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    Property profile & analytics

    2802 Ln St Kannapolis, NC 28083-9223

    • Garden apartment buildings
    • 17.39 lot acres
    OFF-MARKET
    Last Sale
    Sep 13, 2022
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4708249
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 2802 Ln St

    Lot size
    17.39 lot acres
    Zone code
    R18
    Property type
    Garden apartment buildings
    APN
    5633 48 1583
    APU
    5633481583

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kannapolis
    County
    Cabarrus
    State
    North Carolina
    Longitude
    -80.565
    Latitude
    35.4943
    CBSA code
    16740
    CBSA name
    CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $7,981
    $702,870
    $0.00
    $702,870
    -
    $702,870
    $0.00
    $702,870

    Comparable in this City

    • Value Estimation
      $1,550,000
      68,257 SF

      1430 El Paso St

      GARDEN APT, COURT APT (5+ UNITS) • 68,257 SF
      1430 El Paso St, Kannapolis, NC 28083-1100
      View Details
    • Value Estimation
      $275,000
      18.11 Acres

      Ln St

      GARDEN APT, COURT APT (5+ UNITS) • 18.11 Acres
      Ln St, Kannapolis, NC 28083
      View Details
    • Value Estimation
      $505,000
      8,410 SF

      1302 Mdw Ave

      GARDEN APT, COURT APT (5+ UNITS) • 8,410 SF
      1302 Mdw Ave, Kannapolis, NC 28083-5135
      View Details
    • Value Estimation
      $19,800,000
      4,942 SF

      300 Suffolk Dr

      GARDEN APT, COURT APT (5+ UNITS) • 4,942 SF
      300 Suffolk Dr, Kannapolis, NC 28083-4936
      View Details
    • Value Estimation
      $1,260,000
      72,436 SF

      300 Sandy Ct

      GARDEN APT, COURT APT (5+ UNITS) • 72,436 SF
      300 Sandy Ct, Kannapolis, NC 28083-8036
      View Details
    • Value Estimation
      $460,000
      9,349 SF

      2137 University Dr

      GARDEN APT, COURT APT (5+ UNITS) • 9,349 SF
      2137 University Dr, Kannapolis, NC 28083-7261
      View Details

    Similar Nearby for Sale

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      Kannapolis Multifamily/Short-Term Rental Opportunity

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    • $250,000
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      Turn-key duplex in booming Kannapolis, ideal for investors.
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      New Home Near Downtown Kannapolis

      Modern 3-bedroom home near downtown Kannapolis with potential credits.
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    • $250,000
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      Kannapolis Commercial Land Parcel

      High-traffic Kannapolis land, ideal for development.
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    • Contact for pricing
      0.53 Acres

      Kannapolis Commercial Land - 0.53 Acres

      Prime Kannapolis commercial lot, ideal for retail or restaurant.
      2191 Roxie St, Kannapolis, NC 28083
      View Details

    Similar Nearby for Lease

    • $950 /Mo

      Updated One-Bedroom Duplex For Rent

      One-bedroom, one-bath duplex with updated features available for rent.
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      Located on a hard corner with high visibility and access.
      Kannapolis, NC 28083
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    • $13 SF/Yr
      66,317 SF

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      Kannapolis Retail/Office Space
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      2,453 SF

      Cannon Blvd. Industrial Space Available

      Secure Industrial Space, Multiple Uses
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      Industrial Outdoor Storage Space Available

      Prime industrial outdoor storage space with easy I-85 access.
      230 Lockhart Rd, Kannapolis, NC 28083
      View Details
    • Contact for pricing
      3,150 SF

      Kannapolis Retail Space - 3150 SF

      Prime Kannapolis retail space available.
      2115 Cannon Blvd, Kannapolis, NC 28083
      View Details
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    2802 Ln St
    Kannapolis, NC 28083-9223
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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