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Property profile & analytics
OFF-MARKET
Estimated value
$2,430,000
Office buildings
222 22nd SW St Hickory, NC 28602-2139
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US53-1219757
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1979
Total area
27,000 SF
Lot
2.47 ac (107,593 SF)
Zoning code
ED
APN
2792-06-48-6040
UPID
US53-1219757
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
-
CAPITAL ELECTRIC SUPPLY Big Box & Wholesale Store
-
Capital Electric Building Supply Electrical Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.36M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.43M
Owner & transaction history
Anandkumar Patel · 1 yrs held
Anandkumar Patel
since 2025
Last sale
$2.5M
4 recorded transactions
Zoning & alternative use
ED · Hickory, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.2M
+36.6%
Apartment house (5+ units)
$2.8M
+19.4%
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 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
$2,370,000
ML approach
$2,355,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,345,000
Current use
AUTO REPAIR, GARAGE
$3,205,000
Change: +37% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$2,800,000
Change: +19% · Conversion: Easy
COMMERCIAL (GENERAL)
$2,145,000
Change: -9% · Conversion: Easy
RETAIL STORES
$2,145,000
Change: -9% · Conversion: Moderate
Blend value · Realmo final
$2.43M
Range $2.19M – $2.67M · ±10% · vs last sale $2.50M (Mar 4 2022)
Last sale anchor
$2.50M
Mar 4 2022
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
$90 / 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
$10,355
Tax year 2023
Assessed value
$406,900
Assessed 2023
Previous assessed
$1,165,500
-65.1% YoY
Effective rate
2.54%
On assessed value
Assessed land
$53,800
Assessed improvement
$353,100
Land market value
$53,800
Improvement market value
$353,100
Total market value
$406,900
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1979
Heating
HOT WATER
Cooling
CENTRAL
Units
1
Total area
27,000 SF
Lot
2.47 ac (107,593 SF)
Zoning code
ED
APN
2792-06-48-6040
UPID
US53-1219757
Jurisdiction
CATAWBA
Zoning & alternative use
ED · Hickory, NCZoning ED · permitted uses
ED · Hickory, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$3.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.8M
COMMERCIAL (GENERAL)
Est. value
$2.1M
RETAIL STORES
Est. value
$2.1M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
RETAIL STORES
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
1979
Heating
HOT WATER
Cooling
Yes
Units
1
Lot
2.47 ac
Current owner
From public records · entity-resolved
Anandkumar Patel
Individual
Mailing address
98 WAGSTAFF LN, WEST ISLIP, NY 11795-5207
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 14, 2025
$430,000
Anandkumar Patel
Legacy Home Builders LLC
Warranty Deed
$322,500 · The Loan Store INC
Jul 9, 2024
$19,000
Legacy Home Builders LLC
B B & L Associates LLC
Warranty Deed
$280,000 · Tailor Ridge Reit LLC
May 19, 2022
—
R & J Piedmont Developers LLC
—
Deed
related
$937,500 · United Bank
Mar 4, 2022
$1,250,000
R & J Piedmont Development LLC
Baci Corporation
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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