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

    472 Turnersburg Hwy Statesville, NC 28625

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0260026
    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

    • Commercial real estate

    Property Details for 472 Turnersburg Hwy

    Property type
    Commercial real estate

    Description

    This exceptional 32+-acre mixed-use development opportunity in Statesville, NC, presents a nearly shovel-ready project. Known as Statesville Gateway, this property boasts conditional approval from the City of Statesville for a Planned Unit Development (PUD). The approved plan allows for the construction of 160 to 182 townhome units and 50,000 to 70,000 square feet of commercial space. A previous buyer secured both the Conditional Approval Acceptance Letter and the Development Agreement before withdrawing from the deal, leaving this opportunity ripe for immediate development. The property comprises ten contiguous Iredell County tax parcels (numbers 4746426982.000, 4746426758.000, 4746427865.000, 4746426636.000, 4746425496.000, 4746425269.000, 4746414886.000, 4746406187.000, 4746416753.000, and 4746415424.000), located at 472 Turnersburg Hwy, Statesville, NC 28625. The asking price is $3,000,000. This is a rare chance to capitalize on a pre-approved project, minimizing upfront planning and permitting hurdles. With interest rates potentially stabilizing, this presents a timely investment opportunity for developers seeking a high-potential return.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.874437673097
    Latitude
    35.828875883222

    Comparable in this City

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      Statesville Commercial Land - $425K

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      5.83 Acres

      Statesville Commercial Land Opportunity

      Prime 5.83-acre commercial lot, I-40 visibility.
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      10.82 Acres

      Statesville Retail Land Opportunity

      Prime 10.82-acre retail site in Statesville, NC
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    • $249,900
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      Prime Love Valley Retail Space

      Unique Western Town Retail Opportunity
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      Statesville Land with Mountain Views

      5+ acre wooded lot perfect for building a dream home.
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    Similar Nearby for Sale

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      10.83 Acres

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      10.83 Acres, High Traffic Location
      1397 Wilkesboro Hwy, Statesville, NC 28625
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      13.17 Acres

      Hwy 21 Statesville Commercial Land

      13 Acres, Hwy 21 Frontage, I-77 & I-40 Access
      0 Turnersburg Hwy, Statesville, NC 28625
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    • $1,450,000
      82.45 Acres

      82+ Acre Land in Statesville

      Beautiful 82+ acre property with spring-fed pond and sweeping views.
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      Wooded Lots in Small Subdivision

      Large wooded lots suitable for residential development in Statesville, NC.
      16 Draper Dr, Statesville, NC 28625
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      15.94 Acres

      Statesville Commercial Land For Sale

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      Land in Desirable Love Valley

      Nearly one acre of land in Iredell County, North Carolina.
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    Similar Nearby for Lease

    • $15 SF/Yr
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      Eastgate Commons Retail Space

      Last retail space; Food Lion anchored.
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      Statesville Drive-Thru Restaurant Opportunity

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      Retail Space in Community Center

      Retail space available in community center anchored by Food Lion.
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    • $30 SF/Yr
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      Retail Space in Forth Crossings

      Newer retail center with high visibility and easy access.
      187 Turnersburg Hwy, Statesville, NC 28625
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      1,200 SF

      Community Center Retail Spaces Available

      Retail spaces available in community center anchored by Food Lion.
      1630 E Broad St, Statesville, NC 28625
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    • $6 SF/Yr
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      Statesville Industrial Space For Lease

      Two Warehouses, Flexible Space Available
      2460 Davie Ave, Statesville, NC 28625
      View Details
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    472 Turnersburg Hwy
    Statesville, NC 28625
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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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