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Property profile & analytics
OFF-MARKET
Estimated value
$745,000
Garden apartment buildings
2201 Kay Dr 2206 Smithfield, NC 27577-5225
Entity Owned
6-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-2328226
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1971
Total area
5,913 SF
Lot
8.25 ac (359,370 SF)
Zoning code
RES
APN
15A61044
UPID
US53-2328226
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
$450k
CAP Approach
CAP
$800k
Comparable Approach
Comparable
$691k
Blend (final)
Blend
$745k
Owner & transaction history
Johnson Court Hsng Ptrs LP · 6 yrs held
Johnson Court Hsng Ptrs LP
since 2020
4 recorded transactions
Zoning & alternative use
RES · Smithfield, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Zoning Code Definitions
Top alternative use upside
Commercial (general)
$760,000
+46.7%
Office building
$740,000
+43.6%
Medical building
$655,000
+26.4%
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 Smithfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Smithfield 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
$450,000
CAP Approach
CAP Return
Estimation
6%
$865,000
6.5%
$800,000
7%
$745,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$515,000
Current use
COMMERCIAL (GENERAL)
$760,000
Change: +47% · Conversion: Moderate
OFFICE BUILDING
$740,000
Change: +44% · Conversion: Moderate
MEDICAL BUILDING
$655,000
Change: +26% · Conversion: Moderate
RESTAURANT
$585,000
Change: +13% · Conversion: Difficult
AUTO REPAIR, GARAGE
$550,000
Change: +6% · Conversion: Difficult
Blend value · Realmo final
$745k
Range $671k – $820k · ±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
$126 / 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 2024Property tax & assessments
Tax year 2024
Assessed value
$5,688,560
Assessed 2024
Previous assessed
$5,688,560
+0.0% YoY
Assessed land
$718,740
Assessed improvement
$4,969,820
Land market value
$718,740
Improvement market value
$4,969,820
Total market value
$5,688,560
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
1971
Heating
HEAT PUMP
Cooling
CENTRAL
Buildings
14
Stories
1
Units
6
Bathrooms
8
Total area
5,913 SF
Lot
8.25 ac (359,370 SF)
Zoning code
RES
APN
15A61044
UPID
US53-2328226
Jurisdiction
JOHNSTON
Zoning & alternative use
RES · Smithfield, NCZoning RES · permitted uses
RES · Smithfield, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Zoning Code Definitions
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$515,000
COMMERCIAL (GENERAL)
Est. value
$760,000
OFFICE BUILDING
Est. value
$740,000
MEDICAL BUILDING
Est. value
$655,000
RESTAURANT
Est. value
$585,000
AUTO REPAIR, GARAGE
Est. value
$550,000
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL BUILDING
RESTAURANT
AUTO REPAIR, GARAGE
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
1971
Heating
HEAT PUMP
Cooling
Yes
Stories
1
Buildings
14
Units
6
Bathrooms
8
Lot
8.25 ac
Current owner
From public records · entity-resolved
Johnson Court Hsng Ptrs LP
Entity
Free & Clear · 6 yrs held
Mailing address
1115 E MOREHEAD ST STE #200, CHARLOTTE, NC 28204-2857
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
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
Apr 6, 2020
$8,000,000
Johnson Court Hsng Ptrs LP
Ffah Johnson Court LLC
Grant Deed
—
May 5, 2006
—
Johnson Court Investors LLC
Tp Investors LLC
Grant Deed
—
Jul 14, 2005
$1,676,500
Thetford Group A Inevestors LLC
Thetford Properties III Limite Part
Warranty Deed
—
—
—
Ffah Johnson Court LLC
—
Deed Of Trust
$60,370,000 · Wilmington Tr
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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