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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1615 Lexington Ave High Point, NC 27262-3461

    • Apartment buildings
    • 7,112 SF
    • 2.74 lot acres
    OFF-MARKET
    Last Sale
    Jan 12, 2024
    $520,000
    Value Estimations
    $560,000
    Show details
    Cap Rate Potential
    8.3%
    Apartment buildings
    Location Intelligence
    Property ID
    US53-1813823
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1615 Lexington Ave

    Year built
    1968
    Lot size
    2.74 lot acres
    Property size
    7,112 SF
    Zone code
    RM-26
    Property type
    Apartment buildings
    APN
    176616
    APU
    176616

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $520,000
      ML approach
      $520,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $720,000
      6.5%
      $665,000
      7%
      $615,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $572,000
      Market price range: $242k - $573k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    High Point
    County
    Guilford
    State
    North Carolina
    Longitude
    -79.9934
    Latitude
    35.9799
    CBSA code
    24660
    CBSA name
    GREENSBORO-HIGH POINT, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,744
    $342,500
    $1,327,400
    $1,669,900
    -
    $342,500
    $1,327,400
    $1,669,900

    Comparable in this City

    • Value Estimation
      $1,260,000
      19,078 SF

      249 Northpoint Ave

      APARTMENT HOUSE (5+ UNITS) • 19,078 SF
      249 Northpoint Ave, High Point, NC 27262-1080
      View Details
    • Value Estimation
      $310,000
      7,344 SF

      820 Ss Rd

      APARTMENT HOUSE (5+ UNITS) • 7,344 SF
      820 Ss Rd, High Point, NC 27262-8721
      View Details
    • Value Estimation
      $655,000
      9,840 SF

      1520 Woodside Ave

      APARTMENT HOUSE (5+ UNITS) • 9,840 SF
      1520 Woodside Ave, High Point, NC 27262-7686
      View Details
    • Value Estimation
      $520,000
      16,840 SF

      1003 Main St

      APARTMENT HOUSE (5+ UNITS) • 16,840 SF
      1003 Main St, High Point, NC 27262-3163
      View Details
    • Value Estimation
      $230,000
      5,356 SF

      605 Ferndale Blvd

      APARTMENT HOUSE (5+ UNITS) • 5,356 SF
      605 Ferndale Blvd, High Point, NC 27262-4700
      View Details
    • Value Estimation
      $16,990,000
      24,480 SF

      2122 Chester Rdg Dr, Unit 2124

      APARTMENT HOUSE (5+ UNITS) • 24,480 SF
      2122 Chester Rdg Dr, High Point, NC 27262-8542
      View Details

    Similar Nearby for Sale

    • $210,000
      0.17 Acres

      High Point Duplex Investment Opportunity

      Duplex in High Point, generating $2,100 monthly rental income.
      112 Briggs Pl, High Point, NC 27262
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    • $3,200,000
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      High Point Showroom For Sale

      15,322 SF showroom with dock door and high ceilings.
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    • $925,000
      11,500 SF

      Industrial Property with Crane

      Updated industrial property featuring crane, multiple drive-in doors, and expansion.
      2411 W English Rd, High Point, NC 27262
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    • $89,900

      Two Commercial Lots Package

      Two commercial lots totaling approximately 0.34 acres for sale.
      132-134 E State Ave, High Point, NC 27262
      View Details
    • $195,000
      1,236 SF

      High Point Corner Office Space

      Office space in a great location with parking.
      1521 Johnson St, High Point, NC 27262
      View Details
    • $219,000

      High Point Land Opportunity

      Approximately 1 acre of land in High Point, North Carolina.
      711 Greenwood Dr, High Point, NC 27262
      View Details

    Similar Nearby for Lease

    • $4,950 /Mo
      2,500 SF

      Landscaping Supply Center For Rent

      3.14 acre industrial area with 2500 SF office.
      2217 Chestnut Street Ext, High Point, NC 27262
      View Details
    • $22 SF/Yr
      2,377 SF

      Retail Space in High Point

      Retail leasing opportunities in downtown High Point, North Carolina.
      121 Virginia Pl, High Point, NC 27262
      View Details
    • $13 SF/Yr
      1,200 SF

      Turnkey Retail/Office Space Available

      Two suites available on N. Main St in High Point.
      1550 N Main St, High Point, NC 27262
      View Details
    • $18 SF/Yr
      200 SF

      High Point Office Space Available

      Office suites available in a well-located building with shared amenities.
      155 Northpoint Ave, High Point, NC 27262
      View Details
    • Contact for pricing

      Uptown District Retail/Office/Restaurant Space

      40,712 SF campus in High Point's Uptown District.
      1540 North Main St, High Point, NC 27262
      View Details
    • $825 /Mo
      168 SF

      168 SF +/- Turn-key and stunning private office For Lease - $775 to $825/MO

      168 SF +/- Turn-key and stunning private office For Lease - $775 to $825/MO
      200 W Parkway Avenue, High Point, NC 27262
      View Details
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    1615 Lexington Ave
    High Point, NC 27262-3461
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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