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Property profile & analytics
OFF-MARKET
Estimated value
$925,000
Garden apartment buildings
150 Martin Luther King Jr Blvd, Lexington, NC 27292-2554
Entity Owned
2-yr Hold
Free & Clear
Property ID
US53-5497391
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1979
Construction
FRAME
Total area
7,480 SF
Lot
0.76 ac (33,291 SF)
Zoning code
B
APN
11-030-0-00A-0017-A
UPID
US53-5497391
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$940k
Comparable Approach
Comparable
$602k
Blend (final)
Blend
$925k
Owner & transaction history
Deenar-lexington LLC · 2 yrs held
Deenar-lexington LLC
since 2024
Last sale
$980,000
7 recorded transactions
Zoning & alternative use
B · Lexington, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.5M
+227.3%
Office building
$585,000
+31.5%
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 Lexington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lexington 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
$795,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,020,000
6.5%
$940,000
7%
$870,000
Alternative Use
Use
Estimation
RESTAURANT
$1,455,000
Change: +227% · Conversion: Difficult
OFFICE BUILDING
$585,000
Change: +32% · Conversion: Moderate
Blend value · Realmo final
$925k
Range $833k – $1.02M · ±10% · vs last sale $980k (Jun 3 2021)
Last sale anchor
$980k
Jun 3 2021
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
$124 / 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
$4,516
Tax year 2023
Assessed value
$344,700
Assessed 2023
Previous assessed
$344,700
+0.0% YoY
Effective rate
1.31%
On assessed value
Land market value
$83,230
Improvement market value
$261,470
Total market value
$344,700
Applied tax rate
11.0000
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1979
Construction
FRAME
Heating
HEAT PUMP
Cooling
CENTRAL
Stories
2
Units
8
Total area
7,480 SF
Lot
0.76 ac (33,291 SF)
Zoning code
B
APN
11-030-0-00A-0017-A
UPID
US53-5497391
Jurisdiction
DAVIDSON
Zoning & alternative use
B · Lexington, NC
Zoning B · permitted uses
B · Lexington, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lexington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$1.5M
OFFICE BUILDING
Est. value
$585,000
RESTAURANT
OFFICE 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
1979
Construction
FRAME
Heating
HEAT PUMP
Cooling
Yes
Stories
2
Units
8
Lot
0.76 ac
Current owner
From public records · entity-resolved
Deenar-lexington LLC
Entity
Free & Clear · 2 yrs held
Mailing address
113 W CTR ST #201, LEXINGTON, NC 27292-3087
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 20, 2024
—
Deenar-lexington LLC
40 Oaks Rentals LLC
Correction Deed
related
—
Jun 3, 2021
$980,000
40 Oaks Rentals LLC
Up Town Investments LLC
Warranty Deed
$270,000 · Bank Of The Ozarks
Apr 13, 2017
—
Up Town Investments LLC
—
Deed
related
$162,750 · The Fidelity Bank
Dec 16, 2016
—
Up Town Investments LLC
Rref II Bb 2014-1-nc LLC
Grant Deed
—
Dec 16, 2016
$80,000
Up Town Investments LLC
Rref II Bb 2014-1-nc LLC
Grant Deed
—
Aug 28, 2015
$189,500
Rref II Bb 2014-1-nc LLC
Byerly Shoaf & Co LLC
Warranty Deed
—
Nov 18, 2013
—
Byerly Shoaf & Co LLC
Smith,robert B JR & Martha E
Grant Deed
—
Mar 20, 2008
$320,000
Byerly Shoaf & Co LLC
Smith Development Co LLC
Warranty Deed
$285,000 · Branch Banking And Trust Co
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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