Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    362 Duke St Forest City, NC 28043-9196
    Back to Search
    Property profile & analytics

    362 Duke St Forest City, NC 28043-9196

    View on Map
    • Turn key restaurants
    • 1,840 SF
    • 32.36 lot acres
    Off-Market
    Last Sale Feb 29, 2024
    $730,000
    Property ID
    US53-2729407
    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
    $730,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 362 Duke St

    Year built
    1959
    Lot size
    32.36 lot acres
    Property size
    1,840 SF
    Zone code
    C3
    Property type
    Turn key restaurants
    APN
    1603630
    APU
    1603630

    Description

    This exceptional 32+ acre property in Forest City, NC, presents a rare investment opportunity. The main attraction is the 2,631 square foot Eagle Lake Restaurant, featuring a fully equipped commercial kitchen with walk-in refrigerators and freezers. The restaurant boasts seating for 14 inside and 7 (expandable to 12) on a covered lakeside deck, all offering stunning lake views. A basement bar and two storage rooms provide additional space. The property also includes a 10-acre stocked lake, perfect for fishing, kayaking, and canoeing. Amenities extend to a mowed picnic and camping area with ample shade, three RV sites with full hookups on concrete pads, and a separate tackle and bait shop. Abundant parking is available with two asphalt lots providing 40 spaces. The property is zoned C-3 and features a paved, tree-lined drive. This versatile property is ideal for a variety of uses, including event hosting, and is conveniently located near historic downtown Forest City. The three-phase power supply ensures operational efficiency.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $730,000
      ML approach
      $730,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Forest City
    County
    Rutherford
    State
    North Carolina
    Longitude
    -81.9005
    Latitude
    35.3466
    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
    $6,055
    $590,300
    $112,500
    $702,800
    -
    $590,300
    $112,500
    $702,800

    Comparable in this City

    • Value Estimation by Request
      4,195 SF

      128 Sparks Xing

      RESTAURANT • 4,195 SF
      128 Sparks Xing, Forest City, NC 28043-9004
      View Details
    • Value Estimation by Request
      5,444 SF

      657 Oak St

      RESTAURANT • 5,444 SF
      657 Oak St, Forest City, NC 28043-3471
      View Details
    • Value Estimation by Request
      11,520 SF

      102 Main St

      RESTAURANT • 11,520 SF
      102 Main St, Forest City, NC 28043-3052
      View Details
    • Value Estimation
      $665,000
      6,320 SF

      140 Old Caroleen Rd

      RESTAURANT • 6,320 SF
      140 Old Caroleen Rd, Forest City, NC 28043-3749
      View Details
    • Value Estimation by Request
      3,734 SF

      1288 Main St

      RESTAURANT • 3,734 SF
      1288 Main St, Forest City, NC 28043-2524
      View Details
    • Value Estimation by Request
      2,880 SF

      184 Main St

      RESTAURANT • 2,880 SF
      184 Main St, Forest City, NC 28043-2108
      View Details

    Similar Nearby for Sale

    • $500,000
      1.04 Acres

      Commercial Buildings and Vacant Lot

      Three tracts available: commercial buildings and vacant lot.
      632 S Broadway St, Forest City, NC 28043
      View Details
    • Contact for pricing

      Historic Downtown Theater and Retail

      15,359 SF building in historic downtown Forest City.
      131 E Main St, Forest City, NC 28043
      View Details
    • New
      $499,000
      1,750 SF

      Mixed-Use Property in Historic Downtown

      Unique mixed-use property with commercial and residential spaces.
      138 E Main St, Forest City, NC 28043
      View Details
    • $229,000
      1,704 SF

      Downtown Forest City Commercial Property

      Versatile commercial property in a desirable downtown location.
      155/157 E Main St, Forest City, NC 28043
      View Details
    • $500,000
      4,501 SF

      Commercial Buildings and Vacant Lot

      Three tracts available: commercial buildings and a vacant lot.
      644 S Broadway St, Forest City, NC 28043
      View Details
    • $389,000

      Commercial Property in Growing Forest

      Commercial property in Forest City with recent renovations on 1.58 acres.
      1168 W Main St, Forest City, NC 28043
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Forest City Commercial Building For Lease

      Versatile commercial building suitable for manufacturing, retail, or warehouse use.
      141 Michael Dr, Forest City, NC 28043
      View Details
    • $2,500 /Mo
      15,682 SF

      Versatile Commercial Space, Forest City

      Adaptable building suitable for retail, warehouse, or automotive uses.
      358 S Broadway 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.
    362 Duke St
    Forest City, NC 28043-9196
    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

    Thank You for Inquiry
    362 Duke St, Forest City, NC, 28043
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!