Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    224 Cherry St Winston-Salem, NC 27101

    • Office Units
    • 5,286 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5587308
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 224 Cherry St

    Year built
    1884
    Property size
    5,286 SF
    Property type
    Office Units

    Description

    This historic 1884 building, listed on the National Register of Historic Places, offers 5,286 square feet of flexible office space in Winston-Salem, NC. The property features multiple tenancy options, with suites ranging from 200 to 2,670 contiguous square feet

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Winston-Salem
    County
    Forsyth
    State
    North Carolina
    Longitude
    -80.246000371379
    Latitude
    36.091992822542

    Comparable in this City

    • Contact for pricing
      546,065 SF

      Wells Fargo Center Office Space

      Prestigious Winston-Salem office tower, suites available.
      100 Main St, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      7,976 SF

      Historic Winston-Salem Office Space

      Executive/Creative Office, 5,115 SF Available
      426 Old Salem Rd, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      4,000 SF

      Downtown Winston-Salem Office Space

      Prime office space in Winston-Salem's Central Business District.
      500 West 5Th St, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      218,488 SF

      Class A Office Space Available

      Class A office tower with unparalleled amenities in Winston-Salem.
      100 North Main St, Winston-Salem, NC 27101
      View Details
    • $15 SF/Yr
      1,116 SF

      Commercial Office Duplex For Lease

      Commercial office duplex with leasing options available in Winston Salem.
      205-207 N Poplar St, Winston Salem, NC 27101
      View Details
    • Contact for pricing
      180 SF

      Keyman Office Space For Rent

      First floor office space with shared amenities and utilities included.
      632 Holly Ave, Winston Salem, NC 27101
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Downtown Winston-Salem Office Space

      Office space in downtown Winston-Salem suitable for small businesses.
      406 E 4Th St, Winston-Salem, NC 27101
      View Details
    • $1,699,000
      15,480 SF

      Downtown Winston-Salem Office Building

      Fully Leased Income Property, High Visibility
      201 Broad St, Winston-Salem, NC 27101
      View Details
    • $995,000
      7,040 SF

      Downtown Winston-Salem Office Building

      Prime location, 7,040 SF, vacant, NNN lease.
      215 Broad St, Winston-Salem, NC 27101
      View Details
    • $665,000
      4,110 SF

      712 Brookstown Ave: Redevelopment Opportunity

      Historic Winston-Salem building, prime location.
      712 Brookstown Ave, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      0.26 Acres

      Residential Land in Winston-Salem

      Secluded lot near I-40 and I-74 in Winston-Salem, NC.
      3625 Turret Ct, Winston-Salem, NC 27101
      View Details
    • $1,800,000
      13,975 SF

      Downtown Winston-Salem Retail Trio

      Historic Hines Shoe Co. Building, Multi-Tenant Opportunity
      245 4 St, Winston-Salem, NC 27101
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1,116 SF

      Commercial Office Duplex For Lease

      Commercial office duplex with leasing options available in Winston Salem.
      205-207 N Poplar St, Winston Salem, NC 27101
      View Details
    • $21 SF/Yr
      120,000 SF

      Arts District Office Space

      1,780 SF, Class A Office, Downtown Winston-Salem
      530 Trade St, Winston-Salem, NC 27101
      View Details
    • $14 SF/Yr
      425,741 SF

      Truliant Tower: Prime Winston-Salem Office

      28-story iconic office building, diverse spaces available.
      301 Main St, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      546,065 SF

      Wells Fargo Center Office Space

      Prestigious Winston-Salem office tower, suites available.
      100 Main St, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      7,976 SF

      Historic Winston-Salem Office Space

      Executive/Creative Office, 5,115 SF Available
      426 Old Salem Rd, Winston-Salem, NC 27101
      View Details
    • Contact for pricing
      4,000 SF

      Downtown Winston-Salem Office Space

      Prime office space in Winston-Salem's Central Business District.
      500 West 5Th St, Winston-Salem, NC 27101
      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.
    224 Cherry St
    Winston-Salem, NC 27101
    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.
    Sign Up Successful!
    You now have access to more from Realmo!