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Property profile & analytics
OFF-MARKET
Estimated value
$1,805,000
Drive through restaurants
1519 Innes St, Salisbury, NC 28146
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-0704853
Property summary
AI-generated overview
Innes Station, a newly developed multi-tenant shopping center in Salisbury, North Carolina, offers a prime retail opportunity. Located at 1519 E. Innes Street in Granite Quarry, Rowan County (zip code 28146), this center boasts a total of 11,300 square feet and sits on a 0.88-acre lot. The property features 95 parking spaces for ample customer convenience. A key advantage is its strategic location adjacent to a road extension connecting to lighted intersections at Faith Road and E. Innes Street, providing two direct, signalized access points. This significantly enhances visibility and accessibility compared to other properties on E. Innes Street with limited access. Phase 2 of the development includes an outparcel offering up to 3,500 square feet, available for sale, ground lease, or build-to-suit. This flexible option caters to various business needs and expansion plans. The property's excellent location and convenient access make it an exceptionally attractive investment opportunity in a growing market. The coordinates are 35.652689 latitude and -80.456771 longitude.
Property profile
Verified
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Year built
2017
Total area
11,721 SF
Lot
2.02 ac (87,991 SF)
Zoning code
B6
APN
070 002
UPID
US53-0704853
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
-
Buffalo Wild Wings Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.10M
Blend (final)
Blend
$1.81M
Owner & transaction history
Pap Equities LLC · 2 yrs held
Pap Equities LLC
since 2024
6 recorded transactions
Zoning & alternative use
B6 · Salisbury, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.7M
+21.3%
Medical building
$1.7M
+17.4%
Commercial (general)
$1.6M
+10.9%
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
RESTAURANT
$1,410,000
Current use
AUTO REPAIR, GARAGE
$1,710,000
Change: +21% · Conversion: Difficult
MEDICAL BUILDING
$1,650,000
Change: +17% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,560,000
Change: +11% · Conversion: Easy
OFFICE BUILDING
$1,395,000
Change: -1% · Conversion: Moderate
Blend value · Realmo final
$1.81M
Range $1.62M – $1.99M · ±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
$154 / 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
$48,887
Tax year 2023
Assessed value
$4,087,549
Assessed 2023
Previous assessed
$4,087,549
+0.0% YoY
Effective rate
1.20%
On assessed value
Assessed land
$959,500
Assessed improvement
$3,128,049
Land market value
$959,500
Improvement market value
$3,128,049
Total market value
$4,087,549
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
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Status
Off-Market
Year built
2017
Heating
PACKAGE
Cooling
YES
Stories
1
Units
1
Total area
11,721 SF
Lot
2.02 ac (87,991 SF)
Zoning code
B6
APN
070 002
UPID
US53-0704853
Jurisdiction
ROWAN
Zoning & alternative use
B6 · Salisbury, NC
Zoning B6 · permitted uses
B6 · 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
RESTAURANT Current
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.4M
RESTAURANT Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
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
2017
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Lot
2.02 ac
Current owner
From public records · entity-resolved
Pap Equities LLC
Entity
Free & Clear · 2 yrs held
Mailing address
1400 BUFORD HWY STE F1, BUFORD, GA 30518-8728
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 29, 2024
—
Pap Equities LLC
Centerlane Innes Street LLC
Correction Deed
related
—
Sep 24, 2021
$4,664,000
Pap Equities LLC
Centerlane Innes Street LLC
Special Warranty Deed
$3,264,800 · Farmers & Merchants Bank
Sep 24, 2021
—
Pap Equities LLC
Centerlane Innes Street LLC
Deed
—
May 28, 2021
—
Centerlane Innes Street LLC
—
Deed
related
$3,900,000 · First Bank
Nov 29, 2016
$1,225,000
Centerlane Innes Street LLC
Kotsalis,dimitrios J
Warranty Deed
—
Nov 29, 2016
—
Centerlane Innes Street LLC
Dimitrios Kotsalis
Quit Claim Deed
related
$4,000,000 · First Bank
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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