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    328 Broad St Statesville, NC 28677

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    328 Broad St Statesville, NC 28677

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    • Office properties & Spaces
    • 0.29 lot acres
    Off-Market
    Property ID
    US53-0050577
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Dudley Law Firm - Statesville / Law Firm
    • Heart Space Apothecary / Alternative Medicine Practice
    • Wetlands & Waters, Inc. / Consultant

    Property Details for 328 Broad St

    Year built
    1881
    Lot size
    0.29 lot acres
    Property type
    Office properties & Spaces

    Description

    This exceptional commercial property, situated on a 0.29-acre corner lot in the heart of downtown Statesville, NC, presents a unique investment opportunity. The beautifully preserved historic building boasts 7 individual office units, perfectly suited for a variety of professional tenants. A shared conference room provides a collaborative space, while a convenient kitchen and welcoming lobby area enhance the overall functionality and appeal. The building's prime location offers unparalleled accessibility, placing it within easy walking distance of the vibrant downtown core, providing tenants with convenient access to local amenities, restaurants, and businesses. This income-producing asset is an ideal choice for investors seeking a stable return on investment in a thriving urban setting. The property's historic charm combined with its modern functionality makes it a highly desirable location for businesses seeking a prestigious address. The building's layout is efficient and well-maintained, offering a comfortable and productive work environment for its occupants. The 0.29-acre lot provides ample space and potential for future expansion or outdoor amenities. This is a rare opportunity to acquire a significant piece of Statesville's commercial real estate landscape. The property's strong location and established income stream make it a compelling investment prospect. Serious inquiries are encouraged to explore this exceptional offering further. The asking price is $339,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.88217
    Latitude
    35.78627

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      Statesville Commercial Property with Income

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    Similar Nearby for Sale

    • $35,000

      Commercial Lot in Growing City

      Commercial lot in Statesville, suitable for industrial, warehouse, office.
      00 S Meeting St, Statesville, NC 28677
      View Details
    • $140,000
      0.34 Acres

      Commercial Property with Expansion Potential

      Commercial property with flexible zoning near interstates and downtown.
      204 N Oakland Ave, Statesville, NC 28677
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    • $200,000
      0.64 Acres

      Statesville Office/Land Opportunity

      Versatile property with commercial zoning in a high-growth area.
      1225 Davie Ave, Statesville, NC 28677
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      40,302 SF

      Statesville Industrial Property For Sale

      40,302 SF industrial building with loading docks and secure lot.
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    • $450,000
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      Versatile Commercial Property with Income Potential

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      Statesville Commercial Property with Income

      Versatile commercial space with income potential near downtown.
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    Similar Nearby for Lease

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      Downtown Statesville Office Space

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      Statesville Office & Industrial Space

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      Former Bank Branch with Drive-Thru

      5,418 SF building with drive-thru available for lease.
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      Renovated Flex Space with Office

      Recently renovated flex space with office and warehouse components.
      1523 Salisbury Ave, Statesville, NC 28677
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    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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    328 Broad St, Statesville, NC, 28677

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