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Property profile & analytics
OFF-MARKET
Estimated value
$1,045,000
Garden apartment buildings
1923 16th NE St Hickory, NC 28601-2482
Entity Owned
18-yr Hold
~
Est. High Equity
Property ID
US53-1738929
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2001
Construction
WOOD
Total area
9,144 SF
Lot
1.55 ac (67,518 SF)
Zoning code
R-3
APN
3713-07-57-9834
UPID
US53-1738929
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
$1.18M
Comparable Approach
Comparable
$699k
Blend (final)
Blend
$1.05M
Owner & transaction history
Residence Partners LLC · 18 yrs held
Residence Partners LLC
since 2008
3 recorded transactions
Zoning & alternative use
R-3 · Hickory, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.7M
+78.7%
Auto repair, garage
$1.1M
+11.7%
Retail stores
$1.1M
+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 Hickory submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hickory 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%
$1,280,000
6.5%
$1,180,000
7%
$1,095,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$970,000
Current use
MEDICAL BUILDING
$1,735,000
Change: +79% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,085,000
Change: +12% · Conversion: Difficult
RETAIL STORES
$1,075,000
Change: +11% · Conversion: Difficult
OFFICE BUILDING
$1,055,000
Change: +9% · Conversion: Moderate
COMMERCIAL (GENERAL)
$900,000
Change: -7% · Conversion: Moderate
Blend value · Realmo final
$1.05M
Range $941k – $1.15M · ±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
$114 / 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
$13,660
Tax year 2023
Assessed value
$1,600,500
Assessed 2023
Previous assessed
$1,600,500
+0.0% YoY
Effective rate
0.85%
On assessed value
Assessed land
$65,900
Assessed improvement
$1,534,600
Land market value
$65,900
Improvement market value
$1,534,600
Total market value
$1,600,500
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
2001
Construction
WOOD
Heating
NONE
Cooling
NONE
Buildings
3
Units
5
Total area
9,144 SF
Lot
1.55 ac (67,518 SF)
Zoning code
R-3
APN
3713-07-57-9834
UPID
US53-1738929
Jurisdiction
CATAWBA
Zoning & alternative use
R-3 · Hickory, NC
Zoning R-3 · permitted uses
R-3 · Hickory, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hickory. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$970,000
MEDICAL BUILDING
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.1M
RETAIL STORES
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$900,000
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE BUILDING
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
2001
Construction
WOOD
Heating
NONE
Cooling
Yes
Buildings
3
Units
5
Lot
1.55 ac
Current owner
From public records · entity-resolved
Residence Partners LLC
Entity
Mailing address
2425 N CTR ST #337, HICKORY, NC 28601-1320
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 4, 2008
$1,000,000
Residence Partners LLC
Builders Choice Dev
Warranty Deed
$1,020,000 · Bank Of Granite
Jun 3, 2008
$1,000,000
Residence Partners LLC
Builders Choice Developmen
Grant Deed
—
—
—
Residence Partners LLC
—
Deed Of Trust
related
$2,812,126 · Carolina Tr Bk
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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