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    Rebuilt Mill with Two Levels Title is generated by Realmo AI

    6949 Old Shelby Road, Vale, NC 28168

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    For Sale
    $595,000

    Two-level, 17,894 sq ft mill on 2.34 acres.

    Type:Commercial
    Property size:
    17,894 SF
    Lot size:
    2.34 Acres
    Price / SF:
    $33/SF
    Added:
    Mar 12, 2025
    Days on Market:
    452
    Last Refresh:
    May 10 at 10:00 pm

    Property Features for 6949 Old Shelby Road

    General Information

    Standard status
    Active
    Size
    17,894 SF
    Lot size
    2.34 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    TONY CLONINGER
    TONY CLONINGER

    Listing agent TONY CLONINGER License #114565

    Listing office KELLER WILLIAMS ADVANTAGE

    Listing date Mar 12, 2025

    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 KELLER WILLIAMS ADVANTAGE

    HighLights

    • Large 17,894 sq. ft. building with two levels, offering 8,000+ sq. ft. per floor
    • Durable construction with double brick exterior, steel trusses, and concrete floors
    • 2.34‑acre property with L1 and R40 zoning
    • Main level features 12’ ceilings, two loading docks, and multiple restrooms including handicapped‑accessible
    • Includes office space with a private office with half bath, supply room, reception area, and supervisor’s office
    • Three‑phase power in place

    Overview

    This 17,894 sq. ft. building, formerly the Cooksville Hosiery Mill, was rebuilt in 1985. The two-level facility offers over 8,000 sq. ft. per floor. Constructed with double brick exterior walls, steel trusses, and concrete floors between levels, the building offers fire resistance. The main level features 12’ ceilings, two loading docks, and multiple restrooms, including a handicapped-accessible option. Office space on the main level includes a private office with a half bath, a supply room, a reception area, and a supervisor’s office. A conveyor belt connects the main level to the lower level, which has an 8’6” ceiling, a drive-in garage door, and concrete floors. The lower level is not heated or cooled. The property spans 2.34 acres and includes L1 zoning for the mill on 1.22 acres and R40 zoning behind it on 1.12 acres. Three-phase power is in place.
    Property Profile Location Intelligence

    Current Use by Public Records

    U.S. Lawns - Hickory Landscaping

    Suggested Use

    Restaurant Grocery & Convenience Store Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Vale
    County
    Lincoln
    State
    North Carolina
    Longitude
    -81.4767
    Latitude
    35.5889

    Nearby Similar for Sale

    • $595,000
      17,894 SF

      Vale, NC Industrial Mill

      Two-level industrial building with loading docks and office space.
      6949 Old Shelby Road, Vale, NC 28168
      View Details
    • $285,000

      Vale NC Commercial Property

      Commercial property for sale in Vale, North Carolina.
      7799 W Nc 10 Highway, Vale, NC 28168
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    • $1,050,000

      74 Acres Farmland with Income

      Farmland with income-producing chicken houses and additional outbuildings.
      Peeler Road, Vale, NC 28168
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    FAQs

    What type of property is this?
    Manufacturing property - Two-level, 17,894 sq ft mill on 2.34 acres.
    Where is this manufacturing property located?
    The property is located at 6949 Old Shelby Road Vale, NC.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Large 17,894 sq. ft. building with two levels, offering 8,000+ sq. ft. per floor; Durable construction with double brick exterior, steel trusses, and concrete floors; 2.34‑acre property with L1 and R40 zoning
    (704) 809-1118
    We can help!
    Listing Contact
    TONY CLONINGER
    TONY CLONINGER
    Real Estate License ID: 114565
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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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