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    331 Alcove Rd Mooresville, NC 28117-7660
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    Property profile & analytics

    331 Alcove Rd Mooresville, NC 28117-7660

    View on Map
    • Office buildings
    • 2,514 SF
    • 1.23 lot acres
    Off-Market
    Last Sale Aug 8, 2023
    $675,000
    Property ID
    US53-3807027
    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
    $700,000
    Show details
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Lifeworks Chiropractic / Alternative Medicine Practice
    • Native Ceuticals / (Bike/Boat/Book/etc) Store / Cosmetic Store
    • The Langtree Group / Construction Company / General Contractor
    • Alcove Road Executive Center / Business Service Center / Corporate Office
    • Titan Custom Builders Inc / Construction Company / General Contractor

    Property Details for 331 Alcove Rd

    Year built
    2014
    Construction
    STEEL FRAME
    Lot size
    1.23 lot acres
    Property size
    2,514 SF
    Zone code
    CM
    Property type
    Office buildings
    APN
    4645-67-4596.300
    APU
    4645674596300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $760,000
      ML approach
      $740,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $785,000
      6.5%
      $725,000
      7%
      $670,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $641,000
      Market price range: $254k - $642k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $755,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mooresville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8605
    Latitude
    35.5426
    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
    $7,388
    $93,330
    $657,810
    $751,140
    -
    $93,330
    $657,810
    $751,140

    Comparable in this City

    • Value Estimation
      $1,405,000
      5,388 SF

      341 Alcove Rd

      OFFICE BUILDING • 5,388 SF
      341 Alcove Rd, Mooresville, NC 28117-7632
      View Details
    • Value Estimation
      $10,055,000
      42,231 SF

      124 Crosslake Park Dr

      OFFICE BUILDING • 42,231 SF
      124 Crosslake Park Dr, Mooresville, NC 28117-8016
      View Details
    • Value Estimation by Request
      1.22 Acres

      444 Williamson Rd

      OFFICE BUILDING • 1.22 Acres
      444 Williamson Rd, Mooresville, NC 28117-9247
      View Details
    • Value Estimation
      $4,530,000
      17,408 SF

      235 Medical Park Rd

      OFFICE BUILDING • 17,408 SF
      235 Medical Park Rd, Mooresville, NC 28117-8545
      View Details
    • Value Estimation
      $910,000
      3,323 SF

      135 Gasoline Aly

      OFFICE BUILDING • 3,323 SF
      135 Gasoline Aly, Mooresville, NC 28117-6502
      View Details
    • Value Estimation
      $6,435,000
      24,810 SF

      568 Bluefield Rd

      OFFICE BUILDING • 24,810 SF
      568 Bluefield Rd, Mooresville, NC 28117-9051
      View Details

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    • New
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      Commercial Office Condo Investment Opportunity

      Tenant-occupied office condo with stable income and growth potential.
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      1,700 SF

      Prime Greenwood Road Office Suites

      Modern office space, flexible layouts, all utilities included.
      637 Williamson Rd, Mooresville, NC 28117
      View Details
    • Contact for pricing
      13,009 SF

      Medical Buildings on Williamson Road

      Two connected medical buildings on a 1.47-acre lot.
      357-359 Williamson Rd, Mooresville, NC 28117
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    Similar Nearby for Lease

    • Contact for pricing
      16,646 SF

      Class A Office Building

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      View Details
    • Contact for pricing

      Mixed-Use Tower with Retail Space

      Class A mixed-use tower in Midtown Charlotte with retail space.
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      View Details
    • $10,800 /Mo

      Mooresville Executive Suites

      Modern furnished offices, all utilities included.
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      View Details
    • $22 SF/Yr
      52,490 SF

      Mooresville Commercial Space For Lease

      2,185 SF commercial space in growing Mooresville market.
      113 Quiet Cove Rd, Mooresville, NC 28117
      View Details
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    Mooresville, NC 28117-7660
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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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    331 Alcove Rd, Mooresville, NC, 28117
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