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Property profile & analytics
OFF-MARKET
Estimated value
$505,000
Office buildings
177 New Vale Rd Newland, NC 28657-9198
Individually Owned
2-yr Hold
Free & Clear
Property ID
US53-4924053
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1999
Construction
CONCRETE BLOCKS
Total area
4,292 SF
Lot
3.95 ac (172,062 SF)
APN
18360048306700000
UPID
US53-4924053
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
$460k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$656k
Blend (final)
Blend
$505k
Owner & transaction history
Richard Edward Pittman JR · 2 yrs held
Richard Edward Pittman JR
since 2023
Last sale
$525,000
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$655,000
+43.4%
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 Newland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Newland 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
$510,000
ML approach
$460,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$455,000
Current use
COMMERCIAL (GENERAL)
$655,000
Change: +43% · Conversion: Easy
WAREHOUSE, STORAGE
$375,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$505k
Range $455k – $556k · ±10% · vs last sale $525k (Nov 9 2023)
Last sale anchor
$525k
Nov 9 2023
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
$118 / 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
$2,249
Tax year 2023
Assessed value
$562,300
Assessed 2023
Previous assessed
$562,300
+0.0% YoY
Effective rate
0.40%
On assessed value
Assessed land
$334,300
Assessed improvement
$228,000
Land market value
$334,300
Improvement market value
$228,000
Total market value
$562,300
Applied tax rate
5.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
1999
Construction
CONCRETE BLOCKS
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
4,292 SF
Lot
3.95 ac (172,062 SF)
APN
18360048306700000
UPID
US53-4924053
Jurisdiction
AVERY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$455,000
COMMERCIAL (GENERAL)
Est. value
$655,000
WAREHOUSE, STORAGE
Est. value
$375,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1999
Construction
CONCRETE BLOCKS
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
3.95 ac
Current owner
From public records · entity-resolved
Richard Edward Pittman JR
Individual
Free & Clear · 2 yrs held
Mailing address
2260 SQUIRREL CRK RD, NEWLAND, NC 28657-9224
Ownership since
2023
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
Nov 9, 2023
—
Richard Edward Pittman JR
Ricky E Pittman
Intrafamily Transfer
related
—
Mar 20, 2012
$525,000
Ricky E Pittman
Smith,terry & Sara
Warranty Deed
$446,250 · United Community Bank
Mar 19, 2012
$525,000
Ricky E Pittman
Smith,terry
Grant Deed
$446,250 · United Community Bank
Sep 7, 2007
$650,000
Terry Smith
Perez,sharon
Warranty Deed
$550,000 · Sharon Perez
—
—
Terry Michael Smith
—
Deed Of Trust
related
$320,000 · Head Bear
—
—
Terry Smith
—
Deed Of Trust
related
$225,000 · United Community 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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