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

    533 Patterson Ave Mooresville, NC 28115-2697

    • Office buildings
    • 3,947 SF
    • 1.88 lot acres
    OFF-MARKET
    Value Estimations
    $910,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2028525
    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

    • NCDOT DMV Driver License Office / License Bureau / Government Office
    • Onin Staffing / Employment Agency
    • Gold Chest Jewelers / Bead Store / Jeweler

    Property Details for 533 Patterson Ave

    Year built
    1945
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.88 lot acres
    Property size
    3,947 SF
    Zone code
    DE
    Property type
    Office buildings
    APN
    4667-25-9235.000
    APU
    4667259235000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,230,000
      6.5%
      $1,135,000
      7%
      $1,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $958,000
      Market price range: $270k - $1.08M
      AI Estimate
      $642,000
      Market price range: $241k - $687k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $715,000
      Current use
      MEDICAL BUILDING
      $770,000
      Change: +8% Conversion: Easy
      COMMERCIAL (GENERAL)
      $685,000
      Change: -4% Conversion: Easy
      RETAIL STORES
      $595,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Mooresville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8066
    Latitude
    35.592
    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
    $6,783
    $144,380
    $451,310
    $595,690
    -
    $144,380
    $451,310
    $595,690

    Comparable in this City

    • Value Estimation by Request
      1,830 SF

      222 Southside Ave

      OFFICE BUILDING • 1,830 SF
      222 Southside Ave, Mooresville, NC 28115-3235
      View Details
    • Value Estimation
      $1,390,000
      5,655 SF

      280 Mooresville Blvd

      OFFICE BUILDING • 5,655 SF
      280 Mooresville Blvd, Mooresville, NC 28115-7965
      View Details
    • Value Estimation
      $980,000
      14,580 SF

      772 Broad St

      OFFICE BUILDING • 14,580 SF
      772 Broad St, Mooresville, NC 28115-9551
      View Details
    • Value Estimation by Request
      2,268 SF

      48 Selma Dr

      OFFICE BUILDING • 2,268 SF
      48 Selma Dr, Mooresville, NC 28115-2129
      View Details
    • Value Estimation by Request
      2,040 SF

      2412 Statesville Hwy

      OFFICE BUILDING • 2,040 SF
      2412 Statesville Hwy, Mooresville, NC 28115-7968
      View Details
    • Value Estimation by Request
      1,688 SF

      517 Carpenter Ave

      OFFICE BUILDING • 1,688 SF
      517 Carpenter Ave, Mooresville, NC 28115-2511
      View Details

    Similar Nearby for Sale

    • $850,000
      0.69 Acres

      Mooresville Office Building - Prime Location

      Spacious Office Building, Great Location, Ample Parking
      642 Carpenter Ave, Mooresville, NC 28115
      View Details
    • $699,000
      12,079 SF

      Downtown Mooresville Commercial Gem

      Prime Mooresville location, redevelopment potential.
      627 Gum St, Mooresville, NC 28115
      View Details
    • $224,400
      1.32 Acres

      Land in Mooresville, North Carolina

      Land for sale in Mooresville, to be sold as package.
      Ridge Ave, Mooresville, NC 28115
      View Details
    • $550,000
      3.31 Acres

      Mooresville Commercial Land For Sale

      3.3 acres of commercial land in Mooresville, North Carolina.
      716 Oak Ridge Farm Hwy, Mooresville, NC 28115
      View Details
    • $3,770,000

      58 Acres Commercial Land Available

      58 acres of commercial land for sale in Mooresville, NC.
      2255 Statesville Ave, Mooresville, NC 28115
      View Details
    • $139,000
      0.52 Acres

      Vacant Lot in Mooresville, NC

      Vacant flat lot with city utilities, close to downtown.
      White Oaks Rd, Mooresville, NC 28115
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      23,697 SF

      Mooresville Office/Flex Space For Lease

      23,697 SF office/flex space in Deerfield Business Park.
      116 Exmore Rd, Mooresville, NC 28115
      View Details
    • $1,950 /Mo

      Furnished Office Space on Main

      Furnished second-floor office space with natural light in Mooresville.
      222 Main St N, Mooresville, NC 28115
      View Details
    • $40 SF/Yr
      3,554 SF

      Prime Retail Space, Downtown

      Upscale storefront, Liberty Park views
      201 Church St, Mooresville, NC 28115
      View Details
    • Contact for pricing

      Land Parcel Near Mooresville

      Land with development potential outside Mooresville city limits.
      1262 Oak Ridge Farm Hwy, Mooresville, NC 28115
      View Details
    • Contact for pricing

      136 Acre Multi-Use Development

      Integrated development with residential and retail components in Mooresville, NC.
      Coddle Creek Hwy, Mooresville, NC 28115
      View Details
    • Contact for pricing

      Corner Parcel in Mooresville, NC

      2.8 acre corner parcel with excellent visibility and access.
      Mooresville, NC 28115
      View Details
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    533 Patterson Ave
    Mooresville, NC 28115-2697
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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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