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Property profile & analytics
OFF-MARKET
Estimated value
$4,540,000
Office buildings
185 Azalea Cir Banner Elk, NC 28604-7386
Individually Owned
11-yr Hold
~
Est. High Equity
Property ID
US53-2638365
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1940
Construction
CONCRETE
Total area
30,116 SF
Lot
5.39 ac (234,788 SF)
Zoning code
ME
APN
18591820829000000
UPID
US53-2638365
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
-
Avery County Farmers Market Specialty Food Shop Farmer's Market
-
Banner Elk Body Shop Gym & Fitness Center
-
Banner Elk Artists Gallery Art Gallery
-
Ensemble Stage Theater & Performing Art Venue
-
Book Exchange at the Historic Banner Elk School Community Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.60M
Blend (final)
Blend
$4.54M
Owner & transaction history
Town Of Banner Elk · 11 yrs held
Town Of Banner Elk
since 2014
6 recorded transactions
Zoning & alternative use
ME · Banner Elk, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$4.6M
+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 Banner Elk submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Banner Elk 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
$3,200,000
Current use
COMMERCIAL (GENERAL)
$4,590,000
Change: +43% · Conversion: Easy
Blend value · Realmo final
$4.54M
Range $4.09M – $4.99M · ±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
$151 / 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
$23,551
Tax year 2023
Assessed value
$5,887,800
Assessed 2023
Previous assessed
$5,887,800
+0.0% YoY
Effective rate
0.40%
On assessed value
Assessed land
$4,930,500
Assessed improvement
$957,300
Land market value
$4,930,500
Improvement market value
$957,300
Total market value
$5,887,800
Applied tax rate
2.0000
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
1940
Construction
CONCRETE
Heating
NONE
Cooling
NONE
Stories
2
Total area
30,116 SF
Lot
5.39 ac (234,788 SF)
Zoning code
ME
APN
18591820829000000
UPID
US53-2638365
Jurisdiction
AVERY
Zoning & alternative use
ME · Banner Elk, NC
Zoning ME · permitted uses
ME · Banner Elk, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Banner Elk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$4.6M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
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
1940
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Stories
2
Lot
5.39 ac
Current owner
From public records · entity-resolved
Town Of Banner Elk
Individual
Mailing address
PO BOX 2049, BANNER ELK, NC 28604-2049
Ownership since
2014
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
Oct 31, 2023
—
Town Of Banner Elk
—
Deed
related
$1,000,000 · First National Bank Of Pennsylvania
Nov 21, 2014
—
Town Of Banner Elk
Avery County
Grant Deed
related
$1,000,000 · County Of Avery
Jun 28, 2013
$347,000
Keith H Joyce
Banner Elk Vista Props LLC
Warranty Deed
$262,400 · Allegacy FCU
May 16, 2013
—
Elk Volunteer Fire Dep Banner
Avery County
Warranty Deed
related
—
May 13, 2013
—
Elk Volunteer Fire Depa Banner
Avery County North Carolina
Grant Deed
related
—
Dec 8, 2011
—
Avery County
Avery County Board Of Education
Quit Claim Deed
related
—
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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