,000 Average Annual Daily Traffic (AADT).

    Overview

    This property features three recently assembled parcels, totaling approximately 3 acres, presenting a redevelopment opportunity. The location benefits from high traffic and high visibility. It is situated within walking distance of Atrium Health Medical Center. The site is equipped with all city utilities. Traffic counts reach 16,000 AADT (Average Annual Daily Traffic).
    Property Profile Location Intelligence

    Current Use by Public Records

    City of Shelby Water ... Fire Station

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelby
    County
    Cleveland
    State
    North Carolina
    Longitude
    -81.5246
    Latitude
    35.3059

    Nearby Similar for Sale

    • $975,000
      8,673 SF

      Office/Warehouse on Hwy 18N

      Office and warehouse space with loading dock and covered area.
      1740 Fallston Road, Shelby, NC 28150
      View Details
    • $299,000
      6,794 SF

      Shelby Warehouse with Office Space

      6,794 SF warehouse with offices, ideal for various businesses.
      601 Schenck Street, Shelby, NC 28150
      View Details
    • $1,275,000

      Poultry Farm with Broiler Houses

      Well-established poultry operation on acreage, featuring four broiler houses and supporting outbuildings for flexible farm growth.
      1402 Maple Springs Ch Road, Shelby, NC 28152
      View Details
    • $215,000

      Downtown Shelby Commercial Property For Sale

      Commercial property with excellent visibility and dedicated parking in Shelby.
      820 W Warren Street, Shelby, NC 28150
      View Details
    • $285,000

      Renovated Duplex With Covered Parking

      Renovated duplex with one rented unit, a vacant unit ready to show, and covered parking.
      604 Leander Street, Shelby, NC 28152
      View Details
    • $350,000

      Shelby, NC Investment Opportunity

      3.27-acre property with income potential in Shelby, NC.
      2125 Riverside Road, Shelby, NC 28152
      View Details
    • $749,000
      25,150 SF

      Versatile Commercial Facility with Income Potential

      25,150 SF commercial facility suitable for various business uses.
      1205 Costner Road, Shelby, NC 28150
      View Details
    • $27,000

      Unrestricted Land in Shelby, NC

      0.294-acre corner lot with convenient access to amenities.
      Westlee Street, Shelby, NC 28150
      View Details
    • $125,000

      9.23 Acres in Shelby, NC

      9.23-acre property ideal for estate, recreation, or investment.
      Hearthside Drive, Shelby, NC 28150
      View Details
    • $699,000
      17,087 SF

      Shelby Church with Repurposing Potential

      Versatile 17,087 sqft church on 1.26 acres in Shelby, NC.
      413 Polkville Road, Shelby, NC 28150
      View Details
    • $125,000

      8.05 Acres in Shelby, NC

      8.05 acre tract ideal for building or recreation.
      1627 Friendship Road, Shelby, NC 28150
      View Details
    • $180,000

      4.68 Acres in Shelby, NC

      Land with carports, suitable for residential or commercial use.
      3538 Fallston Road, Shelby, NC 28150
      View Details

    FAQs

    What type of property is this?
    Land - Three assembled parcels, approximately 3 acres, suitable for redevelopment.
    Where is this land located?
    The property is located at 801 E Grover St Shelby, NC.
    What are key features of this property?
    This property features: Redevelopment opportunity on 3 acres.; High traffic and high visibility location.; Walking distance to Atrium Health Medical Center.
    (980) 404-1111 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Spencer Borders
    Spencer Borders
    Real Estate License ID: 100715
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    801 E Grover St, Shelby, NC
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!