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Property profile & analytics
OFF-MARKET
Estimated value
$1,460,000
Garden apartment buildings
1948 Spg Dr Garner, NC 27529-3486
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US53-2094991
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1972
Construction
FRAME
Total area
18,462 SF
Lot
9.89 ac (430,808 SF)
Zoning code
MF-A
APN
1701.16-83-9986 0106140
UPID
US53-2094991
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
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.46M
Owner & transaction history
Garner Holdings 223 LLC · 7 yrs held
Garner Holdings 223 LLC
since 2018
5 recorded transactions
Zoning & alternative use
MF-A · Garner, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The MF-A district is intended to primarily accommodate neighborhood scale multifamily dwellings, including duplexes, lower unit count townhomes, and other housing scale multifamily products. Multifamily dwellings in this district are low impact and can fit into existing single family neighborhoods without excessive disruption of the character of the neighbor…
Zone name
Multifamily A
General category
RESIDENTIAL
Zone area
749.68 ac
Source
Realmo
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 Garner submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Garner 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$79 / 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
$193,180
Tax year 2023
Assessed value
$14,797,528
Assessed 2023
Previous assessed
$14,797,528
+0.0% YoY
Effective rate
1.31%
On assessed value
Assessed land
$3,339,000
Assessed improvement
$11,458,528
Land market value
$3,339,000
Improvement market value
$11,458,528
Total market value
$14,797,528
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
1972
Construction
FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Units
18
Rooms
628
Total area
18,462 SF
Lot
9.89 ac (430,808 SF)
Zoning code
MF-A
APN
1701.16-83-9986 0106140
UPID
US53-2094991
Jurisdiction
WAKE
Zoning & alternative use
MF-A · Garner, NCZoning MF-A · permitted uses
MF-A · Garner, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The MF-A district is intended to primarily accommodate neighborhood scale multifamily dwellings, including duplexes, lower unit count townhomes, and other housing scale multifamily products. Multifamily dwellings in this district are low impact and can fit into existing single family neighborhoods without excessive disruption of the character of the neighborhood.
Zone name
Multifamily A
General category
RESIDENTIAL
Zone area
749.68 ac
Source
Realmo
Building & site characteristics
From public records
Year built
1972
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
18
Rooms
628
Lot
9.89 ac
Current owner
From public records · entity-resolved
Garner Holdings 223 LLC
Entity
Mailing address
PO BOX 844, TEANECK, NJ 07666-0844
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 29, 2018
$19,600,000
Garner Holdings 223 LLC
1948 Spring LLC
Grant Deed
related
—
Aug 31, 2017
$12,425,000
1948 Spring LLC
Springfield Dev Corp
Trustees Deed
related
$11,000,000 · Arbor Realty SR
—
—
Springfield Dev Corp
—
Deed Of Trust
related
$1,040,000 · Percy H Ward
—
—
Springfield Dev Corp
—
Deed Of Trust
related
$773,416 · Suntrust Bank NA
—
—
Garner Holdings 223 LLC
—
Deed Of Trust
related
$22,500,000 · Arbor Agcy Lndg LLC
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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