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

    701 Sullivan Rd Statesville, NC 28677-3439

    • Strip malls
    • 31,587 SF
    • 3.24 lot acres
    OFF-MARKET
    Last Sale
    Nov 17, 2022
    $2,375,000
    Value Estimations
    $2,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2452039
    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

    • Aaron's Rent To Own / Electronics Store / Furniture Store

    Property Details for 701 Sullivan Rd

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.24 lot acres
    Property size
    31,587 SF
    Zone code
    B-4
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    4745-32-4811.000
    APU
    4745324811000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,885,000
      ML approach
      $1,950,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,332,000
      Market price range: $633k - $2.01M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,915,000
      RESTAURANT
      $2,850,000
      RETAIL STORES
      $2,610,000
      MEDICAL BUILDING
      $2,430,000
      APARTMENT HOUSE (5+ UNITS)
      $2,405,000
      COMMERCIAL (GENERAL)
      $2,365,000
      AUTO REPAIR, GARAGE
      $2,265,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8772
    Latitude
    35.8041
    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
    $26,307
    $1,263,600
    $1,321,580
    $2,585,180
    -
    $1,263,600
    $1,321,580
    $2,585,180

    Comparable in this City

    • Value Estimation
      $675,000
      19,690 SF

      641 Main St, Unit 673

      SHOPPING CENTER, STRIP CENTER • 19,690 SF
      641 Main St, Statesville, NC 28677
      View Details
    • Value Estimation by Request
      7,112 SF

      Main St

      SHOPPING CENTER, STRIP CENTER • 7,112 SF
      Main St, Statesville, NC 28677
      View Details
    • Value Estimation by Request
      6,188 SF

      911 Davie Ave, Unit 925

      SHOPPING CENTER, STRIP CENTER • 6,188 SF
      911 Davie Ave, Statesville, NC 28677-5301
      View Details
    • Value Estimation
      $910,000
      56,732 SF

      1380 Shelton Ave, Unit 1386

      SHOPPING CENTER, STRIP CENTER • 56,732 SF
      1380 Shelton Ave, Statesville, NC 28677-7220
      View Details
    • Value Estimation by Request
      10,580 SF

      1014 Shelton Ave, Unit 1022

      SHOPPING CENTER, STRIP CENTER • 10,580 SF
      1014 Shelton Ave, Statesville, NC 28677
      View Details
    • Value Estimation by Request
      3,842 SF

      Main St

      SHOPPING CENTER, STRIP CENTER • 3,842 SF
      Main St, Statesville, NC 28677
      View Details

    Similar Nearby for Sale

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      Statesville Commercial Property For Sale

      8.033-acre property conditionally zoned for mini and RV storage.
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    • $350,000
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      Downtown Statesville Retail Opportunity

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      Statesville Commercial Property For Sale

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    • $290,000
      3,500 SF

      Versatile Mixed-Use Property Near Downtown

      Mixed-use property suitable for retail, office, or residential use.
      1120 Davie Ave, Statesville, NC 28677
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    • $50,000
      0.71 Acres

      Residential Land in Statesville, NC

      0.71 acre lot in a sought-after Statesville community.
      179 Braxton Dr, Statesville, NC 28677
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    • $3,273,120

      204 Acres Near Highways

      204 acres of land with highway access in Statesville, NC.
      Salisbury Hwy, Statesville, NC 28677
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    Similar Nearby for Lease

    • $2,216 /Mo
      8,276 SF

      Statesville Commercial Building For Rent

      Professional office or retail building in Statesville's Central Business District.
      120 S Tradd St, Statesville, NC 28677
      View Details
    • $2,500 /Mo
      32,670 SF

      Retail Space on W Front

      Retail storefront available for lease with road front visibility.
      1809 W Front St, Statesville, NC 28677
      View Details
    • $237 SF/Yr
      911 SF

      Statesville Medical Office Space

      Prime medical office, 911 sq ft
      1673 Norwood Rd, Statesville, NC 28677
      View Details
    • $2,200 /Mo
      1,742 SF

      Downtown Statesville Commercial Space Available

      Commercial space in Downtown Statesville with high ceilings and natural light.
      210 S Center St, Statesville, NC 28677
      View Details
    • $1,950 /Mo
      6,098 SF

      Downtown Statesville Office Space Available

      2,600+ sq ft office space in downtown Statesville, NC.
      233 Davie Ave, Statesville, NC 28677
      View Details
    • $1,000 /Mo
      8,712 SF

      Commercial Brick Building in Statesville

      Commercial brick building in high traffic area available for rent.
      1313 W Front St, Statesville, NC 28677
      View Details

    Property Visit Statistics

    • Visits by month
      6.8k
    • Visitors by month
      6.0k
    • Avg Time on site
      14 min
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    701 Sullivan Rd
    Statesville, NC 28677-3439
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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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