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Property profile & analytics
FOR LEASE
Warehouses
224 N Hoover Rd, Durham, NC 27703
Entity Owned
Absentee Owner
Free & Clear
Property ID
US53-1041045
For Lease
1 / 2
$19,860,000
224 N Hoover Rd, Durham, NC 27703
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1973
Total area
246,580 SF
Lot
15.74 ac (685,634 SF)
Zoning code
IL
APN
159313
UPID
US53-1041045
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
-
West logistics Corporate Office
-
DRT1 Amazon Delivery Station Courier Service Postal Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$26.99M
Comparable Approach
Comparable
$27.32M
Blend (final)
Blend
$19.86M
Owner & transaction history
Ag Apg Hoover Property Owner LLC
Ag Apg Hoover Property Owner LLC
since 2026
Last sale
$20.3M
7 recorded transactions
Zoning & alternative use
IL · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Durham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Durham 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
$21,830,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$29,240,000
6.5%
$26,990,000
7%
$25,060,000
Blend value · Realmo final
$19.86M
Range $17.87M – $21.85M · ±10% · vs last sale $20.31M (Feb 26 2021)
Last sale anchor
$20.31M
Feb 26 2021
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
$81 / 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
Tax billed
$176,333
Tax year 2024
Assessed value
$12,641,295
Assessed 2024
Previous assessed
$12,641,295
+0.0% YoY
Effective rate
1.39%
On assessed value
Assessed land
$611,520
Assessed improvement
$12,029,775
Land market value
$611,520
Improvement market value
$12,029,775
Total market value
$12,641,295
Applied tax rate
1.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1973
Heating
SPACE
Cooling
YES
Stories
1
Total area
246,580 SF
Lot
15.74 ac (685,634 SF)
Zoning code
IL
APN
159313
UPID
US53-1041045
Jurisdiction
DURHAM
Zoning & alternative use
IL · Durham, NC
Zoning IL · permitted uses
IL · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Durham. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1973
Heating
SPACE
Cooling
Yes
Stories
1
Lot
15.74 ac
Current owner
From public records · entity-resolved
Ag Apg Hoover Property Owner LLC
Entity
Free & Clear · 0 yrs held
Mailing address
401 EDGEWATER PL STE #265, WAKEFIELD, MA 01880-6241
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 6, 2026
—
Ag Apg Hoover Property Owner LLC
Bam Hoover LLC
Quitclaim Deed
related
—
Mar 6, 2026
$26,700,000
Ag Apg Hoover Property Owner LLC
Bam Hoover LLC
Special Warranty Deed
$22,700,000 · Sound Point Cre Senior Secured Inco
Feb 26, 2021
$20,309,500
Bam Hoover LLC
Nbpii Hoover LLC
Special Warranty Deed
$235,600,000 · Wells Fargo Bank NA
Apr 26, 2019
—
Nbpii Hoover LLC
—
Grant Deed
related
$10,650,000 · Delaware Life Ins Co
Jan 9, 2019
$16,025,000
Nbpit Hoover LLC
224 North Hoover Road LP
Grant Deed
$8,825,000 · Keybank USA
Jul 26, 2016
$7,300,000
224 North Hoover Road LP
Wpt Hoover Road LP
Grant Deed
$5,200,000 · Bank Of Nc
Dec 28, 2010
$1,850,000
Welsh Hoover Road LLC
Koloa Durham LLC
Grant Deed
—
Apr 9, 2009
$590,000
Welsh Hoover Road LLC
Erkel,gerald J
Grant Deed
—
Jul 10, 2007
$950,000
Koloa Durham LLC
Welsh Hoover Road LLC
Grant 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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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