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    Established Event Venue For Sale Title is generated by Realmo AI

    2929 Hedrick Mill Road, Lexington, NC 27292

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    For Sale
    $2,200,000

    Turnkey event venue with immediate income potential on 5.1 acres.

    Type:Commercial
    Property size:
    8,236 SF
    Lot size:
    5.10 Acres
    Price / SF:
    $267/SF
    Added:
    Apr 10, 2026
    Days on Market:
    55
    Last Refresh:
    Apr 10 at 8:07 pm

    Property Features for 2929 Hedrick Mill Road

    General Information

    Standard status
    Active
    Size
    8,236 SF
    Lot size
    5.10 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    2004

    We can help!

    Listing Contact
    SAMUEL COLBERT

    Listing agent SAMUEL COLBERT

    Listing office J. MARSHALL REALTY

    Listing date Apr 10, 2026

    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 J. MARSHALL REALTY

    HighLights

    • Established event venue with 28 events booked this year (26 weddings), providing immediate income.
    • 5.1‑acre property with 8,236 heated SF (10,070 total SF) designed for large gatherings.
    • Two indoor ceremony spaces plus an outdoor ceremony area.
    • Groom's suite with sofas, TV, and pool table, plus a spacious bridal suite with loft.
    • Full commercial kitchen leased at $2,200/month with walk‑in cooler and freezer.
    • All personal property conveys for a turnkey opportunity.

    Overview

    This established event venue, situated on 5.1 acres, features 8,236 heated square feet (10,070 total square feet) designed for large gatherings. The property is located near Hwy 8 in a growing area with strong residential and commercial development. It includes two indoor ceremony spaces and an outdoor ceremony area. The venue also offers a groom’s suite with sofas, a TV, and a pool table, as well as a spacious bridal suite with a loft overlooking the reception area. Ample on-site parking is available. A full commercial kitchen, currently leased at $2,200 per month as a commissary, includes a walk-in cooler and freezer. All personal property conveys, offering a turnkey opportunity. Row-by-row lighting enhances event customization. The property is ideal for weddings, events, and gatherings, with 28 events already booked this year, including 26 weddings, providing immediate income potential.
    Location Intelligence

    Current Use by Public Records

    Morrison Grove Wedding Service

    Suggested Use

    Real Estate Agency Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Electrical Service Grocery & Convenience Store Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Davidson
    State
    North Carolina
    Longitude
    -80.1788215
    Latitude
    35.7618661

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    FAQs

    What type of property is this?
    Wedding venue - Turnkey event venue with immediate income potential on 5.1 acres.
    Where is this wedding venue located?
    The property is located at 2929 Hedrick Mill Road Lexington, NC.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: Established event venue with **28 events booked this year (26 weddings)**, providing immediate income.; **5.1‑acre property with 8,236 heated SF (10,070 total SF)** designed for large gatherings.; Two indoor ceremony spaces plus an outdoor ceremony area.
    (336) 764-0000
    We can help!
    Listing Contact
    SAMUEL COLBERT
    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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