Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Lot 23 Commercial Drive Forest City, NC 28043

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $69,500

    Commercial lot available near Highway 74 in Forest City.

    Type:Land or Vacant Lot
    Lot size:
    1.03 Acres
    Added:
    Jul 6, 2023
    Days on Market:
    1031
    Last Refresh:
    Apr 5 at 10:59 pm

    Property Features for Lot 23 Commercial Drive

    General Information

    Standard status
    Active
    Lot size
    1.03 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    CHARLIE HOPPER

    Listing agent CHARLIE HOPPER License #192993

    Listing office CHARLIE HOPPER REALTY

    Listing date Jul 6, 2023

    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 CHARLIE HOPPER REALTY

    Overview

    Commercial Lot in Forest City

    This 1.03-acre commercial lot is located in Forest City, North Carolina, situated in the foothills of Western NC. The property is positioned near businesses such as Lowes, Walmart, hotels, and restaurants. Located just off Highway 74, the site offers accessibility and visibility. City water, sewer, and electric utilities are available. Additional acreage is available, with four more lots adjacent to this one.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Forest City
    County
    Rutherford
    State
    North Carolina
    Longitude
    -81.889806
    Latitude
    35.334639

    Nearby Similar for Sale

    • $500,000

      Commercial Buildings and Vacant Lot

      Three tracts available: commercial buildings and vacant lot.
      632,644,652 S Broadway Street, Forest City, NC 28043
      View Details
    • $229,000

      Downtown Forest City Commercial Property

      Versatile commercial property in a desirable downtown location.
      155/157 E Main Street, Forest City, NC 28043
      View Details
    • $125,000

      Commercial Land in Forest City

      1.93-acre commercial corner lot in Forest City, North Carolina.
      1033 W Main Street, Forest City, NC 28043
      View Details
    • $650,000

      Developed Subdivision in Forest City

      Ready-to-finish residential community development opportunity in Forest City, North Carolina.
      Palms Way, Forest City, NC 28043
      View Details
    • $50,000

      Residential Land in Forest City

      1.62-acre vacant lot in a desirable Forest City neighborhood.
      McCall Drive, Forest City, NC 28043
      View Details
    • $35,000

      Flat Lot in Weatherstone Neighborhood

      0.51 acre flat lot near Forest City, North Carolina.
      Weatherstone Drive, Forest City, NC 28043
      View Details
    • $27,500

      Wooded Lot Near Forest City

      1.11 acre wooded lot near Forest City, North Carolina.
      Whitesides Road, Forest City, NC 28043
      View Details
    • $75,000

      Wooded Land in Deer Run

      5.99 acres of wooded land in Forest City, NC.
      Freeman Road, Forest City, NC 28043
      View Details
    • $500,000
      4,501 SF

      Commercial Buildings and Vacant Lot

      Three tracts available: commercial buildings and a vacant lot.
      644 S Broadway St, Forest City, NC 28043
      View Details
    • $75,000

      Commercial Lot in Forest City

      Ideal location for medical office with utilities available.
      Withrow Road, Forest City, NC 28043
      View Details
    • $25,000

      Land For Sale, Forest City

      Land available near Doggett Road and Doggett Grove Road.
      9999 Doggett Grove Road, Forest City, NC 28043
      View Details
    • $199,000

      Commercial Land in Forest City

      Level commercial building lot with frontage on three streets.
      W Main Street W, Forest City, NC 28043
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial lot available near Highway 74 in Forest City.
    Where is this commercial land located?
    The property is located at Lot 23 Commercial Drive Forest City, NC.
    What is the asking price?
    The asking price for this property is $69,500.
    What are key features of this property?
    This property features: Prime commercial location in growing Forest City, NC.; High‑traffic area just off Highway 74.; Close proximity to major retailers (Lowes, Walmart), hotels, and restaurants.
    (828) 287-6739
    We can help!
    Listing Contact
    CHARLIE HOPPER
    Real Estate License ID: 192993
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!