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Property profile & analytics
OFF-MARKET
Estimated value
$1,170,000
Bars & Pubs
115 5th St, Charlotte, NC 28202-2270
Individually Owned
36-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-0958656
Property profile
Verified
Property type
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Year built
1961
Total area
12,041 SF
Lot
0.11 ac (4,616 SF)
Zoning code
UMUD
APN
8001107
UPID
US53-0958656
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
-
Connolly's On Fifth Bar & Pub Nightclub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.17M
Owner & transaction history
David P Reule · 36 yrs held
David P Reule
since 1989
5 recorded transactions
Zoning & alternative use
UMUD · Charlotte, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.4M
+5.5%
Industrial (general)
$1.3M
+4.5%
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 Charlotte submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Charlotte 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
NIGHTCLUB (COCKTAIL LOUNGE)
$1,280,000
Current use
RESTAURANT
$1,350,000
Change: +6% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,335,000
Change: +4% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,040,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$1.17M
Range $1.05M – $1.29M · ±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
$97 / 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
$26,285
Tax year 2023
Assessed value
$3,583,500
Assessed 2024
Previous assessed
$3,509,300
+2.1% YoY
Effective rate
0.73%
On assessed value
Assessed land
$1,322,800
Assessed improvement
$2,260,700
Land market value
$1,322,800
Improvement market value
$2,260,700
Total market value
$3,583,500
Applied tax rate
8.0000
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
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Status
Off-Market
Year built
1961
Heating
STEAM
Cooling
YES
Buildings
2
Stories
2
Units
1
Rooms
1
Total area
12,041 SF
Lot
0.11 ac (4,616 SF)
Zoning code
UMUD
APN
8001107
UPID
US53-0958656
Jurisdiction
MECKLENBURG
Zoning & alternative use
UMUD · Charlotte, NC
Zoning UMUD · permitted uses
UMUD · Charlotte, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Charlotte. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NIGHTCLUB (COCKTAIL LOUNGE) Current
Est. value
$1.3M
RESTAURANT
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.0M
NIGHTCLUB (COCKTAIL LOUNGE) Current
RESTAURANT
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1961
Heating
STEAM
Cooling
Yes
Stories
2
Buildings
2
Units
1
Rooms
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
David P Reule
Individual
Free & Clear · 36 yrs held
Mailing address
112 STRYON ST STE #1415, CHARLOTTE, NC 28284
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1989
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 1, 2025
—
Binaco International Of New York In
—
Deed
related
$1,000,000 · Commercial Bank
Apr 3, 2018
—
Binaco Intl Of New York INC
—
Grant Deed
related
$19,890,000 · Td Bk NA
Apr 25, 2017
—
Binaco Intl Of New York INC
—
Loan Modification
related
$5,151,452 · Yadkin Bk
Sep 18, 1989
$113,000
David P Reule
Unknown
Grant Deed
—
—
—
Binaco Intl Of New York INC
—
Deed Of Trust
related
$5,500,000 · Truliant FCU
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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