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    Main St Andrews, NC 28901
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    Main St Andrews, NC 28901

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    • Lifestyle centers
    • 9.56 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 0 Main St

    Lot size
    9.56 lot acres
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Exceptional redevelopment opportunity awaits at West End Plaza, a 9.56-acre shopping center strategically located on Main Street in Andrews, North Carolina. This property presents a unique investment prospect, encompassing three single-story buildings, including a freestanding restaurant. Currently operating at 60% occupancy, the existing structures offer immediate income potential. The property features two red iron metal buildings, providing a solid foundation for future development. Zoned for Business Highway use, this site offers significant potential for expansion and diversification. The property's prime location at the entrance to Andrews, alongside the Valley River, provides excellent visibility and accessibility. Andrews is experiencing robust growth, with 24 new businesses established in the last 18 months, creating a high demand for housing and retail space. This presents a compelling opportunity to capitalize on the area's economic expansion. The proximity to the Great Smoky Mountains National Park (attracting 14 million visitors annually) and Harrah's Valley River Casino (undergoing a $275 million expansion) further enhances the property's investment appeal. Major employers such as Snap-On Tools, Freedom Industries, Moog, IOI, and Erlanger Medical are also located nearby. This is an asset sale only; while a rent roll is available, the sale is not based on a cap rate. Adjacent vacant land is also available for purchase, potentially expanding the total acreage to over 55 acres. City water and sewer are readily available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Andrews
    County
    Cherokee
    State
    North Carolina
    Longitude
    -83.8265
    Latitude
    35.2004

    Comparable in this City

    • Value Estimation by Request
      2,984 SF

      626 Main St

      SHOPPING CENTER, STRIP CENTER • 2,984 SF
      626 Main St, Andrews, NC 28901
      View Details
    • Value Estimation by Request
      5,038 SF

      1158 Main St

      SHOPPING CENTER, STRIP CENTER • 5,038 SF
      1158 Main St, Andrews, NC 28901-7092
      View Details
    • Value Estimation
      $1,200,000
      11,232 SF

      14030 Us 19

      SHOPPING CENTER, STRIP CENTER • 11,232 SF
      14030 Us 19, Andrews, NC 28901
      View Details
    • Value Estimation by Request
      10,000 SF

      14050 Us 19

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      14050 Us 19, Andrews, NC 28901-8005
      View Details
    • Value Estimation
      $1,250,000
      81,800 SF

      122 Main St

      SHOPPING CENTER, STRIP CENTER • 81,800 SF
      122 Main St, Andrews, NC 28901-9249
      View Details
    • Value Estimation
      $1,050,000
      38,880 SF

      25 Wilson St

      SHOPPING CENTER, STRIP CENTER • 38,880 SF
      25 Wilson St, Andrews, NC 28901-8657
      View Details

    Similar Nearby for Sale

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      Land on Rushing Creek

      Flat 2.69-acre property bordering Tatham Creek in Andrews, NC.
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      Land with Mountain View Potential

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      Creekside Retreat in Nantahala Forest

      7.79-acre lot with creek access near Nantahala Lake.
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    • $989,000

      Land with Development Potential

      15+ acres suitable for commercial or residential development.
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    Andrews, NC 28901
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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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