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    Statesville Office Space For Rent Title is generated by Realmo AI

    242 E Broad Street, Statesville, NC 28677

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    New
    For Lease
    $1,850 /Mo

    COMMERCIAL - Statesville, NC

    Type:Office
    Lot size:
    0.21 Acres
    Added:
    May 27, 2026
    Days on Market:
    5
    Last Refresh:
    May 31 at 6:06 pm

    Property Features for 242 E Broad Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking
    8
    Parking features
    On Street, Parking Lot
    Patio and Porch features
    Porch
    Basement
    Apartment
    Standard status
    Active
    APN
    4744162132
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Description
    4744162132

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Central, Natural Gas, Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1928
    Floors in Building
    1
    Flooring type
    Tile, Wood
    Roof type
    Shingle

    We can help!

    Listing Contact
    Sally Parker
    Sally Parker

    Listing agent Sally Parker License #204360

    Listing office Lake Norman Realty, Inc. 211 South Center St, Ste 205A, NC

    Listing date May 27, 2026

    MLS# 4386408

    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

    • Utilities (electric and gas) included in lease amount.
    • Prime downtown location across from Wells Fargo Bank with access to the central business area.
    • Walking distance to restaurants, coffee shops, and other downtown amenities.
    • Five offices, including options for a reception area and a large conference room.
    • Convenient parking: street parking in front and parking lot in the back.
    • Beautiful hardwood floors throughout the office.

    Overview

    This commercial office space is located in a prime area of Statesville, North Carolina, across from Wells Fargo bank, with convenient access to the central business area of downtown. The location offers walking distance to restaurants, coffee shops, and other downtown amenities. The office features hardwood floors throughout, a large waiting room, and five offices. One office is well-suited for a reception area, and another can serve as a large conference room. The property includes a nicely decorated bathroom and a front porch. Convenient street parking is available in front, with several parking spaces located in the back of the building. Electric and gas utilities are included in the lease amount. The property is ready for immediate occupancy and sits on a lot of 0.21 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Northern Piedmont Counseling Family Counselor Ayanah Muhammad Marriage Or Relationship Counselor Gentry Law, PLLC Law Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.884131
    Latitude
    35.785468

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    FAQs

    What type of property is this?
    Office units - Prime office space in downtown Statesville with utilities included.
    Where is this office units located?
    The property is located at 242 E Broad Street Statesville, NC.
    What is the lease rate?
    The lease rate is $1,850 /Mo.
    What are key features of this property?
    This property features: Utilities (electric and gas) included in lease amount.; Prime downtown location across from Wells Fargo Bank with access to the central business area.; Walking distance to restaurants, coffee shops, and other downtown amenities.
    (704) 880-6757
    We can help!
    Listing Contact
    Sally Parker
    Sally Parker
    Real Estate License ID: 204360
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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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