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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    423 Lee St Salisbury, NC 28144-4424

    • Warehouses
    • 13,275 SF
    • 0.34 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1747492
    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

    • Innovative Products and Solutions / Machine Shop / Metal Fabricator

    Property Details for 423 Lee St

    Year built
    1951
    Lot size
    0.34 lot acres
    Property size
    13,275 SF
    Property type
    Warehouses
    APN
    011 250
    APU
    11250

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $268,000
      Market price range: $269k - $811k
      AI Estimate
      $233,000
      Market price range: $233k - $702k

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

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Rowan
    State
    North Carolina
    Longitude
    -80.4643
    Latitude
    35.6694
    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
    $1,321
    $66,000
    $113,431
    $179,431
    -
    $66,000
    $113,431
    $179,431

    Comparable in this City

    • Value Estimation
      $235,000
      3,069 SF

      228 Kerr St

      WAREHOUSE, STORAGE • 3,069 SF
      228 Kerr St, Salisbury, NC 28144
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    • Value Estimation
      $315,000
      6,000 SF

      601 Lyon Shaw Blvd

      MINI-WAREHOUSE, STORAGE • 6,000 SF
      601 Lyon Shaw Blvd, Salisbury, NC 28144
      View Details
    • Value Estimation
      $285,000
      2,400 SF

      125 Yadkin Baptist Church Rd

      MINI-WAREHOUSE, STORAGE • 2,400 SF
      125 Yadkin Baptist Church Rd, Salisbury, NC 28144
      View Details
    • Value Estimation
      $65,000
      7,200 SF

      106 Vance Ave

      WAREHOUSE, STORAGE • 7,200 SF
      106 Vance Ave, Salisbury, NC 28144-6535
      View Details
    • Value Estimation
      $245,000
      3,960 SF

      614 Main St

      WAREHOUSE, STORAGE • 3,960 SF
      614 Main St, Salisbury, NC 28144-3674
      View Details
    • Value Estimation
      $840,000
      100,000 SF

      100 Sowers Rd

      WAREHOUSE, STORAGE • 100,000 SF
      100 Sowers Rd, Salisbury, NC 28144-7782
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      16,348 SF

      Salisbury Industrial Property

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      8,961 SF

      Downtown Salisbury Retail/Warehouse Opportunity

      Retail and warehouse space in Downtown Salisbury for sale.
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      16,348 SF

      Salisbury Industrial Building with HI Zoning

      16,348 SF industrial building suitable for manufacturing, warehousing, or distribution.
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    • $1,915,000
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      Salisbury Retail Center - High ROI

      12,304 SF Retail Center, 4.35 Acres
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      Salisbury Office Building - Great ROI

      Fully occupied, high-return office building.
      620 Innes St, Salisbury, NC 28144
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    Similar Nearby for Lease

    • $8 SF/Yr
      12,000 SF

      Stand-Alone Industrial Building For Lease

      12,000 SF industrial building suitable for manufacturing or distribution.
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      View Details
    • $1,500 /Mo
      43,124 SF

      Commercial Warehouse Space in Salisbury

      Affordable warehouse space with office, restroom, and garage doors.
      203 E Harrison St, Salisbury, NC 28144
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    • Contact for pricing
      351,572 SF

      Industrial Facility Near I-85

      351,572 SF industrial facility with I-85 access.
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      6,100 SF

      Downtown Salisbury Restaurant Space

      Prime location, 6100 sq ft, redevelopment opportunity.
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    • Contact for pricing

      Freestanding Restaurant with Drive-Thru

      Second-generation restaurant with drive-thru, high visibility, and traffic.
      Salisbury, NC 28144
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    • Contact for pricing
      6,100 SF

      Restaurant Space in Bell Tower

      Restaurant space available in downtown Salisbury's Bell Tower Green.
      115 W Innes St, Salisbury, NC 28144
      View Details
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    423 Lee St
    Salisbury, NC 28144-4424
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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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