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Property profile & analytics
OFF-MARKET
Estimated value
$3,995,000
Strip malls
229 Airport Rd Arden, NC 28704-6402
Entity Owned
8-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US53-5675066
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2004
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
16,689 SF
Lot
1.4 ac (60,984 SF)
Zoning code
DEED DATE:12/20/2017 DEED
APN
9653-07-3688-00000
UPID
US53-5675066
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
-
Jack Rabbit USA LLC Auto Repair Shop
-
Firehouse Subs Asheville Airport Take-out & Catering Catering Service
-
IHOP Restaurant
-
Little Caesars Pizza Restaurant
-
SanStone Health & Rehabilitation Retirement Community Nursing Home
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.00M
Blend (final)
Blend
$4.00M
Owner & transaction history
Lupoli Properties LLC · 8 yrs held
Lupoli Properties LLC
since 2017
7 recorded transactions
Zoning & alternative use
DEED DATE:12/20/2017 DEED · Arden, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.8M
+100.4%
Medical building
$3.8M
+31.2%
Retail stores
$3.4M
+18.0%
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 Arden submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Arden 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$2,870,000
Current use
RESTAURANT
$5,755,000
Change: +100% · Conversion: Difficult
MEDICAL BUILDING
$3,765,000
Change: +31% · Conversion: Difficult
RETAIL STORES
$3,390,000
Change: +18% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,170,000
Change: +10% · Conversion: Difficult
OFFICE BUILDING
$3,105,000
Change: +8% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,030,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$4.00M
Range $3.60M – $4.39M · ±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
$239 / 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
$23,430
Tax year 2024
Assessed value
$3,806,100
Assessed 2024
Previous assessed
$3,806,100
+0.0% YoY
Effective rate
0.62%
On assessed value
Land market value
$1,280,700
Improvement market value
$2,525,400
Total market value
$3,806,100
Applied tax rate
19.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
2004
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
YES
Stories
1
Total area
16,689 SF
Lot
1.4 ac (60,984 SF)
Zoning code
DEED DATE:12/20/2017 DEED
APN
9653-07-3688-00000
UPID
US53-5675066
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE:12/20/2017 DEED · Arden, NCZoning DEED DATE:12/20/2017 DEED · permitted uses
DEED DATE:12/20/2017 DEED · Arden, 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$2.9M
RESTAURANT
Est. value
$5.8M
MEDICAL BUILDING
Est. value
$3.8M
RETAIL STORES
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$3.2M
OFFICE BUILDING
Est. value
$3.1M
COMMERCIAL (GENERAL)
Est. value
$3.0M
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
MEDICAL BUILDING
RETAIL STORES
AUTO REPAIR, GARAGE
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
2004
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
Yes
Stories
1
Lot
1.4 ac
Current owner
From public records · entity-resolved
Lupoli Properties LLC
Entity
Mailing address
269 DILLARD RD, HIGHLANDS, NC 28741-6672
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 3, 2022
—
Lupoli Properties LLC
—
Deed
related
$4,160,844 · First Citizens Bank & Trust Co
Dec 20, 2017
—
Lupoli Properties LLC
Lupoli,john R JR & Anita S
Quit Claim Deed
related
—
Dec 9, 2005
$3,450,000
John R Lupoli
Sonvic Enterprises LLC
Warranty Deed
$1,500,000 · Rbc Centura Bank
Aug 30, 2004
—
Sonvic Ents LLC
—
Trustees Deed
related
$1,116,543 · Bank Of Asheville
Apr 14, 2004
—
Sonvic Ents LLC
—
Trustees Deed
related
$1,520,000 · Bank Of Asheville
Dec 12, 2003
$760,000
Sonvic LLC
Ashley Square Fu
Grant Deed
—
—
—
Ann Ledford
—
Deed Of Trust
related
$60,000 · American General
—
—
John R Lupoli JR.
—
Loan Modification
related
$1,400,000 · Macon Bank & Trust Co
—
—
Sonvic Ents LLC
—
Deed Of Trust
related
$2,015,000 · Bank Of Asheville
—
—
John R Lupoli JR.
—
Deed Of Trust
related
$1,400,000 · Macon Bank & Trust Co
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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