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    Property profile & analytics

    1241 Harper SW Ave Lenoir, NC 28645-5067

    • Auto shops
    • 1,204 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Aug 11, 2021
    $27,000
    Value Estimations
    $70,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0962084
    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

    • Auto shops

    Property Details for 1241 Harper SW Ave

    Year built
    1956
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    1,204 SF
    Property type
    Auto shops
    APN
    06 13 2 2
    APU
    61322

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $80,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $60,000
      Market price range: $60.9k - $128k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $100,000
      Current use
      OFFICE BUILDING
      $125,000
      Change: +26% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $105,000
      Change: +5% Conversion: Moderate
      MEDICAL BUILDING
      $90,000
      Change: -9% Conversion: Difficult
      RETAIL STORES
      $85,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lenoir
    County
    Caldwell
    State
    North Carolina
    Longitude
    -81.5473
    Latitude
    35.9097
    CBSA code
    25860
    CBSA name
    HICKORY-LENOIR-MORGANTON, NC METROPOLITAN 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
    0
    $0.00
    $11,100
    $6,900
    $18,000
    -
    $11,100
    $6,900
    $18,000

    Comparable in this City

    • Value Estimation
      $285,000
      5,320 SF

      1649 Norwood SW St

      AUTO REPAIR, GARAGE • 5,320 SF
      1649 Norwood SW St, Lenoir, NC 28645-6612
      View Details
    • Value Estimation
      $255,000
      2,640 SF

      118 Creekway NW Dr

      AUTO REPAIR, GARAGE • 2,640 SF
      118 Creekway NW Dr, Lenoir, NC 28645-4911
      View Details
    • Value Estimation
      $300,000
      3,466 SF

      609 Jennings SW St

      AUTO REPAIR, GARAGE • 3,466 SF
      609 Jennings SW St, Lenoir, NC 28645-5517
      View Details
    • Value Estimation
      $105,000
      3,570 SF

      Nuway Crk

      AUTO REPAIR, GARAGE • 3,570 SF
      Nuway Crk, Lenoir, NC 28645
      View Details
    • Value Estimation
      $295,000
      3,230 SF

      1601 Main NW St

      AUTO REPAIR, GARAGE • 3,230 SF
      1601 Main NW St, Lenoir, NC 28645-4260
      View Details
    • Value Estimation
      $305,000
      5,700 SF

      3325 Carlton Mhp Dr

      AUTO REPAIR, GARAGE • 5,700 SF
      3325 Carlton Mhp Dr, Lenoir, NC 28645-8793
      View Details

    Similar Nearby for Sale

    • $299,900
      1,864 SF

      Garage with Apartments Investment Opportunity

      Garage with lift, compressor, paint booth, and two apartments.
      1317 &1319 Main St, Lenoir, NC 28645
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    • $274,900
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      Turnkey Restaurant Property in Lenoir

      Fully equipped commercial property ready for immediate food service use.
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    • $1,571,703
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      Dodge City Steak House: Lenoir, NC

      Established Restaurant, Net Lease, High NOI
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    • $695,000
      5,226 SF

      Lenoir Retail Building - Prime Location

      Historic building, renovated 2022, endless potential.
      819 West Ave, Lenoir, NC 28645
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    • $924,900

      Historic Building in Downtown Lenoir

      Three-story, 24,000+ sq ft building in vibrant downtown Lenoir.
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    • $399,000
      3,200 SF

      Lenoir Office Building - Prime Location

      Spacious office building, great location, ample parking.
      348 Harper Ave, Lenoir, NC 28645
      View Details

    Similar Nearby for Lease

    • $5,056 /Mo
      6,200 SF

      Industrial Building with Spray Booth

      6,741 SF industrial building with turnkey auto body potential.
      2308 Icenhour Ct, Lenoir, NC 28645
      View Details
    • Contact for pricing
      30,000 SF

      North Hill Plaza: Retail Opportunity

      Lenoir, NC Strip Center - Fully Vacant
      0 Hl Plz Shopping Ctr, Lenoir, NC 28645
      View Details
    • $1,800 /Mo
      4,000 SF

      Versatile Church or Retail Space

      4,000 SF church or retail/office space for lease.
      1636 Norwood St SW, Lenoir, NC 28645
      View Details
    • $12 SF/Yr
      9,425 SF

      Lenoir Retail Center - 9,425 SF

      Prime Lenoir retail space, fully vacant, 6.39 acres.
      2120 Morganton Blvd, Lenoir, NC 28645
      View Details
    • Contact for pricing
      17,328 SF

      Lenoir Retail Space - 1,325 SF

      Prime Lenoir retail space, strong co-tenancy.
      1009 Blowing Rock Blvd, Lenoir, NC 28645
      View Details
    • $4 SF/Yr
      492,000 SF

      Lenoir, NC Industrial Warehouse Space

      Large warehouse, divisible spaces available.
      840 Complex St, Lenoir, NC 28645
      View Details
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    Lenoir, NC 28645-5067
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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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