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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    221 Heathway Dr Charlotte, NC 28213-6471

    • Retail space
    • 9,320 SF
    • 1.21 lot acres
    OFF-MARKET
    Last Sale
    Mar 28, 2024
    $1,910,000
    Value Estimations
    $1,910,000
    Show details
    Cap Rate Potential
    8.2%
    Retail space
    Location Intelligence
    Property ID
    US53-2383071
    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

    • Western Union / Money Transfer Service / Money Order Service
    • Dollar General / Party Store / Variety Store
    • KeyMe Locksmiths / Emergency Locksmith Service / Key Duplication Service

    Property Details for 221 Heathway Dr

    Year built
    2010
    Lot size
    1.21 lot acres
    Property size
    9,320 SF
    Zone code
    TOD-TR
    Property type
    Retail space
    APN
    4905506
    APU
    4905506

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,910,000
      ML approach
      $1,910,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,600,000
      6.5%
      $2,400,000
      7%
      $2,230,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,020,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $2,785,000
      Change: -8% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $2,430,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.7664
    Latitude
    35.2732
    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
    $14,438
    $1,077,700
    $890,600
    $1,968,300
    -
    $1,077,700
    $890,600
    $1,968,300

    Comparable in this City

    • Value Estimation
      $505,000
      3,000 SF

      6024 Tryon St

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      6024 Tryon St, Charlotte, NC 28213-7813
      View Details
    • Value Estimation
      $1,830,000
      11,615 SF

      8816 University E Dr

      RETAIL STORES (PERSONAL SERVICES) • 11,615 SF
      8816 University E Dr, Charlotte, NC 28213-3971
      View Details
    • Value Estimation by Request
      3,025 SF

      10032 University City Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,025 SF
      10032 University City Blvd, Charlotte, NC 28213-3622
      View Details
    • Value Estimation
      $1,035,000
      6,000 SF

      6633 Tryon St

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      6633 Tryon St, Charlotte, NC 28213-5520
      View Details
    • Value Estimation
      $1,680,000
      12,000 SF

      5744 Tryon St

      RETAIL STORES (PERSONAL SERVICES) • 12,000 SF
      5744 Tryon St, Charlotte, NC 28213-6802
      View Details
    • Value Estimation
      $1,015,000
      8,100 SF

      4501 Tryon St

      RETAIL STORES (PERSONAL SERVICES) • 8,100 SF
      4501 Tryon St, Charlotte, NC 28213-6922
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail, Restaurant, Entertainment Concept Space

      Adaptively reused space for retail, restaurant, and entertainment concepts.
      University City Blvd, Charlotte, NC 28213
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      3,410 SF

      Charlotte Retail Outparcel - $1.85M

      Prime location, vacant, 3,410 SF
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      High-Volume Car Wash and Lube

      Car wash and lube shop in a densely populated area.
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      Retail Property on Sugar Creek

      Retail property for sale on West Sugar Creek Road.
      2510 W Sugar Creek Rd, Charlotte, NC 28213
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    • Contact for pricing
      3,410 SF

      Freestanding Retail Outparcel with Drive-Thru

      3,410 SF former bank branch with 3-lane drive-thru.
      6709 N Tryon St, Charlotte, NC 28213
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    • $2,900,000
      5,074 SF

      Retail Property For Sale

      Retail property available for purchase in Charlotte, North Carolina.
      350 E Sugar Creek Rd, Charlotte, NC 28213
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,110 SF

      Retail Space in Harris Teeter Anchored Center

      4,110 SF retail space available July 1, 2025.
      8509-8640 University City Blvd, Charlotte, NC 28213
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Available For Rent

      Retail space available for rent at 1120 W Sugar Creek Rd.
      1120 W Sugar Creek Rd, Charlotte, NC 28213
      View Details
    • Contact for pricing

      Redeveloped Outparcel Near University

      High-profile retail space near university and shopping center.
      8420 University City Blvd, Charlotte, NC 28213
      View Details
    • $26 SF/Yr
      1,325 SF

      Retail Space Near UNC Charlotte

      Retail suites available near UNC Charlotte with ample parking.
      10039 University City Blvd, Charlotte, NC 28213
      View Details
    • Contact for pricing
      1,420 SF

      Retail Space Near UNC Charlotte

      Retail spaces and pad site available near UNC Charlotte.
      10901 University City Blvd, Charlotte, NC 28213
      View Details
    • Contact for pricing

      Retail Space and Pad Site

      Retail space and pad site available for lease.
      10905 University City Blvd, Charlotte, NC 28213
      View Details

    Property Visit Statistics

    • Visits by month
      10.8k
    • Visitors by month
      5.8k
    • Avg Time on site
      14 min
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    221 Heathway Dr
    Charlotte, NC 28213-6471
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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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