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    Freestanding Building on Major Thoroughfare Title is generated by Realmo AI

    14622 S 226 Hwy, Spruce Pine, NC 28777

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    Prominent commercial space with high traffic and flexible zoning.

    Type:Mixed Use, Office, Retail
    Property size:
    1,217 SF
    Price / SF:
    $377/SF
    Added:
    Jul 18, 2023
    Days on Market:
    1053
    Last Refresh:
    May 12 at 10:45 pm

    Property Features for 14622 S 226 Hwy

    General Information

    Standard status
    Active
    Size
    1,217 SF
    Property subtype
    Mixed Use, Office, Retail

    Building Details

    Year Built
    1987

    We can help!

    Listing Contact
    Alexandra Schrank

    Listing agent Alexandra Schrank License #284025

    Listing office RE/MAX Executive

    Listing date Jul 18, 2023

    Source Crexi

    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 RE/MAX Executive

    HighLights

    • High‑traffic location with over 5,500 vehicles per day and prominent exposure on a major thoroughfare
    • Flexible zoning allows for a variety of commercial uses
    • Business sale included with owner financing available
    • Large lot with approximately 200 ft of road frontage and signage
    • ADA accessible building with a flexible floor plan and private office
    • 1,217 SF building with a basement

    Overview

    This freestanding building is situated on a large lot with prominent exposure on a major thoroughfare, offering signage opportunities. The property features approximately 200 feet of road frontage and sees over 5,500 vehicles per day. The 1,217 square foot building includes a basement, a flexible floor plan, a private office, and ADA accessibility. The zoning allows for a variety of commercial uses, including retail, office, medical clinic, showroom, studio, and more. The property benefits from the vibrant commercial activity in the area, allowing businesses to capitalize on the constant flow of potential customers. With its high traffic count, versatile zoning, and proximity to grocery stores and shopping centers, this property is suitable for investors or owner-occupiers seeking a prime commercial space. A business sale is included. The property features road frontage, over 5,500 vehicles per day, an open floor plan, a private office and ADA accessibility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Spruce Pine
    County
    Mitchell
    State
    North Carolina
    Longitude
    -82.061216
    Latitude
    35.887126

    Nearby Similar for Sale

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      4,300 SF

      Spruce Pine Flex Space

      Climate-controlled flex space with loading dock and bay doors.
      6575 US 19E Highway, Spruce Pine, NC 28777
      View Details
    • $109,000
      2,000 SF

      Commercial Space with Flexible Layout

      Versatile commercial space suitable for various business uses.
      28 Mullin Hill Road, Spruce Pine, NC 28777
      View Details
    • $652,000
      12,388 SF

      Spruce Pine Warehouse Opportunity

      Warehouse/industrial space with climate control potential, no zoning restrictions.
      350 Henredon Road, Spruce Pine, NC 28777
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Prominent commercial space with high traffic and flexible zoning.
    Where is this mixed-use property located?
    The property is located at 14622 S 226 Hwy Spruce Pine, NC.
    What is the asking price?
    The asking price for this property is $460,000.
    What are key features of this property?
    This property features: High‑traffic location with over 5,500 vehicles per day and prominent exposure on a major thoroughfare; Flexible zoning allows for a variety of commercial uses; Business sale included with owner financing available
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Alexandra Schrank
    Real Estate License ID: 284025
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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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