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Property profile & analytics
OFF-MARKET
Estimated value
$1,305,000
Industrial properties
25 Reeds Way, Flat Rock, NC 28731-0770
Individually Owned
3-yr Hold
Free & Clear
Property ID
US53-4050246
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
2018
Total area
7,788 SF
Lot
1.06 ac (46,174 SF)
Zoning code
1016801~I
APN
9588343096
UPID
US53-4050246
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
$1.41M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.09M
Blend (final)
Blend
$1.31M
Owner & transaction history
Richard J Herman · 3 yrs held
Richard J Herman
since 2023
Last sale
$1.3M
2 recorded transactions
Zoning & alternative use
1016801~I · Flat Rock, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.5M
+54.8%
Retail stores
$1.3M
+36.2%
Auto repair, garage
$1.0M
+7.5%
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 Flat Rock submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Flat Rock 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
$1,410,000
ML approach
$1,410,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$960,000
Current use
OFFICE BUILDING
$1,485,000
Change: +55% · Conversion: Difficult
RETAIL STORES
$1,310,000
Change: +36% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,030,000
Change: +7% · Conversion: Easy
Blend value · Realmo final
$1.31M
Range $1.17M – $1.44M · ±10% · vs last sale $1.30M (Apr 24 2023)
Last sale anchor
$1.30M
Apr 24 2023
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
$168 / 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
Property tax & assessments
Assessed value
$671,600
Assessed 2024
Previous assessed
$671,600
+0.0% YoY
Assessed land
$138,500
Assessed improvement
$533,100
Land market value
$138,500
Improvement market value
$533,100
Total market value
$671,600
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
2018
Heating
NONE
Stories
1
Total area
7,788 SF
Lot
1.06 ac (46,174 SF)
Zoning code
1016801~I
APN
9588343096
UPID
US53-4050246
Jurisdiction
HENDERSON
Zoning & alternative use
1016801~I · Flat Rock, NC
Zoning 1016801~I · permitted uses
1016801~I · Flat Rock, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Flat Rock. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$960,000
OFFICE BUILDING
Est. value
$1.5M
RETAIL STORES
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.0M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
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
2018
Heating
NONE
Stories
1
Lot
1.06 ac
Current owner
From public records · entity-resolved
Richard J Herman
Individual
Free & Clear · 3 yrs held
Mailing address
PO BOX 1700, HENDERSONVILLE, NC 28793-1700
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2023
$1,300,000
Richard J Herman
Dog Paddle Creek Property Managemen
Warranty Deed
—
May 2, 2018
$141,000
Dog Paddle Creek Property Mana
Twin West Capital LLC
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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