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    Mixed-Use Property in Historic Downtown Title is generated by Realmo AI

    138 E Main Street, Forest City, NC 28043

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    Claim this Listing
    New
    For Sale
    $499,000

    SINGLE_FAMILY - Forest City, NC

    Type:Retail
    Property size:
    1,750 SF
    Lot size:
    0.04 Acres
    Price / SF:
    $285/SF
    Added:
    May 19, 2026
    Days on Market:
    2
    Last Refresh:
    May 20 at 5:06 am

    Property Features for 138 E Main Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Bathrooms
    3
    Rooms
    Bathroom 2, Bathroom 1, Bathroom 3
    Parking features
    On Street
    Window features
    Display Window(s)
    Patio and Porch features
    Deck, Porch
    Standard status
    Active
    APN
    416787
    Size
    1,750 SF
    Lot size
    0.04 Acres

    Taxes and HOA fees

    Tax Description
    BLDG EAST MAIN ST

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Ductless (Heating), Heat Pump (Heating)
    Cooling system
    Ductless, Heat Pump

    Building Details

    Year built
    1918
    Floors in Building
    2
    Flooring type
    Wood
    Building materials
    Brick Full
    Roof type
    Rubber

    We can help!

    Listing Contact
    Sonja Smith

    Listing agent Sonja Smith License #133997

    Listing office Odean Keever & Associates, Inc. 901 Railroad Ave, Forest City, NC

    Listing date May 19, 2026

    MLS# 4382290

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Historic Downtown location with excellent visibility for commercial/retail use.
    • Unique mixed‑use property featuring both commercial space (approx. 1,750 sq ft) and a residential apartment (approx. 1,750 sq ft).
    • Recently renovated with a new roof, HVAC, water heater, electrical and plumbing updates, and a new deck.
    • Charming 1900s apartment with vintage character and architectural details.
    • Located in Forest City, offering convenient access to Charlotte, Asheville, and Greenville.
    • Opportunity for a live/work concept or investment in a distinctive downtown property.

    Overview

    This mixed-use property is located in the heart of Historic Downtown Forest City. The main level features approximately 1,750 square feet of office and retail space, currently used as a team headquarters and retail store. The property offers visibility and a prime downtown location, suitable for entrepreneurs, investors, or business owners. Above the commercial space is a 1,750 square foot apartment filled with vintage character and early 1900s charm. The residence offers a blend of history, comfort, and style in the center of town. Renovations and updates have been completed, including a new roof, HVAC, water heater, electrical and plumbing updates, and a new deck overlooking the amphitheater. The property is located in the foothills of the Blue Ridge Mountains. Historic Downtown Forest City features boutiques, antique shops, and restaurants. The tree-lined Main Street showcases the community's history. The property is suitable for a live/work concept, a new business venture, or investment. The lot size is 0.04 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon 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
    -81.8640791
    Latitude
    35.3333196

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    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with commercial and residential spaces.
    Where is this mixed-use property located?
    The property is located at 138 E Main Street Forest City, NC.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Prime Historic Downtown location with excellent visibility for commercial/retail use.; Unique mixed‑use property featuring both commercial space (approx. 1,750 sq ft) and a residential apartment (approx. 1,750 sq ft).; **Recently renovated with a new roof, HVAC, water heater, electrical and plumbing updates, and a new deck.**
    (828) 748-5359
    We can help!
    Listing Contact
    Sonja Smith
    Real Estate License ID: 133997
    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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