633 Patterson StChina Grove, NC 28023

Property Details for 633 Patterson St

Year built

1980

Construction

STEEL FRAME

Lot size

2.79 AC

Property size (Sq ft)

1,476 SF

Zone code

OI:OFFICE INSTITUTIONAL

Property type

Office properties

Property subtype

Other data centers and call centers

APN

123A135

APU

123A135

Description

This exceptional 2.79-acre commercial land parcel, located at 633 Patterson St, China Grove, NC 28023 (APN 5626-02-77-5061), presents a unique investment opportunity. Currently zoned OI, the property houses a commercial office building utilized by local radio stations, featuring existing antennas. These antennas could be removed by the seller or potentially repurposed for cell tower use, subject to necessary permits. The property's strategic location offers close proximity to China Grove's Main Street and is enveloped by established residential neighborhoods. Given its current zoning and surrounding context, the highest and best use for this property is likely redevelopment into a small residential neighborhood, presenting significant potential for future growth and value appreciation. The property's size and location make it an attractive prospect for developers seeking to capitalize on the demand for residential housing in this desirable area. Serious inquiries are encouraged to explore the possibilities of this prime piece of land.

• CAP approach

  CAP return

  Valuation

  6%

  $355,828

  6.5%

  $328,457

  7%

  $304,995

• Comparable approach

  Method

  Valuation

  Relative Method

  $249,946

  Geo Method

  $249,946

• Alternative Use

  Use

  Valuation

  Residential

  $407,286

  Hospitality

  $373,072

  Educational

  $310,392

  Medical

  $321,066

  Retail

  $482,831

Location Insight

City

China Grove

County

Rowan

State

North Carolina

Latitude

35.5723

Longitude

-80.5888

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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