Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    501 N Mountain St Cherryville, NC 28021

    • Industrial properties
    • 5,471 SF
    • 5.95 lot acres
    For Sale
    View listing
    $1,700,000
    Last Sale
    Apr 05, 2024
    $225,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0641544
    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

    • Industrial properties

    Property Details for 501 N Mountain St

    Year built
    1900
    Lot size
    5.95 lot acres
    Property size
    5,471 SF
    Zone code
    INDS1
    Property type
    Industrial properties
    APN
    128879
    APU
    128879

    Description

    This exceptional 4.97-acre industrial property in Cherryville, NC, presents a unique redevelopment opportunity. The iconic Cherryville Mill boasts over 152,000 square feet of space, offering immense potential for conversion into apartments, townhomes, or a mixed-use residential development. The property features over 996 feet of road frontage and benefits from approved RMF zoning, streamlining the redevelopment process. The mill's original character is largely intact, showcasing exposed brick walls, substantial wooden beams, and impressive high ceilings – elements that would contribute significantly to the charm and appeal of any new project. Its strategic location, just 0.4 miles from Cherryville's burgeoning downtown area, places it at the heart of a rapidly growing community. Several major housing projects are currently underway in the immediate vicinity, underscoring the area's strong residential demand. Furthermore, Cherryville is poised for substantial economic expansion, fueled by a planned lithium mine anticipated to generate thousands of new jobs. Both the city of Cherryville and Gaston County have expressed enthusiastic support for the property's repurposing, indicating a collaborative and receptive environment for redevelopment. This property is ideally suited for a 1031 exchange, making it an attractive investment opportunity. Priced at $1,700,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $225,000
      ML approach
      $225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $248,000
      Market price range: $87.0k - $303k
      AI Estimate
      $198,000
      Market price range: $71.0k - $294k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $190,000
      Current use
      RETAIL STORES
      $370,000
      Change: +93% Conversion: Moderate
      WAREHOUSE, STORAGE
      $205,000
      Change: +8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cherryville
    County
    Gaston
    State
    North Carolina
    Longitude
    -81.3832
    Latitude
    35.3849
    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
    2024
    $2,576
    $104,750
    $134,030
    $238,780
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,055,000
      97,650 SF

      100 Commerce Dr

      INDUSTRIAL (GENERAL) • 97,650 SF
      100 Commerce Dr, Cherryville, NC 28021-8905
      View Details
    • Value Estimation
      $205,000
      12,960 SF

      316 Pink St

      INDUSTRIAL (GENERAL) • 12,960 SF
      316 Pink St, Cherryville, NC 28021
      View Details
    • Value Estimation
      $200,000
      4,445 SF

      Pink St

      INDUSTRIAL (GENERAL) • 4,445 SF
      Pink St, Cherryville, NC 28021
      View Details
    • Value Estimation
      $230,000
      10,372 SF

      920 1st St

      INDUSTRIAL (GENERAL) • 10,372 SF
      920 1st St, Cherryville, NC 28021-2935
      View Details
    • Value Estimation
      $205,000
      10,388 SF

      617 Main St

      INDUSTRIAL (GENERAL) • 10,388 SF
      617 Main St, Cherryville, NC 28021-3416
      View Details
    • Value Estimation
      $370,000
      60,700 SF

      254 Tot Dellinger Rd

      INDUSTRIAL (GENERAL) • 60,700 SF
      254 Tot Dellinger Rd, Cherryville, NC 28021-9239
      View Details

    Similar Nearby for Sale

    • $1,700,000
      4.97 Acres

      Historic Cherryville Mill Redevelopment

      Prime industrial site, huge potential.
      501 Mountain St, Cherryville, NC 28021
      View Details
    • $2,900,000
      65,000 SF

      Industrial Building in Cherryville, NC

      65,000 SF industrial building on 9.69 AC for sale.
      254 Tot Dellinger Rd, Cherryville, NC 28021
      View Details
    • $325,000
      0.07 Acres

      Cherryville Office Building For Sale

      Prime location, renovated office space. Event venue potential.
      214 Main St, Cherryville, NC 28021
      View Details
    • $60,000
      0.65 Acres

      Golf Course Lot in Cherryville

      Spacious lot backing up to Cherryville Golf and Country Club.
      1008 Rocky Ridge Dr, Cherryville, NC 28021
      View Details
    • $699,000
      24.00 Acres

      Land with Stream in Cherryville

      24-acre land parcel with stream, city sewer, road access.
      1209 Requa Rd, Cherryville, NC 28021
      View Details
    • $55,000
      Pending

      Land Near Cherryville Golf Club

      Spacious lot near Cherryville Golf Club, no HOA restrictions.
      Muirfield Dr, Cherryville, NC 28021
      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.
    501 N Mountain St
    Cherryville, NC 28021
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.