Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1823 Cleveland Ave Charlotte, NC 28203

    • Turn key restaurants
    • 5,987 SF
    • 0.52 lot acres
    OFF-MARKET
    Last Sale
    Oct 28, 2022
    $3,847,000
    Value Estimations
    $3,920,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0974548
    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

    • 1823 Cleveland Ave Parking / Parking Lot

    Property Details for 1823 Cleveland Ave

    Year built
    1915
    Lot size
    0.52 lot acres
    Property size
    5,987 SF
    Zone code
    B-1
    Property type
    Turn key restaurants
    APN
    12105301
    APU
    12105301

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,965,000
      ML approach
      $3,975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,790,000
      Market price range: $2.07M - $5.75M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,825,000
      Current use
      COMMERCIAL (GENERAL)
      $4,135,000
      Change: +8% Conversion: Easy
      OFFICE BUILDING
      $3,145,000
      Change: -18% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8571
    Latitude
    35.2099
    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
    $26,943
    $2,813,000
    $860,200
    $3,673,200
    -
    $2,813,000
    $860,200
    $3,673,200

    Comparable in this City

    • Value Estimation
      $325,000
      1,961 SF

      1626 Ee Blvd

      RESTAURANT • 1,961 SF
      1626 Ee Blvd, Charlotte, NC 28203-5822
      View Details
    • Value Estimation
      $360,000
      1,815 SF

      2109 Ss Blvd

      RESTAURANT • 1,815 SF
      2109 Ss Blvd, Charlotte, NC 28203-5042
      View Details
    • Value Estimation
      $480,000
      11,421 SF

      1300 Tryon St

      RESTAURANT • 11,421 SF
      1300 Tryon St, Charlotte, NC 28203-4248
      View Details
    • Value Estimation
      $295,000
      2,088 SF

      1524 Ee Blvd

      RESTAURANT • 2,088 SF
      1524 Ee Blvd, Charlotte, NC 28203-5820
      View Details
    • Value Estimation
      $1,435,000
      1,677 SF

      1501 Ss Blvd

      RESTAURANT • 1,677 SF
      1501 Ss Blvd, Charlotte, NC 28203-4723
      View Details
    • Value Estimation
      $2,335,000
      7,658 SF

      217 Fairwood Ave

      RESTAURANT • 7,658 SF
      217 Fairwood Ave, Charlotte, NC 28203-5464
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,006 SF

      South End Adaptive Re-Use Property

      Freestanding retail property in Charlotte's South End neighborhood.
      230 Fairwood Ave, Charlotte, NC 28203
      View Details
    • $1,800,000
      0.23 Acres

      Prime Location in Dilworth, Charlotte

      Incredible location near SouthEnd with city views and high walkability.
      212 E Park Ave, Charlotte, NC 28203
      View Details
    • $11,900,000
      22,854 SF

      South End Retail Investment Opportunity

      Prime location in Charlotte's vibrant South End entertainment district.
      1431-1443 South Blvd, Charlotte, NC 28203
      View Details
    • $1,895,000
      4,546 SF

      South End Charlotte Retail/Office

      4,546 SF Freestanding Building, Vacant
      2640 Tryon St, Charlotte, NC 28203
      View Details
    • Contact for pricing
      5,441 SF

      Retail Property Near Light Rail

      Two-tenant retail property near Charlotte light rail stop.
      8641 Blvd S, Charlotte, NC 28203
      View Details
    • Contact for pricing
      0.17 Acres

      South End Charlotte Warehouse Site

      Prime Urban Core Development Opportunity
      308 Wickford Pl, Charlotte, NC 28203
      View Details

    Similar Nearby for Lease

    • $44 SF/Yr
      4,946 SF

      Renovated Historic Buildings For Rent

      Flexible office and retail space near downtown Charlotte.
      1900 Blvd S, Charlotte, NC 28203
      View Details
    • Contact for pricing
      2,466 SF

      Restaurant and Retail Space Available

      Restaurant and retail space for rent in Charlotte, NC.
      2161 Hawkins St, Charlotte, NC 28203
      View Details
    • Contact for pricing
      12,046 SF

      South End Ghost Kitchen Opportunity

      Charlotte Ghost Kitchen Suites Available
      500 Summit Ave, Charlotte, NC 28203
      View Details
    • $183 SF/Yr
      200 SF

      Charlotte Ghost Kitchen Opportunity

      200 SF Retail Kitchen, South End Location
      500 Summit Ave, Charlotte, NC 28203
      View Details
    • Contact for pricing
      563,996 SF

      Dilworth Retail Space: Prime Location

      Two Suites Available: Fitness, Cafe, Retail
      1701 East Blvd, Charlotte, NC 28203
      View Details
    • Contact for pricing
      13,196 SF

      Retail Space Available For Lease

      Retail property available for lease in Charlotte, North Carolina.
      2412 Distribution St, Charlotte, NC 28203
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1823 Cleveland Ave
    Charlotte, NC 28203
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.