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    Property profile & analytics

    1307 County Home Rd Conover, NC 28613-2341

    • Garden apartment buildings
    • 4,752 SF
    • 2.63 lot acres
    OFF-MARKET
    Last Sale
    Nov 02, 2023
    $350,000
    Value Estimations
    $400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1817724
    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

    • Garden apartment buildings

    Property Details for 1307 County Home Rd

    Year built
    1969
    Construction
    WOOD
    Lot size
    2.63 lot acres
    Property size
    4,752 SF
    Zone code
    R-9A
    Property type
    Garden apartment buildings
    APN
    3732-12-97-6292
    APU
    373212976292

    Description

    This exceptional investment opportunity presents a meticulously renovated 30-unit apartment building in Conover, North Carolina. The property, situated on a 2.63-acre lot (APN 373212976292), consists of five, two-story buildings, all recently upgraded. Completed in 2024, renovations included brand new roofs, windows (installed in 2023), soffit, fascia, gutters, exterior paint, and landscaping. Twenty of the thirty units have undergone full renovations. The property boasts 100% occupancy, offering a stabilized investment with a 7.40% cap rate and an asking price of $4,250,000 ($141,667 per unit). Built in 1969 and zoned R-A9, the complex includes an on-site laundry room and office space, equipped with new washers and dryers installed in 2024, though the office is not currently in full-time use. Its convenient location offers residents five-minute access to shopping and restaurants. This turnkey investment presents a strong potential for long-term growth and a steady income stream, making it an attractive opportunity for discerning investors. The property's energy-efficient upgrades, including LED lighting in some units and new windows, contribute to lower utility costs for both tenants and the owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $395,000
      ML approach
      $345,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $665,000
      6.5%
      $615,000
      7%
      $570,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $392,000
      Market price range: $99.6k - $393k

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

    Location Insight

    • Map
    • Local Demand
    City
    Conover
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.225
    Latitude
    35.7279
    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
    $14,993
    $46,600
    $1,842,900
    $1,889,500
    -
    $46,600
    $1,842,900
    $1,889,500

    Comparable in this City

    • Value Estimation
      $2,090,000
      6,336 SF

      4887 County Home Rd, Unit A1

      GARDEN APT, COURT APT (5+ UNITS) • 6,336 SF
      4887 County Home Rd, Conover, NC 28613-8092
      View Details
    • Value Estimation
      $310,000
      12,400 SF

      216 1st N Ave

      GARDEN APT, COURT APT (5+ UNITS) • 12,400 SF
      216 1st N Ave, Conover, NC 28613-2234
      View Details
    • Value Estimation
      $250,000
      3,596 SF

      123 Conover SE Sta

      GARDEN APT, COURT APT (5+ UNITS) • 3,596 SF
      123 Conover SE Sta, Conover, NC 28613-1938
      View Details
    • Value Estimation
      $430,000
      2,478 SF

      1202 Emmanuel Church Rd, Unit 1

      GARDEN APT, COURT APT (5+ UNITS) • 2,478 SF
      1202 Emmanuel Church Rd, Conover, NC 28613-9130
      View Details
    • Value Estimation
      $575,000
      37,622 SF

      1127 2nd NE St

      GARDEN APT, COURT APT (5+ UNITS) • 37,622 SF
      1127 2nd NE St, Conover, NC 28613-1871
      View Details
    • Value Estimation
      $580,000
      4,676 SF

      710 3rd St SW Pl, Unit 1

      GARDEN APT, COURT APT (5+ UNITS) • 4,676 SF
      710 3rd St SW Pl, Conover, NC 28613-2666
      View Details

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      0.20 Acres

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      Level lot in Conover, NC, ready for new construction.
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      Commercial building in high-traffic area, suitable for professional uses.
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      High-traffic C-3 zoned lot, I-40 access.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      51,587 SF

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      View Details
    • $14 SF/Yr
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      Conover Office Space For Rent

      Office space available in Conover, near Highway 16.
      301 10Th Street Pl NW, Conover, NC 28613
      View Details
    • $765 /Mo

      Prime Commercial Land - I-40 Access

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

      Conover Warehouse Space Available

      125,165 SF warehouse space in Conover, North Carolina.
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      View Details
    • Contact for pricing
      190,000 SF

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      Modern Manufacturing/Warehouse Space Available
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      View Details
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    1307 County Home Rd
    Conover, NC 28613-2341
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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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