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    Property profile & analytics

    260 Main St Mooresville, NC 28115

    • Drive through restaurants
    • 2,405 SF
    • 0.74 lot acres
    For Sale
    View listing
    $1,406,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2179907
    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

    • Thai Thai Cafe / Thai Restaurant / Fine Dining Restaurant

    Property Details for 260 Main St

    Year built
    1973
    Construction
    WOOD
    Lot size
    0.74 lot acres
    Property size
    2,405 SF
    Zone code
    TD
    Property type
    Drive through restaurants
    APN
    4667-01-2050.000
    APU
    4667012050000

    Description

    This exceptional ±0.82-acre site presents a prime opportunity for multi-family development in the heart of Mooresville, North Carolina. Approved for a 37-unit project, this land offers significant potential for investors seeking a high-return venture. The property is ideally located on 260 S Main St, just steps away from Mooresville's vibrant downtown area, boasting a thriving retail scene, diverse restaurants, and an active nightlife. Its convenient location ensures easy access to amenities and a desirable lifestyle for future residents. The site's APN numbers are 4667002847, 4667001847, and 4667002893. Furthermore, this development opportunity is situated within the highly-regarded Mooresville Graded School District, a top-ranked school system in North Carolina, making it particularly attractive to families. The asking price for this exceptional property is $1,406,000. The property is zoned for residential multi-family use and includes ample space for parking to accommodate the planned 37 units. This location offers a blend of urban convenience and suburban tranquility, making it an ideal location for a thriving multi-family community. The property's proximity to downtown Mooresville ensures residents have easy access to a variety of shops, restaurants, and entertainment options. This is a rare opportunity to acquire a well-situated, approved development site in a rapidly growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $285,000
      Market price range: $219k - $972k

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

    Location Insight

    • Map
    • Local Demand
    City
    Mooresville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8153
    Latitude
    35.5801
    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
    $4,300
    $178,080
    $199,550
    $377,630
    -
    $178,080
    $199,550
    $377,630

    Comparable in this City

    • Value Estimation
      $220,000
      972 SF

      546 Plz Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 972 SF
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      View Details
    • Value Estimation
      $495,000
      8,738 SF

      109 Limerick Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 8,738 SF
      109 Limerick Rd, Mooresville, NC 28115-8060
      View Details
    • Value Estimation
      $255,000
      0.76 Acres

      Ee Plz Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 0.76 Acres
      Ee Plz Dr, Mooresville, NC 28115
      View Details
    • Value Estimation
      $2,465,000
      3,356 SF

      429 Plz Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,356 SF
      429 Plz Dr, Mooresville, NC 28115-5109
      View Details
    • Value Estimation
      $345,000
      3,619 SF

      256 Plz Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,619 SF
      256 Plz Dr, Mooresville, NC 28115-8097
      View Details
    • Value Estimation
      $375,000
      1,914 SF

      417 Plz Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,914 SF
      417 Plz Dr, Mooresville, NC 28115-8069
      View Details

    Similar Nearby for Sale

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      Mooresville Business Opportunity: Prime Location

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    Similar Nearby for Lease

    • $40 SF/Yr
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    • Contact for pricing
      113,000 SF

      Mooresville Industrial Property for Lease

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      New flex suites for lease in Deerfield Business Park.
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      Corner Parcel in Mooresville, NC

      2.8 acre corner parcel with excellent visibility and access.
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    • Contact for pricing

      Land Parcel Near Mooresville

      Land with development potential outside Mooresville city limits.
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      View Details
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    260 Main St
    Mooresville, NC 28115
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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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