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

    637 Spartanburg Hwy Hendersonville, NC 28792-5762

    • Sports & entertainment properties
    • 38,101 SF
    • 3.62 lot acres
    OFF-MARKET
    Last Sale
    Feb 02, 2024
    $5,298,500
    Value Estimations
    $5,300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1169343
    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

    • Planet Fitness / Gym & Fitness Center
    • Mountain Juicery Hendersonville / Specialty Food Shop / (Bike/Boat/Book/etc) Store
    • T-Mobile Authorized Retailer / Mobile Phone Store / Electronics & Wireless Store
    • Mariner Finance / Loan Service
    • Eggs Up Grill / Restaurant

    Property Details for 637 Spartanburg Hwy

    Year built
    1991
    Lot size
    3.62 lot acres
    Property size
    38,101 SF
    Zone code
    9949854~C-3
    Property type
    Sports & entertainment properties
    APN
    9568943079
    APU
    9568943079

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,300,000
      ML approach
      $5,300,000

    • Alternative Use

      Use
      Estimation
      RECREATIONAL/ENTERTAINMENT (GENERAL)
      $5,050,000
      Current use
      COMMERCIAL (GENERAL)
      $6,455,000
      Change: +28% Conversion: Difficult
      OFFICE BUILDING
      $5,325,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hendersonville
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.4549
    Latitude
    35.3059
    CBSA code
    11700
    CBSA name
    ASHEVILLE, 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
    0
    $0.00
    $2,412,600
    $2,099,100
    $4,511,700
    -
    $2,412,600
    $2,099,100
    $4,511,700

    Comparable in this City

    • Value Estimation
      $615,000
      4,800 SF

      824 Half Moon Trl

      RECREATIONAL, ENTERTAINMENT • 4,800 SF
      824 Half Moon Trl, Hendersonville, NC 28792-9015
      View Details
    • Value Estimation by Request
      1,200 SF

      38 Lk Edna Dr

      RECREATIONAL, ENTERTAINMENT • 1,200 SF
      38 Lk Edna Dr, Hendersonville, NC 28792-3220
      View Details
    • Value Estimation by Request
      6,500 SF

      708 Fox Cv Rd

      RECREATIONAL, ENTERTAINMENT • 6,500 SF
      708 Fox Cv Rd, Hendersonville, NC 28792-0654
      View Details
    • Value Estimation by Request
      4,099 SF

      15 Ida Rogers Dr

      RECREATIONAL, ENTERTAINMENT • 4,099 SF
      15 Ida Rogers Dr, Hendersonville, NC 28792
      View Details
    • Value Estimation by Request
      1,287 SF

      28 Cedar Blfs Dr

      RECREATIONAL, ENTERTAINMENT • 1,287 SF
      28 Cedar Blfs Dr, Hendersonville, NC 28792-9686
      View Details
    • Value Estimation by Request
      1,686 SF

      244 Ethan Way

      RECREATIONAL, ENTERTAINMENT • 1,686 SF
      244 Ethan Way, Hendersonville, NC 28792-0130
      View Details

    Similar Nearby for Sale

    • $2,350,000
      11,008 SF

      Hendersonville Medical Office Building

      Prime Hendersonville office space, 11,008 sq ft.
      800 Beverly Hanks Ctr, Hendersonville, NC 28792
      View Details
    • $410,000
      0.05 Acres

      Downtown Hendersonville Office Condo

      Prime Location, Updated Office Space
      317 Main St, Hendersonville, NC 28792
      View Details
    • $900,000
      1.79 Acres

      Hendersonville Commercial Land Opportunity

      US 64 Corridor, 1.79 Acres, Development Ready
      123 Francis Rd, Hendersonville, NC 28792
      View Details
    • $410,000

      Hendersonville Office Space - Ready to Build

      Remediated Dentist Office, Huge Potential
      200 Beverly Hanks Ctr, Hendersonville, NC 28792
      View Details
    • $324,000
      12.00 Acres

      Unrestricted Acres in Hendersonville, NC

      Private 12-acre retreat near Hendersonville, perfect for mountain getaway.
      Climbing Rd, Hendersonville, NC 28792
      View Details
    • $300,000
      12.00 Acres

      Unrestricted Acres with Creek Frontage

      Private 12-acre retreat with creek, waterfall, and build sites.
      Climbing Rd, Hendersonville, NC 28792
      View Details

    Similar Nearby for Lease

    • $797,100
      4,260 SF

      Hendersonville Office Building Investment

      4,178 SF office building in Hendersonville, North Carolina.
      1001-1003 Greenville Hwy, Hendersonville, NC 28792
      View Details
    • Contact for pricing
      78,211 SF

      Highlands Square Retail Center

      Hendersonville, NC Community Center - 4,799 SF Available
      250 Highlands Square Dr, Hendersonville, NC 28792
      View Details
    • Contact for pricing
      293,588 SF

      Blue Ridge Mall Retail Spaces

      Hendersonville, NC retail spaces available.
      1800 Four Seasons Blvd, Hendersonville, NC 28792
      View Details
    • $18,600 /Mo
      12,000 SF

      Downtown Hendersonville Office Suites

      Luxury renovated offices, prime location.
      475 Church St, Hendersonville, NC 28792
      View Details
    • $15,500 /Mo
      11,008 SF

      Professional Office Building For Rent

      Premiere office building near downtown Hendersonville and Pardee Hospital.
      800 Beverly Hanks Ctr, Hendersonville, NC 28792
      View Details
    • $3,336 /Mo
      2,224 SF

      Hendersonville Retail Building For Rent

      2,224 SF retail building in high-traffic Hendersonville location.
      1596 Greenville Hwy, Hendersonville, NC 28792
      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.
    637 Spartanburg Hwy
    Hendersonville, NC 28792-5762
    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.