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    Property profile & analytics

    924 Conover W Blvd Conover, NC 28613-9603

    • Turn key restaurants
    • 4,869 SF
    • 1.29 lot acres
    OFF-MARKET
    Last Sale
    Nov 30, 2022
    $415,000
    Value Estimations
    $335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0703784
    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

    • PALERMO's FAMILY ITALIAN & GREEK RESTAURANT CONOVER, NC / Italian Restaurant / Greek Restaurant

    Property Details for 924 Conover W Blvd

    Year built
    1972
    Construction
    WOOD
    Lot size
    1.29 lot acres
    Property size
    4,869 SF
    Zone code
    B-4
    Property type
    Turn key restaurants
    APN
    3731-10-45-6646
    APU
    373110456646

    Description

    This exceptional investment opportunity presents a 4,800-5,000 square foot freestanding building situated on a 55,000-56,000 square foot lot at 924 Conover Blvd W, Conover, NC 28613. Currently operating as a 100% occupied QSR/Fast Food restaurant, this Class B property offers significant repurposing potential for savvy investors. Built in 1972, the single-story building features ample parking with 75 spaces to accommodate customers. The property boasts a highly visible location on Conover Blvd W, off Hwy 321 Business route, benefiting from a strong daily vehicle count of 20,500. The property is zoned B4 and offers a single tenancy. This is an owner-user investment opportunity with a Net Net Net (NNN) lease type. The current tenant, O'Reilly Auto Parts, has no credit rating. The property's location and high traffic volume make it an ideal candidate for a variety of retail uses. Serious inquiries only

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $335,000
      ML approach
      $350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $484,000
      Market price range: $385k - $1.75M
      AI Estimate
      $236,000
      Market price range: $236k - $642k

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

    Location Insight

    • Map
    • Local Demand
    City
    Conover
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.241
    Latitude
    35.6957
    CBSA code
    25860
    CBSA name
    HICKORY-LENOIR-MORGANTON, 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
    $3,560
    $142,600
    $306,000
    $448,600
    -
    $142,600
    $306,000
    $448,600

    Comparable in this City

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    • Value Estimation
      $235,000
      2,235 SF

      311 1st W St

      RESTAURANT • 2,235 SF
      311 1st W St, Conover, NC 28613-2128
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    • Value Estimation
      $235,000
      4,960 SF

      6610 Nc 16th Hwy

      RESTAURANT • 4,960 SF
      6610 Nc 16th Hwy, Conover, NC 28613-8718
      View Details
    • Value Estimation
      $245,000
      928 SF

      605 1st E St

      RESTAURANT • 928 SF
      605 1st E St, Conover, NC 28613-1721
      View Details
    • Value Estimation
      $245,000
      3,090 SF

      1560 Fairgrove Church SE Rd

      RESTAURANT • 3,090 SF
      1560 Fairgrove Church SE Rd, Conover, NC 28613-9211
      View Details
    • Value Estimation
      $215,000
      7,148 SF

      1222 Conover W Blvd

      RESTAURANT • 7,148 SF
      1222 Conover W Blvd, Conover, NC 28613-9690
      View Details

    Similar Nearby for Sale

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      Conover Commercial Space: Prime Location

      Large commercial space, high potential, needs work.
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      Conover Commercial Land - 7.65 Acres

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      0.20 Acres

      Residential Land in Conover, NC

      Level lot in Conover, NC, ready for new construction.
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    Similar Nearby for Lease

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      Prime Retail Space, I-40 Visibility
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    • Contact for pricing
      190,000 SF

      Conover, NC Industrial Campus

      Modern Manufacturing/Warehouse Space Available
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      View Details
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      Prime Commercial Land - I-40 Access

      High-visibility land, ideal for lease or development.
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    • Contact for pricing
      127,875 SF

      Conover Warehouse Space Available

      125,165 SF warehouse space in Conover, North Carolina.
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    • $14 SF/Yr
      1,306 SF

      Conover Office Space For Rent

      Office space available in Conover, near Highway 16.
      301 10Th Street Pl NW, Conover, NC 28613
      View Details
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    Conover, NC 28613-9603
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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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