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Property profile & analytics
OFF-MARKET
Estimated value
$890,000
Investment properties
204 Franconia Way Apex, NC 27502-8601
Individually Owned
Property ID
US53-0295767
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2007
Construction
BRICK
Total area
3,438 SF
Lot
0.35 ac (15,246 SF)
Zoning code
LD-CU
APN
0721.02-97-7823 0350126
UPID
US53-0295767
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
$785k
CAP Approach
CAP
$730k
Comparable Approach
Comparable
$1.12M
Blend (final)
Blend
$890k
Owner & transaction history
Wayne K Davis
Wayne K Davis
since 2025
Last sale
$1.1M
4 recorded transactions
Zoning & alternative use
LD-CU · Apex, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.2M
+3.8%
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 Apex submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Apex 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
$805,000
ML approach
$785,000
CAP Approach
CAP Return
Estimation
6%
$790,000
6.5%
$730,000
7%
$680,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,145,000
Current use
AUTO REPAIR, GARAGE
$1,185,000
Change: +4% · Conversion: Difficult
MEDICAL BUILDING
$1,115,000
Change: -2% · Conversion: Easy
Blend value · Realmo final
$890k
Range $801k – $979k · ±10% · vs last sale $1.09M (May 20 2025)
Last sale anchor
$1.09M
May 20 2025
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
$259 / 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
$1,723
Tax year 2023
Assessed value
$651,120
Assessed 2023
Previous assessed
$651,120
+0.0% YoY
Effective rate
0.26%
On assessed value
Assessed land
$135,000
Assessed improvement
$516,120
Land market value
$135,000
Improvement market value
$516,120
Total market value
$651,120
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
2007
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Units
1
Bathrooms
4
Total area
3,438 SF
Lot
0.35 ac (15,246 SF)
Zoning code
LD-CU
APN
0721.02-97-7823 0350126
UPID
US53-0295767
Jurisdiction
WAKE
Zoning & alternative use
LD-CU · Apex, NC
Zoning LD-CU · permitted uses
LD-CU · Apex, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Apex. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.1M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
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
2007
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
1
Bathrooms
4
Lot
0.35 ac
Current owner
From public records · entity-resolved
Wayne K Davis
Individual
Mailing address
204 FRANCONIA WAY, APEX, NC 27502-8601
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 17, 2026
—
Wayne K Davis
—
Deed
related
$870,000 · Rocket Mortgage LLC
Aug 20, 2025
$1,090,000
Wayne K Davis
Steven Cavalfo
Warranty Deed
$872,000 · Rocket Mortgage LLC
Jan 7, 2021
$622,500
Steven Cavallo
Sandra J Hill
Warranty Deed
$497,760 · Cardinal Financial Company LP
Jun 17, 2010
$515,000
Hill Norma J Trust
Ray F Hicks & Co INC
Warranty Deed
—
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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