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

    702 Sullivan Rd Statesville, NC 28677-3440

    • Hotels
    • 45,840 SF
    • 3.23 lot acres
    OFF-MARKET
    Value Estimations
    $875,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2296744
    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

    • Masters Inn of Statesville / Motel

    Property Details for 702 Sullivan Rd

    Year built
    1973
    Construction
    WOOD
    Lot size
    3.23 lot acres
    Property size
    45,840 SF
    Zone code
    B-4
    Property type
    Hotels
    Property subtype
    Motels
    APN
    4745-43-0034.000
    APU
    4745430034000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $900,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $848,000
      Market price range: $848k - $1.07M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $935,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Statesville
    County
    Iredell
    State
    North Carolina
    Longitude
    -80.8752
    Latitude
    35.8047
    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
    $22,086
    $872,640
    $1,297,770
    $2,170,410
    -
    $872,640
    $1,297,770
    $2,170,410

    Comparable in this City

    • Value Estimation by Request
      21,363 SF

      1137 Morland Dr

      HOTEL/MOTEL • 21,363 SF
      1137 Morland Dr, Statesville, NC 28677-6973
      View Details
    • Value Estimation
      $785,000
      33,600 SF

      715 Sullivan Rd

      HOTEL/MOTEL • 33,600 SF
      715 Sullivan Rd, Statesville, NC 28677-3439
      View Details
    • Value Estimation
      $770,000
      40,784 SF

      1121 Morland Dr

      HOTEL/MOTEL • 40,784 SF
      1121 Morland Dr, Statesville, NC 28677-6973
      View Details
    • Value Estimation
      $685,000
      9,070 SF

      1323 Frnt St

      HOTEL/MOTEL • 9,070 SF
      1323 Frnt St, Statesville, NC 28677-5054
      View Details
    • Value Estimation by Request
      20,208 SF

      1125 Greenland Dr

      HOTEL/MOTEL • 20,208 SF
      1125 Greenland Dr, Statesville, NC 28677-6944
      View Details
    • Value Estimation by Request
      67,176 SF

      222 Ctr St, Unit 226

      HOTEL/MOTEL • 67,176 SF
      222 Ctr St, Statesville, NC 28677-5807
      View Details

    Similar Nearby for Sale

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      High-Demand Rental Income Property
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      Statesville Commercial Land Opportunity

      High-potential B2 zoned lot, redevelopment ready.
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    • $449,000
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      Prime Statesville Business Land

      High-traffic I-40 access, 1.99 acres.
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      Statesville Land: Build Your Dream

      Two spacious lots in a sought-after Statesville community.
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    • $350,000
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      Waterfront Lot on Lake Norman

      0.57 acre waterfront lot on Lake Norman.
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      Statesville Commercial Property For Sale

      Commercial building on 0.88 acre lot with road frontage.
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    Similar Nearby for Lease

    • $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
    • $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
    • $1,800 /Mo
      43,560 SF

      Statesville Commercial Office Space Available

      Freestanding office space for lease in high-traffic area.
      1521 Newton Dr, Statesville, NC 28677
      View Details
    • $6,720 /Mo
      43,560 SF

      Statesville Office Space For Rent

      Large open office space with private offices and ample parking.
      1519 Newton Dr, Statesville, NC 28677
      View Details
    • $7,200 /Mo
      43,560 SF

      Statesville Warehouse with Basement Storage

      Open warehouse space with full basement available for lease.
      1505 Newton Dr, Statesville, NC 28677
      View Details

    Property Visit Statistics

    • Visits by month
      9.0k
    • Visitors by month
      7.6k
    • Avg Time on site
      34 min
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    702 Sullivan Rd
    Statesville, NC 28677-3440
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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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