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    472 Turnersburg Hwy Statesville, NC 28625
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    Property profile & analytics

    472 Turnersburg Hwy, Statesville, NC 28625

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    • Commercial real estate
    Off-Market
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    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 estimation — 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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      30 Acres in Cool Spring

      30 acres of land, mostly cleared, near major highways.
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      627 Saint Andrews Rd, Statesville, NC 28625
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      Statesville Land with Steel Workshop

      1.77-acre parcel with 4,000 SF workshop near I-40/I-77.
      136 Longview Rd, Statesville, NC 28625
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      Vacant Lot For Sale

      Vacant lot requiring annexation and sewer system waiver.
      000 Mckinley Ave, Statesville, NC 28625
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      Commercial Lot on Highway 115

      One-acre commercial lot with high traffic exposure near Statesville.
      3023 Wilkesboro Hwy, Statesville, NC 28625
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    Similar Nearby for Sale

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      30 Acres in Cool Spring

      30 acres of land, mostly cleared, near major highways.
      000 Pops Lake Rd, Statesville, NC 28625
      View Details
    • Contact for pricing

      Residential Lot Near Golf Course

      Building lot in desirable neighborhood, close to amenities and interstates.
      627 Saint Andrews Rd, Statesville, NC 28625
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    • Contact for pricing

      Statesville Land with Steel Workshop

      1.77-acre parcel with 4,000 SF workshop near I-40/I-77.
      136 Longview Rd, Statesville, NC 28625
      View Details
    • $32,100

      Vacant Lot For Sale

      Vacant lot requiring annexation and sewer system waiver.
      000 Mckinley Ave, Statesville, NC 28625
      View Details
    • Contact for pricing

      Commercial Lot on Highway 115

      One-acre commercial lot with high traffic exposure near Statesville.
      3023 Wilkesboro Hwy, Statesville, NC 28625
      View Details

    Similar Nearby for Lease

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      4,000 SF

      Office Space Under Construction

      Office space available for rent; floor plan customizable.
      1411 Fern Creek Dr, Statesville, NC 28625
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      3,410 SF

      Retail Space Near Amenities

      Retail space available near hotels, restaurants, and car dealerships.
      1525-1531 Cinema Dr, Statesville, NC 28625
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      1,760 SF

      New Retail/Medical Space For Lease

      New construction retail/medical buildings available for lease in Statesville, NC.
      124 Beechnut Ln, Statesville, NC 28625
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      Retail Space Available For Rent

      Retail space available for rent at 139-141 Island Ford Road.
      139-141 Island Ford Rd, Statesville, NC 28625
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      Statesville Industrial Space for Lease

      301,954 SF industrial space with office on 30.25 acres.
      111 Badger Ln, Statesville, NC 28625
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    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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