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    Property profile & analytics

    1615 Old Spartanburg Rd Hendersonville, NC 28792-6424

    • Retail space
    • 4,336 SF
    • 3.56 lot acres
    OFF-MARKET
    Value Estimations
    $535,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2591495
    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

    • Villa's Landscapes LLC / Landscaping / General Contractor

    Property Details for 1615 Old Spartanburg Rd

    Year built
    1995
    Lot size
    3.56 lot acres
    Property size
    4,336 SF
    Zone code
    1016012~CC
    Property type
    Retail space
    APN
    9578516017
    APU
    9578516017

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $633,000
      Market price range: $288k - $1.16M
      AI Estimate
      $363,000
      Market price range: $189k - $584k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $635,000
      Current use
      OFFICE BUILDING
      $770,000
      Change: +21% Conversion: Easy
      AUTO REPAIR, GARAGE
      $575,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hendersonville
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.4339
    Latitude
    35.2979
    CBSA code
    11700
    CBSA name
    ASHEVILLE, 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
    $310,100
    $236,500
    $546,600
    -
    $310,100
    $236,500
    $546,600

    Comparable in this City

    • Value Estimation by Request
      833 SF

      Hendersonville, NC 28792

      RETAIL STORES (PERSONAL SERVICES) • 833 SF
      Hendersonville, NC 28792
      View Details
    • Value Estimation
      $895,000
      18,825 SF

      133 5th W Ave

      RETAIL STORES (PERSONAL SERVICES) • 18,825 SF
      133 5th W Ave, Hendersonville, NC 28792-4334
      View Details
    • Value Estimation by Request
      1,800 SF

      1402 7th E Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      1402 7th E Ave, Hendersonville, NC 28792-2860
      View Details
    • Value Estimation
      $1,285,000
      8,000 SF

      1030 Greenville Hwy

      RETAIL STORES (PERSONAL SERVICES) • 8,000 SF
      1030 Greenville Hwy, Hendersonville, NC 28792-5858
      View Details
    • Value Estimation
      $1,030,000
      6,450 SF

      126 Henderson Xing Plz

      RETAIL STORES (PERSONAL SERVICES) • 6,450 SF
      126 Henderson Xing Plz, Hendersonville, NC 28792-2879
      View Details
    • Value Estimation
      $575,000
      4,080 SF

      351 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,080 SF
      351 Main St, Hendersonville, NC 28792-4902
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,116 SF

      Prime Retail Corridor Location

      Retail space in an irreplaceable market position.
      160 Coolridge St, Hendersonville, NC 28792
      View Details
    • $3,000,000

      Prime Land in Hendersonville Hub

      0.56 AC land package ideal for mixed-use development.
      125 S Main St, Hendersonville, NC 28792
      View Details
    • $1,500,000

      6.8 AC Development Opportunity

      6.8 AC site suitable for retail, flex, or industrial uses.
      1710 Spartanburg Hwy, Hendersonville, NC 28792
      View Details
    • $3,250,000
      10,683 SF

      Class A Financial Facility

      Well-maintained financial facility with long-term tenant and drive-thru lanes.
      101 Jack St, Hendersonville, NC 28792
      View Details
    • $30,000
      1.20 Acres

      Residential Lot in Mountain Community

      Residential lot in Hendersonville, NC, with mountain views.
      000 Silverglen Way, Hendersonville, NC 28792
      View Details
    • $51,500
      0.83 Acres

      Hendersonville Land with City Water

      Nearly one-acre lot with city water access in Hendersonville, NC.
      Hamilton Acres Dr, Hendersonville, NC 28792
      View Details

    Similar Nearby for Lease

    • $3,336 /Mo
      2,224 SF

      Hendersonville Retail Building For Rent

      2,224 SF retail building in high-traffic Hendersonville location.
      1596 Greenville Hwy, Hendersonville, NC 28792
      View Details
    • $3,336 /Mo

      Hendersonville Retail Building For Rent

      2,224 SF retail building in high-traffic Hendersonville location.
      1596 Greenville Hwy, Hendersonville, NC 28792
      View Details
    • Contact for pricing

      Downtown Hendersonville Retail/Office Suites

      Newly renovated retail/office suites in downtown Hendersonville.
      475 S Church St, Hendersonville, NC 28792
      View Details
    • Contact for pricing

      Retail Center Shadow Anchored

      Retail center near Walmart with national tenants.
      250 Highlands Square Dr, Hendersonville, NC 28792
      View Details
    • $16,000 /Mo

      Beverly Hanks Center Office Space

      Office space available at Beverly Hanks Center, Hendersonville, NC.
      800 Beverly Hanks Ctr, Hendersonville, NC 28792
      View Details
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    1615 Old Spartanburg Rd
    Hendersonville, NC 28792-6424
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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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