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    Us Hwy 74 @ Hwy 221 Forest City, NC 28043

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    For Sale
    Contact for pricing

    ±80 acres, mixed-use development, prime location.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    424
    Creekside Crossing Commerce Center presents a unique ±80-acre mixed-use development opportunity in Forest City, North Carolina. Strategically located at the major intersection of US Hwy 221 and US Hwy 74 (a proposed future I-74 corridor), this property boasts exceptional visibility and high traffic counts. The site offers diverse development potential, including retail, hospitality, quick-service restaurants, and multi-family residential. Currently unzoned, this presents flexibility for various development plans. A Loves Truck Center is slated to open in 2025, further enhancing the area's commercial appeal. The property benefits from a signalized intersection and readily available utilities. Sewer services are provided by the Town of Spindale, with gravity service laterals planned for each site, commencing with the Loves Truck Center development. Water is supplied by the Town of Forest City, via an existing 6-inch main with approximately 50 static psi. Land is available for sale, lease, or build-to-suit arrangements. Lot sizes range from 1 to 80 acres, with prices per acre ranging from $50,000 to $425,000. This is an exceptional investment opportunity in a rapidly growing area. Located in Rutherford County, NC, zip code 28043.

    Property Features for 0 Us Hwy 74 @ Hwy 221

    General Information

    Property type
    Land
    Lot Size
    43,560 SF

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    Listing Contact
    Charlie Ellis
    Charlie Ellis

    Learn more

    HighLights

    • Creekside Crossing Commerce Center: ±80‑acre mixed‑use development opportunity in Forest City, NC, at US Hwy 221 & US Hwy 74 (future I‑74 corridor).
    • High traffic counts and excellent visibility.
    • Development potential includes retail, hospitality, QSR, and multi‑family.
    • Signalized intersection with readily available utilities.
    • Sewer service from Town of Spindale; gravity laterals planned. Water service from Town of Forest City via existing 6" main with ~50 psi.
    • Land available for sale, lease, or build‑to‑suit; lot sizes from 1 to 80 acres, prices from $50,000 to $425,000 per acre.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Forest City
    County
    Rutherford
    State
    North Carolina
    Longitude
    -81.8867975
    Latitude
    35.2646194

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    FAQs

    What type of property is this?
    Land - ±80 acres, mixed-use development, prime location.
    Where is this land located?
    The property is located at Us Hwy 74 @ Hwy 221 Forest City, NC.
    What are key features of this property?
    This property features: Creekside Crossing Commerce Center: ±80-acre mixed-use development opportunity in Forest City, NC, at US Hwy 221 & US Hwy 74 (future I-74 corridor).; High traffic counts and excellent visibility.; Development potential includes retail, hospitality, QSR, and multi-family.
    (704) 206-8302
    Request Owner's contact information
    Us Hwy 74 @ Hwy 221 Forest City, NC 28043
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    Forest City, NC 28043
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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.

    More about this property
    Us Hwy 74 @ Hwy 221 Forest City, NC 28043
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    We can help!
    Listing Contact
    Charlie Ellis
    Charlie Ellis
    Real Estate License ID: 116498
    (704) 206-8302
    Learn more
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