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    Property profile & analytics

    603 College St Morganton, NC 28655-3847

    • Retail space
    • 4,500 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Jun 22, 2022
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5469882
    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

    • Bennie C Greene Insurance / Insurance Agency
    • NC License Plate Agency / Auto Tag Agency / Department Of Transportation
    • Tiger Tails Detailing, LLC / Car Detailing Service
    • Woodell's Tax Services / Tax Preparation Service
    • Mony Group / Insurance Agency

    Property Details for 603 College St

    Year built
    1951
    Lot size
    0.39 lot acres
    Property size
    4,500 SF
    Zone code
    HIGH INTENSITY DIST
    Property type
    Retail space
    APN
    31912
    APU
    31912

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $265,000
      Market price range: $266k - $592k
      AI Estimate
      $275,000
      Market price range: $230k - $718k

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

    Location Insight

    • Map
    • Local Demand
    City
    Morganton
    County
    Burke
    State
    North Carolina
    Longitude
    -81.6826
    Latitude
    35.7391
    CBSA code
    25860
    CBSA name
    HICKORY-LENOIR-MORGANTON, NC 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
    $1,078
    $85,430
    $107,136
    $192,566
    -
    $85,430
    $107,136
    $192,566

    Comparable in this City

    • Value Estimation
      $255,000
      832 SF

      361 Fleming Dr

      RETAIL STORES (PERSONAL SERVICES) • 832 SF
      361 Fleming Dr, Morganton, NC 28655-5312
      View Details
    • Value Estimation
      $270,000
      3,482 SF

      112 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,482 SF
      112 Main St, Morganton, NC 28655
      View Details
    • Value Estimation
      $245,000
      1,429 SF

      201 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,429 SF
      201 Main St, Morganton, NC 28655
      View Details
    • Value Estimation
      $260,000
      2,400 SF

      118 Stephens Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      118 Stephens Rd, Morganton, NC 28655-9012
      View Details
    • Value Estimation
      $270,000
      870 SF

      102 Un St

      RETAIL STORES (PERSONAL SERVICES) • 870 SF
      102 Un St, Morganton, NC 28655-3460
      View Details
    • Value Estimation
      $260,000
      3,000 SF

      803 Vine Arden Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      803 Vine Arden Rd, Morganton, NC 28655-2758
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,425 SF

      Retail Outparcel on Green Street

      3,425 SF retail space with high visibility.
      904 N Green St, Morganton, NC 28655
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    • $349,900
      0.78 Acres

      Downtown Morganton Barber Shop Opportunity

      Barber shop with five stations in downtown Morganton.
      725 E Union St E, Morganton, NC 28655
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    • New
      $650,000
      1.28 Acres

      Established Seafood Business Opportunity

      Turnkey seafood business with real estate and equipment included.
      410 E Fleming Dr, Morganton, NC 28655
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    • $1,171,820
      9,014 SF

      Dollar General Net Lease Investment

      Net lease retail investment opportunity leased to Dollar General.
      1324 Burkemont Ave, Morganton, NC 28655
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    • $599,900
      4,640 SF

      Turnkey Restaurant in Historic Building

      Fully equipped restaurant in Glen Alpine's historic 1902 building.
      102 Linville St, Morganton, NC 28655
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    • $310,000
      0.99 Acres

      Corner Lot with Highway Frontage

      Property with excellent road frontage, suitable for various business ventures.
      2425 Hwy W, Morganton, NC 28655
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,500 SF

      Retail/Office Space in Morganton Station

      Versatile space in a vibrant mixed-use complex with high visibility.
      605 S Green St, Morganton, NC 28655
      View Details
    • Contact for pricing
      177,808 SF

      400 Morganton Heights Blvd

      Lifestyle centers • 177,808 SF
      400 Morganton Heights Blvd, Morganton, NC 28655
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Prime Location

      Move-in ready retail spaces on main retail corridor.
      406-420 W Fleming Dr, Morganton, NC 28655
      View Details
    • Contact for pricing

      Retail Space in Morganton, NC

      Retail space available for lease in Morganton, North Carolina.
      Morganton, NC 28655
      View Details
    • $22 SF/Yr
      3,500 SF

      Downtown Morganton Retail Space

      Prime Restaurant Location, Newly Renovated
      309 Green St, Morganton, NC 28655
      View Details
    • $21 SF/Yr
      5,600 SF

      Restaurant/Retail Space Available For Rent

      5,600 SF restaurant/retail space with tenant improvement allowance.
      115 E Union St, Morganton, NC 28655
      View Details
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    603 College St
    Morganton, NC 28655-3847
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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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