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

    232 Center St Statesville, NC 28677

    • Office buildings
    • 3,612 SF
    • 0.89 lot acres
    For Sale
    View listing
    $350,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1258667
    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

    • Pelican's SnoBalls of Statesville / Dessert Shop

    Property Details for 232 Center St

    Year built
    1939
    Construction
    WOOD
    Lot size
    0.89 lot acres
    Property size
    3,612 SF
    Zone code
    CBP
    Property type
    Office buildings
    APN
    4734-96-7864.000
    APU
    4734967864000

    Description

    This exceptional 0.89-acre retail property presents a unique redevelopment opportunity in the heart of downtown Statesville, North Carolina. Strategically located just one block from the town square and Statesville High School, this site benefits from high visibility and excellent accessibility. The current zoning designation is Central Business District, offering considerable flexibility for a variety of commercial ventures. The property's central location ensures high foot traffic and proximity to a substantial population base. This makes it ideal for a range of uses, from restaurants and retail shops to professional offices or mixed-use developments. The substantial lot size provides ample space for new construction or significant renovation of an existing structure. Investors and developers will appreciate the potential for significant return on investment given the prime location and favorable zoning. This is a rare chance to acquire a key piece of real estate in a thriving downtown area poised for continued growth. The property is offered at $350,000, representing a compelling value for its size, location, and redevelopment potential. Serious inquiries are encouraged to explore the possibilities this exceptional property offers. The address is 232 N Center Street N, Statesville, NC.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $238,000
      Market price range: $189k - $564k
      AI Estimate
      $219,000
      Market price range: $165k - $488k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $360,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8892
    Latitude
    35.7874
    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
    $1,846
    $135,280
    $29,930
    $165,210
    -
    $135,280
    $29,930
    $165,210

    Comparable in this City

    • Value Estimation by Request
      5,510 SF

      255 Stamey Farm Rd

      OFFICE BUILDING • 5,510 SF
      255 Stamey Farm Rd, Statesville, NC 28677-8325
      View Details
    • Value Estimation
      $315,000
      9,761 SF

      140 Ctr St

      OFFICE BUILDING • 9,761 SF
      140 Ctr St, Statesville, NC 28677-5295
      View Details
    • Value Estimation
      $220,000
      3,204 SF

      318 Ctr St

      OFFICE BUILDING • 3,204 SF
      318 Ctr St, Statesville, NC 28677-4064
      View Details
    • Value Estimation
      $215,000
      2,100 SF

      305 Davie Ave

      OFFICE BUILDING • 2,100 SF
      305 Davie Ave, Statesville, NC 28677-5318
      View Details
    • Value Estimation
      $385,000
      14,384 SF

      909 Carolina Ave

      OFFICE BUILDING • 14,384 SF
      909 Carolina Ave, Statesville, NC 28677-3414
      View Details
    • Value Estimation
      $285,000
      0.30 Acres

      Brookdale Dr

      OFFICE BUILDING • 0.30 Acres
      Brookdale Dr, Statesville, NC 28677
      View Details

    Similar Nearby for Sale

    • $649,500
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      Professional Office with Residential Apartments

      Two-story brick building with office space and residential apartments.
      224 Harrill St, Statesville, NC 28677
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    • $895,500
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      Commercial building featuring offices, roll-up doors, loading dock, and parking.
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      Statesville Office Building For Sale

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    • $595,000

      Wall St

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      0 Wall St, Statesville, NC 28677
      View Details
    • $200,000
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      Statesville Office/Land Opportunity

      Versatile property with commercial zoning in a high-growth area.
      1225 Davie Ave, Statesville, NC 28677
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    • $725,000
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      Statesville Office Building Investment

      High-yield office building, prime location.
      1835 Davie Ave Unit, Statesville, NC 28677
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    Similar Nearby for Lease

    • $1,000 /Mo
      8,712 SF

      Commercial Brick Building in Statesville

      Commercial brick building in high traffic area available for rent.
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    • $2,216 /Mo
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      Statesville Commercial Building For Rent

      Professional office or retail building in Statesville's Central Business District.
      120 S Tradd St, Statesville, NC 28677
      View Details
    • $1,800 /Mo
      43,560 SF

      Statesville Commercial Office Space Available

      Freestanding office space for lease in high-traffic area.
      1521 Newton Dr, Statesville, NC 28677
      View Details
    • $6,720 /Mo
      43,560 SF

      Statesville Office Space For Rent

      Large open office space with private offices and ample parking.
      1519 Newton Dr, Statesville, NC 28677
      View Details
    • $3 SF/Yr
      38,220 SF

      Statesville Flex Space - 38,220 SF

      Versatile industrial space, multiple suites available. Ideal for various businesses.
      1107 Paola St, Statesville, NC 28677
      View Details
    • $4,875 /Mo
      43,560 SF

      Unique Commercial Space in Statesville

      Multi-level commercial space with high visibility and ample parking.
      1515 Newton Dr, Statesville, NC 28677
      View Details
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    232 Center St
    Statesville, NC 28677
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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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