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    Brick Ranch Home Business Zoning Title is generated by Realmo AI

    1221 Connelly Springs Road, Lenoir, NC 28645

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    For Sale
    $529,000

    Spacious home with business zoning, currently assisted living facility.

    Type:Commercial
    Property size:
    2,400 SF
    Lot size:
    0.98 Acres
    Price / SF:
    $220/SF
    Added:
    Apr 3, 2025
    Days on Market:
    428
    Last Refresh:
    May 10 at 9:58 pm

    Property Features for 1221 Connelly Springs Road

    General Information

    Standard status
    Active
    Size
    2,400 SF
    Lot size
    0.98 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1984

    We can help!

    Listing Contact
    STEPHENIE DEESY

    Listing agent STEPHENIE DEESY

    Listing office MOUNTAINSIDE REALTY, LLC

    Listing date Apr 3, 2025

    Source Corcoran

    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 MOUNTAINSIDE REALTY, LLC

    HighLights

    • Business Zoning and Current Operation as Licensed Assisted Living Facility
    • Spacious 2,400 sq. ft. Brick Ranch with Finished 1,300 sq. ft. Basement (kitchen and half bath)
    • Four Bedrooms and 3.5 Baths
    • Two‑Car Garage on Main Level plus Additional Garage Bay in Basement
    • Large 0.98‑Acre Lot with 200 Feet of Street Frontage
    • Convenient Location: 27 minutes to Hickory, 22 Minutes to Morganton, and 32 minutes to Blowing Rock

    Overview

    This expansive 2,400 sq. ft. brick ranch-style home includes a finished 1,300 sq. ft. basement, complete with a kitchen and half bath. The property features 4 bedrooms and 3.5 baths. A 2-car garage is located on the main level, and the lower level provides an additional garage bay with its own garage door. The interior includes a large kitchen and dining room. Situated on a 0.98-acre lot with 200 feet of street frontage, the property offers outdoor space, including a concrete patio in the backyard and a covered front porch with a ramp. A spacious driveway provides ample parking. Zoned for business and currently operating as a licensed assisted living facility, this property offers an opportunity for investment or multi-use purposes. It is located 27 minutes from Hickory, 22 minutes from Morganton, and 32 minutes from Blowing Rock.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $48.1k $20.04
    − Vacancy −$10.6k −$4.41
    EGI $37.5k $15.63
    − OpEx −$9.4k −$3.91
    NOI $28.1k $11.72
    2,400 SF · lease $20.04/SF/yr · vacancy 22.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $401.9K
    $351.7K – $468.9K (±1% cap)
    NOI $28,136 @ 7.0% cap · market cap 5.32%
    Second Best
    Apartment 5plus
    $237.0K
    $207.4K – $276.5K (±1% cap)
    NOI $16,588 @ 7.0% cap · market cap 3.14%
    Theoretical Best
    Office A
    $547.7K
    $479.2K – $639.0K (±1% cap)
    NOI $38,339 @ 7.0% cap · market cap 7.25%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    DalyCares, LLC Nursing Home

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Similar Places Nearby

    • DalyCares, LLC — 1221 Connelly Springs Rd, Lenoir, NC 28645

    Location Insight

    • Map
    • Local Demand
    City
    Lenoir
    County
    Caldwell
    State
    North Carolina
    Longitude
    -81.535
    Latitude
    35.8757

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    FAQs

    What type of property is this?
    Assisted living facility - Spacious home with business zoning, currently assisted living facility.
    Where is this assisted living facility located?
    The property is located at 1221 Connelly Springs Road Lenoir, NC.
    What is the asking price?
    The asking price for this property is $529,000.
    What are key features of this property?
    This property features: Business Zoning and Current Operation as Licensed Assisted Living Facility; Spacious 2,400 sq. ft. Brick Ranch with Finished 1,300 sq. ft. Basement (kitchen and half bath); Four Bedrooms and 3.5 Baths
    (828) 729-5959
    We can help!
    Listing Contact
    STEPHENIE DEESY
    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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