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    2981 Old Nc Hwy Cherryville, NC 28033
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    2981 Old Nc Hwy Cherryville, NC 28033

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    • Retail properties & Spaces
    • 0.80 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2981 Old Nc Hwy

    Year built
    1920
    Lot size
    0.80 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This charming 1920s storefront, located at 2981 Old NC Highway 150 in Crouse, North Carolina (zip code 28033), presents a unique investment opportunity. Priced at $79,900, this 0.8-acre property is zoned B-N and boasts a delightful cottage-style building previously used as an antique store. The building features beautiful hardwood floors throughout most of the space and attractive beadboard walls in several rooms. The original doors and windows retain significant character. A covered front porch adds to the property's appeal. While a small kitchen area exists, it currently lacks a water source

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Cherryville
    County
    Lincoln
    State
    North Carolina
    Longitude
    -81.3293
    Latitude
    35.4063

    Comparable in this City

    • Value Estimation by Request
      1,320 SF

      2723 Old Nc 150th Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,320 SF
      2723 Old Nc 150th Hwy, Crouse, NC 28033
      View Details
    • Value Estimation
      $940,000
      9,086 SF

      3104 Old Nc 150th Hwy

      RETAIL STORES (PERSONAL SERVICES) • 9,086 SF
      3104 Old Nc 150th Hwy, Crouse, NC 28033-4511
      View Details
    • Value Estimation by Request
      880 SF

      2501 Old Nc 150th Hwy

      RETAIL STORES (PERSONAL SERVICES) • 880 SF
      2501 Old Nc 150th Hwy, Crouse, NC 28033-4501
      View Details
    • Value Estimation by Request
      1,640 SF

      2690 Old Nc 150th Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,640 SF
      2690 Old Nc 150th Hwy, Crouse, NC 28033
      View Details
    • Value Estimation by Request
      2,450 SF

      Lincolnton Hwy

      RETAIL STORES (PERSONAL SERVICES) • 2,450 SF
      Lincolnton Hwy, Crouse, NC 28033
      View Details
    • Value Estimation by Request
      525 SF

      3089 Shl Rd

      BARBER, HAIR SALON • 525 SF
      3089 Shl Rd, Crouse, NC 28033-9751
      View Details

    Similar Nearby for Sale

    • $69,900
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      Cleared Lot in Evondale Subdivision

      Level 1.36 acre lot in Crouse, North Carolina.
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      Land Zoned Industrial or Residential

      Land suitable for industrial or residential development.
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      Land For Sale Crouse, NC

      1.22 acre commercial land for sale in Crouse, NC.
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      Land with Commercial/Residential Zoning

      Land zoned for commercial or residential use.
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    • $189,000
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      Cleared Land on Highway 150

      10 acres of cleared land on Highway 150 in Crouse.
      Nc Hwy 150 W, Crouse, NC 28033
      View Details
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    Cherryville, NC 28033
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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
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    2981 Old Nc Hwy, Cherryville, NC, 28033
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