Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    102 Steele St Sanford, NC 27330

    • Strip malls
    • 19,544 SF
    • 0.10 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2841667
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Woolstone Corporation / Radio Station / Telecommunications Service
    • ERA Strother Real Estate - Sanford / Real Estate Agency
    • Life 103.1 WLHC-FM / Marketing & Advertising / Advertising Agency
    • Empower Commercial Group - Sanford / Property Management Company / Real Estate Rental Agency
    • Shops of Steele Street / Clothing & Fashion Store

    Property Details for 102 Steele St

    Year built
    1924
    Lot size
    0.10 lot acres
    Property size
    19,544 SF
    Zone code
    CENTRAL BUSINESS DISTRICT
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    9642-69-6823-00
    APU
    964269682300

    Description

    This exceptional retail opportunity is located at 102 S. Steele St in Sanford, North Carolina, within Lee County. Known as the Lee Furniture Building, this Class B property boasts a rich history, having been constructed in 1926. The building stands as one of the tallest and most unique structures in downtown Sanford, offering a truly distinctive setting for your business. The property totals 19,500 square feet, with a significant 7,612 square feet currently vacant and available for lease. Spaces can be divided to a minimum of 3,806 square feet, with a maximum contiguous space of 7,612 square feet. The building features beautifully preserved hardwood floors and punched tin ceilings, providing a rare and elegant ambiance. Recent renovations have successfully modernized the building while carefully maintaining its historical charm and character. This prime location in the heart of Sanford offers excellent visibility and accessibility, making it an ideal space for a variety of retail businesses. The zip code is 27330.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,045,000
      Market price range: $815k - $2.03M
      AI Estimate
      $1,026,000
      Market price range: $585k - $1.97M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,325,000
      Current use
      AUTO REPAIR, GARAGE
      $1,305,000
      Change: -1% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,255,000
      Change: -5% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,220,000
      Change: -8% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Sanford
    County
    Lee
    State
    North Carolina
    Longitude
    -79.1793
    Latitude
    35.4805
    CBSA code
    41820
    CBSA name
    SANFORD, NC MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,055
    $25,900
    $905,000
    $930,900
    -
    $25,900
    $905,000
    $930,900

    Comparable in this City

    • Value Estimation by Request
      4,534 SF

      109 Wicker St

      SHOPPING CENTER, STRIP CENTER • 4,534 SF
      109 Wicker St, Sanford, NC 27330-4251
      View Details
    • Value Estimation
      $6,030,000
      51,615 SF

      1931 Horner Blvd, Unit 1949

      SHOPPING CENTER, STRIP CENTER • 51,615 SF
      1931 Horner Blvd, Sanford, NC 27330-5840
      View Details
    • Value Estimation by Request
      1,776 SF

      136 Steele St

      SHOPPING CENTER, STRIP CENTER • 1,776 SF
      136 Steele St, Sanford, NC 27330-3918
      View Details
    • Value Estimation
      $700,000
      8,115 SF

      101 Steele St

      SHOPPING CENTER, STRIP CENTER • 8,115 SF
      101 Steele St, Sanford, NC 27330-4233
      View Details
    • Value Estimation by Request
      4,224 SF

      235 Wicker St

      SHOPPING CENTER, STRIP CENTER • 4,224 SF
      235 Wicker St, Sanford, NC 27330-4253
      View Details
    • Value Estimation
      $525,000
      8,230 SF

      125-127 Wicker St, Unit 127

      SHOPPING CENTER, STRIP CENTER • 8,230 SF
      125-127 Wicker St, Sanford, NC 27330-4251
      View Details

    Similar Nearby for Sale

    • $465,000
      7,159 SF

      Downtown Sanford Retail Space

      Prime Retail Location, High Visibility
      110 Steele St, Sanford, NC 27330
      View Details
    • $450,000
      0.38 Acres

      Downtown Sanford Retail Opportunity

      Prime location, versatile storefront, high potential.
      110 Carthage St, Sanford, NC 27330
      View Details
    • $1,200,000
      17 SF

      Historic Downtown Sanford Mixed-Use Building

      Historic mixed-use building in Downtown Sanford with retail and office/apartment potential.
      128 Carthage St, Sanford, NC 27330
      View Details
    • $1,200,000
      17,816 SF

      Downtown Sanford Historic Gem

      Mixed-use building, 17,816 sq ft
      128 Carthage St, Sanford, NC 27330
      View Details
    • $310,000
      0.92 Acres

      Sanford Commercial Land - $310K

      High-visibility retail land in booming Sanford, NC.
      0 Horner Blvd, Sanford, NC 27330
      View Details
    • Contact for pricing
      2,704 SF

      Retail Property in Sanford, NC

      Retail property with 2704 square feet of space.
      809 Carthage St, Sanford, NC 27330
      View Details

    Similar Nearby for Lease

    • $3,350 /Mo
      19,500 SF

      Unique Downtown Sanford Retail Space

      Renovated retail space with hardwood floors and exposed brick.
      102 S Steele St, Sanford, NC 27330
      View Details
    • Contact for pricing
      1 SF

      Sanford Retail Land Opportunity

      Prime Retail Land, Multiple Spaces Available
      0 Colon Rd & Us Hwy 1, Sanford, NC 27330
      View Details
    • Contact for pricing

      Retail Pad in Growing Area

      Retail pad available for lease in rapidly growing Tramway area.
      Sanford, NC 27330
      View Details
    • $10 SF/Yr
      19,500 SF

      Downtown Sanford Retail Space

      Historic building, 7,612 sq ft available
      102 Steele St, Sanford, NC 27330
      View Details
    • $12 SF/Yr
      19,250 SF

      Moore Business Park Flex Space

      Sanford, NC industrial flex space available.
      225 Commercial Ct, Sanford, NC 27330
      View Details
    • $5,500 /Mo
      2,451 SF

      Sanford Mixed-Use Property for Lease

      Flexible mixed-use property near downtown Sanford with office, warehouse, and apartment.
      209 Sycamore St, Sanford, NC 27330
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    102 Steele St
    Sanford, NC 27330
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!