1318 Ostwalt Amity Rd, Cleveland, NC 27013-8754
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.
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Property description
Physical attributes from public recordsZoning & alternative use
RA · Cleveland, NCCleveland. Always verify with local authorities before improvements.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.