New search
Property profile & analytics
OFF-MARKET
Estimated value
$3,115,000
Office buildings
1415 Martin Luther King Jr Ave, Salisbury, NC 28144-5697
Entity Owned
17-yr Hold
Free & Clear
Property ID
US53-2324806
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2010
Total area
19,135 SF
Lot
4.52 ac (196,891 SF)
Zoning code
M1
APN
017 07101
UPID
US53-2324806
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
-
Salisbury Utilities Department Water Utility Company
-
Salisbury Customer Service Center Government Office
-
Salisbury-Rowan Utilities Government Office
-
Salisbury Rowan Utilities (Customer Service/Billing) Water Utility Company
-
Salisbury City Housing Development
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.01M
Blend (final)
Blend
$3.12M
Owner & transaction history
City Of Salisbury · 17 yrs held
City Of Salisbury
since 2008
3 recorded transactions
Zoning & alternative use
M1 · Salisbury, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.8M
+27.0%
Medical building
$2.7M
+22.8%
Commercial (general)
$2.6M
+16.1%
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 Salisbury submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salisbury 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
OFFICE BUILDING
$2,195,000
Current use
AUTO REPAIR, GARAGE
$2,790,000
Change: +27% · Conversion: Difficult
MEDICAL BUILDING
$2,695,000
Change: +23% · Conversion: Easy
COMMERCIAL (GENERAL)
$2,550,000
Change: +16% · Conversion: Easy
RESTAURANT
$2,300,000
Change: +5% · Conversion: Moderate
Blend value · Realmo final
$3.12M
Range $2.80M – $3.43M · ±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
$163 / 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
$42,146
Tax year 2023
Assessed value
$3,523,954
Assessed 2023
Previous assessed
$2,885,306
+22.1% YoY
Effective rate
1.20%
On assessed value
Assessed land
$324,989
Assessed improvement
$3,198,965
Land market value
$324,989
Improvement market value
$3,198,965
Total market value
$3,523,954
Applied tax rate
101.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2010
Heating
YES
Stories
1
Units
1
Total area
19,135 SF
Lot
4.52 ac (196,891 SF)
Zoning code
M1
APN
017 07101
UPID
US53-2324806
Jurisdiction
ROWAN
Zoning & alternative use
M1 · Salisbury, NC
Zoning M1 · permitted uses
M1 · Salisbury, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salisbury. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.2M
AUTO REPAIR, GARAGE
Est. value
$2.8M
MEDICAL BUILDING
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.6M
RESTAURANT
Est. value
$2.3M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RESTAURANT
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
2010
Heating
YES
Stories
1
Units
1
Lot
4.52 ac
Current owner
From public records · entity-resolved
City Of Salisbury
Entity
Free & Clear · 17 yrs held
Mailing address
PO BOX 479, SALISBURY, NC 28145-0479
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 13, 2016
—
City Of Salisbury North Carolina
—
Deed
related
$5,000 · Sti Inst'l & Government INC
Nov 25, 2008
$395,000
City Of Salisbury
Austin,geneva Thompson
Grant Deed
—
—
—
City Of Salisbury North Carolina
—
Deed Of Trust
related
$5,000 · Sti Inst'l & Government INC
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1415 Martin Luther King Jr Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
