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

    241 Vance St Forest City, NC 28043-2900

    • Warehouses
    • 6,000 SF
    • 24.43 lot acres
    OFF-MARKET
    Last Sale
    Feb 10, 2023
    $6,750,000
    Value Estimations
    $9,180,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2654916
    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

    • Warehouses

    Property Details for 241 Vance St

    Year built
    1978
    Lot size
    24.43 lot acres
    Property size
    6,000 SF
    Zone code
    R6
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    1637706
    APU
    1637706

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,180,000
      ML approach
      $7,105,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Forest City
    County
    Rutherford
    State
    North Carolina
    Longitude
    -81.8738
    Latitude
    35.3433
    CBSA code
    22580
    CBSA name
    FOREST CITY, NC MICROPOLITAN 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
    2021
    $19,174
    $441,800
    $1,814,500
    $2,256,300
    -
    $441,800
    $1,814,500
    $2,256,300

    Comparable in this City

    • Value Estimation
      $350,000
      3,800 SF

      412 Scruggs Rd

      MINI-WAREHOUSE, STORAGE • 3,800 SF
      412 Scruggs Rd, Forest City, NC 28043-9799
      View Details
    • Value Estimation
      $200,000
      6,400 SF

      1260 Tanners Grv Rd

      MINI-WAREHOUSE, STORAGE • 6,400 SF
      1260 Tanners Grv Rd, Forest City, NC 28043
      View Details
    • Value Estimation
      $255,000
      2,400 SF

      313 Doggett Rd

      MINI-WAREHOUSE, STORAGE • 2,400 SF
      313 Doggett Rd, Forest City, NC 28043-8145
      View Details
    • Value Estimation
      $270,000
      5,000 SF

      126 Industrial Dr

      MINI-WAREHOUSE, STORAGE • 5,000 SF
      126 Industrial Dr, Forest City, NC 28043-9675
      View Details
    • Value Estimation
      $65,000
      840 SF

      124 Turner St

      MINI-WAREHOUSE, STORAGE • 840 SF
      124 Turner St, Forest City, NC 28043-2741
      View Details
    • Value Estimation
      $275,000
      3,000 SF

      224 Woods Dr

      MINI-WAREHOUSE, STORAGE • 3,000 SF
      224 Woods Dr, Forest City, NC 28043-3700
      View Details

    Similar Nearby for Sale

    • $8,000,000
      180,000 SF

      Forest City Warehouse - $8M

      180,000 SF Industrial Warehouse, NC
      212 Nuway Packing Dr, Forest City, NC 28043
      View Details
    • $114,900
      0.57 Acres

      Forest City Commercial Land - $114,900

      0.57-acre commercial lot, prime location.
      0 Withrow Rd, Forest City, NC 28043
      View Details
    • $175,500
      17.42 Acres

      Unzoned Land on US Hwy

      17.42 acre commercial property on US Hwy 221 Bypass.
      Us 221S Hwy, Forest City, NC 28043
      View Details
    • $120,000

      Unrestricted Acreage Near Forest City

      10.22 acres of unrestricted land with creek.
      00 Sunset Dr, Rutherfordton, NC 28043
      View Details
    • $75,000

      Commercial Land Ready For Development

      Prime commercial land in Forest City, NC, ready for development.
      00 Withrow Rd, Forest City, NC 28043
      View Details
    • $199,000
      1.88 Acres

      Commercial Land in Forest City

      Level commercial building lot with frontage on three streets.
      W Main St W, Forest City, NC 28043
      View Details

    Similar Nearby for Lease

    • $5,000 /Mo
      87,120 SF

      Commercial Building in Forest City

      Versatile commercial building suitable for manufacturing, retail, or warehouse use.
      114 Michael Dr, Forest City, NC 28043
      View Details
    • Contact for pricing
      2,631 SF

      Eagle Lake Restaurant & Grounds

      Unique NC Restaurant w/Lake & Camping
      362 Duke St, Forest City, NC 28043
      View Details
    • $6,000 /Mo
      20,473 SF

      New Office Construction For Lease

      New construction office space with customizable design and excellent exposure.
      633 S Broadway St, Forest City, NC 28043
      View Details
    • Contact for pricing
      6,008 SF

      Forest City Retail Space Available

      High-visibility storefront, 3,008 sq ft.
      181 Main St, Forest City, NC 28043
      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.
    241 Vance St
    Forest City, NC 28043-2900
    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.