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    1318 Ostwalt Amity Rd Cleveland, NC 27013-8754
    Property profile & analytics

    1318 Ostwalt Amity Rd Cleveland, NC 27013-8754

    View on Map
    • Commercial real estate
    • 22,609 SF
    • 5.27 lot acres
    Off-Market
    Property ID
    US53-0004385
    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.
    Value Estimations
    $970,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1318 Ostwalt Amity Rd

    Year built
    1920
    Construction
    WOOD
    Lot size
    5.27 lot acres
    Property size
    22,609 SF
    Zone code
    RA
    Property type
    Commercial real estate
    APN
    4761-93-1928.000
    APU
    4761931928000

    Description

    This exceptional 5-acre property in Cleveland, NC (27013), features the former Amity Hill Elementary School, offering 22,609 square feet of space with significant redevelopment potential. Zoned Residential Agriculture (RA), the property boasts over 525 feet of road frontage, conveniently located just six miles east of I-77. The existing structure includes approximately 8,000 square feet of conditioned space in the main building, showcasing 12-foot ceilings, giant archways, and original maple hardwood flooring. The roof covering this building and the gym/auditorium is only seven years old. An additional 14,000 square feet of largely masonry and steel construction offers durability, though requiring roof replacement and build-out. The property is fully fenced with chain link and barbed wire, including two large gates. Permitted uses are diverse, including bed and breakfasts, cluster subdivisions, mobile home parks, churches, schools, and daycares. This presents an unbelievable opportunity for a new school or other special purpose use. The asking price is $799,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,024,000
      Market price range: $1.02M - $4.18M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.7881
    Latitude
    35.6986
    CBSA code
    16740
    CBSA name
    CHARLOTTE-CONCORD-GASTONIA, NC-SC 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
    2023
    $1,782
    $80,630
    $221,320
    $301,950
    -
    $80,630
    $221,320
    $301,950

    Comparable in this City

    • Value Estimation by Request
      2.47 Acres

      130 Hollifield Ct

      COMMERCIAL (GENERAL) • 2.47 Acres
      130 Hollifield Ct, Cleveland, NC 27013-8998
      View Details
    • Value Estimation by Request
      1,400 SF

      1495 Ostwalt Amity Rd

      COMMERCIAL (GENERAL) • 1,400 SF
      1495 Ostwalt Amity Rd, Cleveland, NC 27013-8755
      View Details
    • Value Estimation by Request
      14.21 Acres

      118 Oak Hl Dr

      COMMERCIAL (GENERAL) • 14.21 Acres
      118 Oak Hl Dr, Cleveland, NC 27013-8311
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    • Value Estimation by Request
      57.17 Acres

      Mimosa St

      Land • 57.17 Acres
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    • Value Estimation by Request
      1,104 SF

      Barber Jct Rd

      COMMERCIAL (GENERAL) • 1,104 SF
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    • Value Estimation by Request
      1,120 SF

      13330 Statesville Blvd

      COMMERCIAL (GENERAL) • 1,120 SF
      13330 Statesville Blvd, Cleveland, NC 27013-9195
      View Details

    Similar Nearby for Sale

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      10 acres of R-20 zoned land suitable for development.
      425 Mimosa St, Cleveland, NC 27013
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    • $100,000
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    • $150,000
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    • $40,000
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      Land Assemblage Opportunity

      1.85 acre land parcel for assemblage in Cleveland, NC.
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    • $65,000
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      Land in Cleveland, North Carolina

      1.9 acre lot in Cleveland, NC, for residential or investment.
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    Similar Nearby for Lease

    • Contact for pricing
      1,710,000 SF

      Land Parcel for Lease

      Large land parcel available for lease in Cleveland, NC.
      Amity Hill Rd, Cleveland, NC 27013
      View Details
    • $1.00 SF/Yr

      Distribution/Fulfillment Center Site Available

      Site suitable for distribution or fulfillment center near major highways.
      177 Triplett Rd, Cleveland, NC 27013
      View Details
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    Cleveland, NC 27013-8754
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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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    1318 Ostwalt Amity Rd, Cleveland, NC, 27013
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