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    Property profile & analytics

    317 1St Street Dr East Conover, NC 28613

    • Retail space
    • 2,091 SF
    • 0.47 lot acres
    For Sale
    View listing
    $640,000
    Value Estimations
    Cap Rate Potential
    8.4%
    Retail space
    Location Intelligence
    Property ID
    US53-2008351
    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

    • Ronald R. Harwell, RPH / Pharmacy

    Property Details for 317 1St Street Dr East

    Year built
    2003
    Construction
    CONCRETE BLOCKS
    Lot size
    0.47 lot acres
    Property size
    2,091 SF
    Zone code
    P-1
    Property type
    Retail space
    APN
    3741-05-28-2965
    APU
    374105282965

    Description

    This exceptional commercial property presents a unique investment opportunity in a thriving Conover, NC location. Situated on a 3.49-acre lot, this well-maintained building offers 2,075 square feet of versatile space, perfect for a variety of professional uses. Its strategic location less than a mile from Interstate 40 and the heart of Conover ensures unparalleled accessibility and high visibility, attracting significant foot and vehicle traffic. The property boasts ample parking, catering to both employees and clients. Its proximity to key commercial and residential areas further enhances its appeal and potential for growth. The high-traffic location guarantees excellent exposure, maximizing your business's reach and long-term value. This is an ideal opportunity for businesses seeking a prominent presence in a rapidly developing area. The 0.47-acre parcel offers significant potential for future expansion or development. The building's current condition is excellent, minimizing upfront investment and allowing for immediate occupancy. This property is priced at $640,000 and represents a strong return on investment for discerning buyers. Don't miss this chance to secure a prime commercial location in a rapidly growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $380,000
      6.5%
      $350,000
      7%
      $325,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $275,000
      Market price range: $87.2k - $345k
      AI Estimate
      $217,000
      Market price range: $80.5k - $259k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $200,000
      Current use
      MEDICAL BUILDING
      $395,000
      Change: +97% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $215,000
      Change: +5% Conversion: Difficult
      OFFICE BUILDING
      $190,000
      Change: -6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Conover
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.2156
    Latitude
    35.7052
    CBSA code
    25860
    CBSA name
    HICKORY-LENOIR-MORGANTON, NC 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
    $1,669
    $51,200
    $159,100
    $210,300
    -
    $51,200
    $159,100
    $210,300

    Comparable in this City

    • Value Estimation
      $195,000
      5.29 Acres

      3rd St Cemetary SE

      RETAIL STORES (PERSONAL SERVICES) • 5.29 Acres
      3rd St Cemetary SE, Conover, NC 28613
      View Details
    • Value Estimation
      $235,000
      1.04 Acres

      531 2nd SW St

      RETAIL STORES (PERSONAL SERVICES) • 1.04 Acres
      531 2nd SW St, Conover, NC 28613-2603
      View Details
    • Value Estimation
      $1,360,000
      9,173 SF

      1000 Houston Ml Rd

      RETAIL STORES (PERSONAL SERVICES) • 9,173 SF
      1000 Houston Ml Rd, Conover, NC 28613-8500
      View Details
    • Value Estimation
      $6,170,000
      1,260 SF

      6641 Monford Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,260 SF
      6641 Monford Dr, Conover, NC 28613-8859
      View Details
    • Value Estimation
      $75,000
      1,200 SF

      117 1st W St

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      117 1st W St, Conover, NC 28613-2148
      View Details
    • Value Estimation
      $245,000
      1,365 SF

      110 1st E St

      RETAIL STORES (PERSONAL SERVICES) • 1,365 SF
      110 1st E St, Conover, NC 28613-2102
      View Details

    Similar Nearby for Sale

    • $450,000
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      Conover Retail Land - $450,000

      High-traffic corner lot, B-2 zoning. Development opportunity.
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    • $800,000
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      Prime Commercial Land Near I-40

      2-acre commercial land near Rock Barn exit with high visibility.
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      Downtown Conover Investment Opportunity

      Prime commercial property with long-term tenants in thriving downtown location.
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      Conover Commercial Space: Prime Location

      Large commercial space, high potential, needs work.
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    • $699,999
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      Conover Commercial Land - 7.65 Acres

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    • Contact for pricing
      0.20 Acres

      Residential Land in Conover, NC

      Level lot in Conover, NC, ready for new construction.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      51,587 SF

      Conover, NC Retail Space Available

      Prime Retail Space, I-40 Visibility
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      View Details
    • Contact for pricing
      190,000 SF

      Conover, NC Industrial Campus

      Modern Manufacturing/Warehouse Space Available
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      View Details
    • $765 /Mo

      Prime Commercial Land - I-40 Access

      High-visibility land, ideal for lease or development.
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      View Details
    • Contact for pricing
      127,875 SF

      Conover Warehouse Space Available

      125,165 SF warehouse space in Conover, North Carolina.
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      View Details
    • $14 SF/Yr
      1,306 SF

      Conover Office Space For Rent

      Office space available in Conover, near Highway 16.
      301 10Th Street Pl NW, Conover, NC 28613
      View Details
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    317 1St Street Dr East
    Conover, NC 28613
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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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