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

    702 Main St Lexington, NC 27292-2692

    • Retail space
    • 22,824 SF
    • 1.08 lot acres
    OFF-MARKET
    Last Sale
    May 18, 2021
    $1,250,000
    Value Estimations
    $925,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1413056
    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

    • Walter's Discount Furniture / Mattress Store / Appliance Store

    Property Details for 702 Main St

    Year built
    1961
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.08 lot acres
    Property size
    22,824 SF
    Zone code
    B
    Property type
    Retail space
    APN
    11-023-0-00B-0001
    APU
    11023000B0001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,015,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $642,000
      Market price range: $642k - $1.83M
      AI Estimate
      $642,000
      Market price range: $642k - $1.83M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,180,000
      Current use
      AUTO REPAIR, GARAGE
      $1,525,000
      Change: +29% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,355,000
      Change: +15% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,325,000
      Change: +12% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,215,000
      Change: +3% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,145,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Davidson
    State
    North Carolina
    Longitude
    -80.2464
    Latitude
    35.8302
    CBSA code
    49180
    CBSA name
    WINSTON-SALEM, 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
    2023
    $5,932
    $0.00
    $0.00
    $452,830
    -
    $141,140
    $311,690
    $452,830

    Comparable in this City

    • Value Estimation by Request
      1,716 SF

      408 National Blvd

      RETAIL STORES (PERSONAL SERVICES) • 1,716 SF
      408 National Blvd, Lexington, NC 27292-2631
      View Details
    • Value Estimation by Request
      982 SF

      18 Cotton Grv Rd

      RETAIL STORES (PERSONAL SERVICES) • 982 SF
      18 Cotton Grv Rd, Lexington, NC 27292-3157
      View Details
    • Value Estimation by Request
      540 SF

      Us Hwy 64

      RETAIL STORES (PERSONAL SERVICES) • 540 SF
      Us Hwy 64, Lexington, NC 27292
      View Details
    • Value Estimation by Request
      9,750 SF

      389 Junior Order Home Rd

      RETAIL STORES (PERSONAL SERVICES) • 9,750 SF
      389 Junior Order Home Rd, Lexington, NC 27292-8483
      View Details
    • Value Estimation by Request
      1,899 SF

      206 Cedar Ln Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,899 SF
      206 Cedar Ln Dr, Lexington, NC 27292-5712
      View Details
    • Value Estimation by Request
      13,500 SF

      456 Central Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,500 SF
      456 Central Ave, Lexington, NC 27292-2634
      View Details

    Similar Nearby for Sale

    • $179,900
      Pending

      Commercial Lot on South Main

      Commercial lot suitable for retail, gas station, or restaurant.
      1702 S Main St, Lexington, NC 27292
      View Details
    • $750,000

      Turn Key Pawn Shop

      Turn Key Pawn Shop for sale with inventory and pawns.
      1105 S Main St, Lexington, NC 27292
      View Details
    • $1,300,000

      Historic Uptown Lexington Landmark Building

      Iconic three-level building with endless possibilities in Lexington, NC.
      120 S Main St, Lexington, NC 27292
      View Details
    • $229,900

      Historic Grimes Brothers Mill Building

      Historic 4-story brick building in downtown Lexington, North Carolina.
      1 State St, Lexington, NC 27292
      View Details
    • $365,000

      Mixed-Use Property in Lexington, NC

      Mixed-use property in Lexington's Historical District, suitable for business or residential.
      403 W Center St, Lexington, NC 27292
      View Details
    • $179,900

      Lexington Retail Investment Opportunity

      High-traffic retail lot, two parcels included.
      1702 Main St, Lexington, NC 27292
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      270,650 SF

      Lexington Parkway Plaza Retail Space

      Prime Lexington, NC retail space available.
      19 Plaza Pkwy, Lexington, NC 27292
      View Details
    • Contact for pricing
      12,511 SF

      Lexington Retail Strip Center

      High-visibility retail space available
      980 Main St, Lexington, NC 27292
      View Details
    • Contact for pricing
      3,747,000 SF

      Lexington Industrial Warehouse For Sale

      Class A warehouse, 272,000 SF available
      2330 New Bowers Rd, Lexington, NC 27292
      View Details
    • Contact for pricing
      375,310 SF

      Lexington Industrial Space For Lease/Sale

      Large industrial space, flexible lease options.
      100 United Furniture Dr, Lexington, NC 27292
      View Details
    • $2.00 SF/Yr
      18,400 SF

      Lexington Warehouse: Prime Location

      Spacious warehouse, flexible layouts, Uptown Lexington.
      318 Main St, Lexington, NC 27292
      View Details
    • Contact for pricing
      6,000 SF

      Industrial Facility with Office Space

      216,000 SF industrial building with 6,000 SF office space.
      647 Hargrave Rd, Lexington, NC 27292
      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.
    702 Main St
    Lexington, NC 27292-2692
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.