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Property profile & analytics
OFF-MARKET
Estimated value
$2,825,000
Retail space
113 Watermelon Rd Statesville, NC 28625-2528
Entity Owned
7-yr Hold
Free & Clear
Property ID
US53-1886955
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2004
Construction
STONE
Total area
22,956 SF
Lot
6.3 ac (274,341 SF)
Zoning code
GB
APN
4714-35-6143.000
UPID
US53-1886955
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Penske Truck Rental Car Rental Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.22M
Blend (final)
Blend
$2.83M
Owner & transaction history
Penske Truck Leasing Co LP · 7 yrs held
Penske Truck Leasing Co LP
since 2018
1 recorded transaction
Zoning & alternative use
GB · Statesville, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$4.5M
+29.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Statesville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Statesville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$3,455,000
Current use
MEDICAL BUILDING
$4,480,000
Change: +30% · Conversion: Difficult
Blend value · Realmo final
$2.83M
Range $2.54M – $3.11M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$123 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$12,878
Tax year 2023
Assessed value
$2,182,650
Assessed 2023
Previous assessed
$1,858,420
+17.4% YoY
Effective rate
0.59%
On assessed value
Assessed land
$453,460
Assessed improvement
$1,729,190
Land market value
$453,460
Improvement market value
$1,729,190
Total market value
$2,182,650
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2004
Construction
STONE
Heating
RADIANT
Cooling
NONE
Stories
1
Bathrooms
1
Total area
22,956 SF
Lot
6.3 ac (274,341 SF)
Zoning code
GB
APN
4714-35-6143.000
UPID
US53-1886955
Jurisdiction
IREDELL
Zoning & alternative use
GB · Statesville, NC
Zoning GB · permitted uses
GB · Statesville, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Statesville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$3.5M
MEDICAL BUILDING
Est. value
$4.5M
RETAIL STORES Current
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Construction
STONE
Heating
RADIANT
Cooling
Yes
Stories
1
Bathrooms
1
Lot
6.3 ac
Current owner
From public records · entity-resolved
Penske Truck Leasing Co LP
Entity
Free & Clear · 7 yrs held
Mailing address
2675 MORGANTOWN RD, READING, PA 19607-9676
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 29, 2018
$1,710,000
Penske Truck Leasing Co LP
Double Ewe LLC
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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