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    Hl Plz Shopping Ctr Lenoir, NC 28645
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    Hl Plz Shopping Ctr, Lenoir, NC 28645

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    • Neighborhood centers
    • 30,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 0 Hl Plz Shopping Ctr

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    North Hill Plaza Shopping Center presents a unique investment opportunity in Lenoir, North Carolina. This 30,000 square foot retail strip center is currently 100% vacant, offering significant potential for redevelopment or lease-up. Located in Caldwell County, the property boasts a prime location with high visibility and accessibility. The center is comprised of multiple spaces, with two immediately available units ranging in size from 5,000 to 14,480 square feet, providing flexibility for various retail concepts. This allows for the possibility of attracting a diverse range of tenants and creating a vibrant shopping destination. The substantial vacant space presents a blank canvas for a new owner or operator to customize the center to their vision. The property's address is North Hill Plaza Shopping Center, Lenoir, NC 28645. Given its size and location, this property is well-suited for a variety of retail uses and represents a compelling opportunity for investors seeking a significant presence in the Lenoir market. The entire center is available for lease or purchase, offering a rare chance to acquire a substantial retail property in a growing area. The property's location offers excellent visibility and accessibility, making it an attractive option for businesses seeking a strong foothold in the community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lenoir
    County
    Caldwell
    State
    North Carolina
    Longitude
    -81.5282
    Latitude
    35.9259

    Comparable in this City

    • Value Estimation
      $1,240,000
      14,250 SF

      405 Blowing Rock Blvd

      SHOPPING CENTER, STRIP CENTER
      405 Blowing Rock Blvd, Lenoir, NC 28645-4407
      View Details
    • Value Estimation
      $1,105,000
      12,840 SF

      1418 Blowing Rock Blvd

      SHOPPING CENTER, STRIP CENTER
      1418 Blowing Rock Blvd, Lenoir, NC 28645-3515
      View Details
    • Value Estimation
      $710,000
      8,120 SF

      Connelly Spgs Rd

      SHOPPING CENTER, STRIP CENTER
      Connelly Spgs Rd, Lenoir, NC 28645
      View Details
    • Value Estimation
      $1,215,000
      8,636 SF

      625 Harper SW Ave

      SHOPPING CENTER, STRIP CENTER
      625 Harper SW Ave, Lenoir, NC 28645-5250
      View Details
    • Value Estimation
      $505,000
      8,640 SF

      920 Wilkesboro SE Blvd

      SHOPPING CENTER, STRIP CENTER
      920 Wilkesboro SE Blvd, Lenoir, NC 28645-4615
      View Details
    • Value Estimation
      $9,330,000
      120,173 SF

      360 Blowing Rock Blvd

      SHOPPING CENTER, STRIP CENTER
      360 Blowing Rock Blvd, Lenoir, NC 28645-4406
      View Details

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      Retail Space Available For Rent

      Retail spaces available, ranging from 1,400 to 8,025 SqFt.
      2120 Morganton Blvd SW, Lenoir, NC 28645
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    • $4,494 /Mo

      Freestanding Industrial Building For Lease

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      Lenoir Retail Space For Rent

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      Former Restaurant Space For Lease

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    Lenoir, NC 28645
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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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