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    Property profile & analytics
    OFF-MARKET Estimated value $970,000
    Commercial real estate

    1318 Ostwalt Amity Rd, Cleveland, NC 27013-8754

    22,609 SF 5.27 ac lot Built 1920
    Individually Owned 19-yr Hold Free & Clear
    Property ID
    US53-0004385
    Property summary
    AI-generated overview

    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.

    Property profile
    Verified
    Property type Commercial real estate
    Use group COMMERCIAL (GENERAL)
    Year built 1920
    Construction WOOD
    Total area 22,609 SF
    Lot 5.27 ac (229,561 SF)
    Zoning code RA
    APN 4761-93-1928.000
    UPID US53-0004385
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    $1.02M
    Blend (final) Blend
    $970k
    Owner & transaction history
    Troy D Cole · 19 yrs held
    Troy D Cole
    since 2006
    2 recorded transactions
    2006
    $225,000
    1988
    $43,000
    Zoning & alternative use
    RA · Cleveland, NC
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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