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    702 Henson St Albemarle, NC 28001
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    Property profile & analytics

    702 Henson St Albemarle, NC 28001

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    • Office Spaces
    • 6,900 SF
    • 2.87 lot acres
    For Sale
    $1,999,000
    View Listing →
    Single-Tenant Government-Leased Office Investment For Sale
    $1,999,000
    6,894 SF

    Single-Tenant Government-Leased Office Investment

    Stabilized office building with durable cash flow and rental growth.

    702 Henson St, Albemarle, NC 28001
    View Listing
    Property ID
    US53-1282498
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Professional Rehabilation / Social Service Agency / Charitable Organization
    • Independent Living Rehab Program / Medical Clinic

    Property Details for 702 Henson St

    Year built
    1998
    Lot size
    2.87 lot acres
    Property size
    6,900 SF
    Zone code
    HID
    Property type
    Office Spaces
    APN
    655803016156
    APU
    655803016156

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $780,000
      ML approach
      $730,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $850,000
      Current use
      RESTAURANT
      $780,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Albemarle
    County
    Stanly
    State
    North Carolina
    Longitude
    -80.172
    Latitude
    35.3411
    CBSA code
    10620
    CBSA name
    ALBEMARLE, NC MICROPOLITAN 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
    $8,915
    $192,090
    $538,671
    $730,761
    -
    $192,090
    $538,671
    $730,761

    Comparable in this City

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      136 2nd St

      OFFICE (GENERAL) • 3,080 SF
      136 2nd St, Albemarle, NC 28001-4802
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    Similar Nearby for Sale

    • Contact for pricing
      6,894 SF

      Single-Tenant Government-Leased Office Investment

      Stabilized office building with durable cash flow and rental growth.
      702 Henson St, Albemarle, NC 28001
      View Details
    • $995,000
      1.28 Acres

      Albemarle Warehouse and Office Space

      Over 30,000 sqft warehouse and office in downtown Albemarle.
      241 W North St, Albemarle, NC 28001
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    • $144,900

      Commercial or Residential Income Opportunity

      Versatile property suitable for commercial or residential use.
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    • $315,000

      Albemarle Commercial Building For Sale

      Large commercial building in Albemarle, approximately 42,190 square feet.
      2120 W Main St, Albemarle, NC 28001
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      3,816 SF

      Historic Granite Four-Square Residence

      1924 granite residence with modern updates and commercial potential.
      705 W Main St, Albemarle, NC 28001
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    • $379,000

      Cleared Land in High-Traffic Area

      Commercial land for sale in Albemarle, near retail and hotels.
      Leonard Ave, Albemarle, NC 28001
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    Similar Nearby for Lease

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      39,204 SF

      Commercial Space on High-Visibility Corridor

      Commercial space with frontage on a well-traveled corridor in Albemarle.
      814 Nc 24/27, Albemarle, NC 28001
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    • $900 /Mo
      22,834 SF

      Albemarle Retail or Office Space

      End unit in established strip center, suitable for retail/office.
      1108 N 2Nd St, Albemarle, NC 28001
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      1,850 SF

      Move-In Ready Office/Retail Space

      Versatile 1,850 SF space suitable for office or retail.
      1954 E Main St, Albemarle, NC 28001
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    • New
      Contact for pricing
      32,960 SF

      Retail and Restaurant Space Available

      Retail and restaurant spaces with excellent visibility and easy access.
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    • $15 SF/Yr
      5,189 SF

      Downtown Albemarle Restaurant Opportunity

      Three-story restaurant space in downtown Albemarle, North Carolina.
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      1,773 SF

      Albemarle Warehouse/Distribution Space Available

      Flexible warehouse and distribution space with highway access.
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      View Details
    View Listing
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    Albemarle, NC 28001
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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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