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    Cloverdale Ave & Miller St Winston-Salem, NC 27103
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    Cloverdale Ave & Miller St, Winston-Salem, NC 27103

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    • Retail properties & Spaces
    • 132,190 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Cloverdale Ave & Miller St

    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    Cloverdale Plaza, located at the intersection of Cloverdale Avenue and Miller Street in Winston-Salem, North Carolina (zip code 27103), offers exceptional retail and office space opportunities. This power center/restaurant-focused property boasts a total of 132,190 square feet across four suites, providing a diverse range of options for potential tenants. The property is conveniently situated directly across from Wake Forest Baptist Hospital, benefiting from high visibility and foot traffic. Its prime location along Winston-Salem's primary retail corridor, off Business I-40 and Stratford Road, ensures significant exposure to a large customer base. Currently, there are three spaces immediately available, ranging in size from 1,600 square feet to 9,000 contiguous square feet, with a minimum divisible space of 1,200 square feet. The center is anchored by established and successful businesses including Harris Teeter, Dollar Tree, Panera Bread, Starbucks, Heartland Dental, and Barberitos, creating a strong and vibrant retail environment. Ample parking is available with 531 spaces to accommodate customers and employees. This Forsyth County property presents a unique opportunity for businesses seeking high-traffic locations within a well-established and thriving retail center. The property is classified as both retail and office space, offering flexibility for a variety of business types.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Winston-Salem
    County
    Forsyth
    State
    North Carolina
    Longitude
    -80.2738
    Latitude
    36.0902

    Comparable in this City

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      132,590 SF

      Cloverdale Ave. & Miller St

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      0 Cloverdale Ave. & Miller St, Winston-Salem, NC 27103
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      3756 Creekshire Ct

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      3756 Creekshire Ct, Winston-Salem, NC 27103
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      380 Knollwood St

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      64,143 SF

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      1610 Fox Trot Ct

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      1610 Fox Trot Ct, Winston-Salem, NC 27103
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      154,173 SF

      1055 Hanes Mall Blvd

      Power centers
      1055 Hanes Mall Blvd, Winston-Salem, NC 27103
      View Details

    Similar Nearby for Sale

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      300,000 SF

      300,000 SF Industrial Building

      300,000 SF industrial building with 23,000 SF office space.
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      Development Opportunity Near Hanes Mall

      10.8-acre site near retail corridor and medical park.
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      Modern Office Building For Sale

      Two-story office building with open floorplan and excellent I-40 exposure.
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      2,050 SF

      Move-in Ready Office Condo

      Well-maintained office condo with flexible layout and convenient location.
      2990 Bethesda Pl, Winston-Salem, NC 27103
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    • $300,000
      1.11 Acres

      Winston-Salem Commercial Land Available

      Two combined lots totaling 1.11 acres near I-40.
      3660/3670 Westgate Center Cir, Winston-Salem, NC 27103
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    • Contact for pricing
      28,750 SF

      Stratford Road Commercial Land Parcel

      0.66 acre commercial land parcel with development potential.
      3255 S Stratford Rd, Winston-Salem, NC 27103
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    Similar Nearby for Lease

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      1,291 SF

      Retail Space with On-Site Amenities

      Retail space with on-site restaurants, security, and parking.
      380 Knollwood St, Winston-Salem, NC 27103
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      Winston-Salem Class B Office Building

      Four-story office building with flexible space and ample parking.
      514 S Stratford Rd, Winston-Salem, NC 27103
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      7,500 SF

      Versatile Commercial Space Near Clemmons

      Industrial-zoned commercial space with flexible layout and convenient location.
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      Class A Office Retail Complex

      Seven-story Class A office building with retail and office spaces.
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      257 SF

      Suburban Office Space Available

      Office space for rent in convenient location near I-40.
      3410 Healy Dr, Winston-Salem, NC 27103
      View Details
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    Winston-Salem, NC 27103
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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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