New search
Property profile & analytics
OFF-MARKET
Estimated value
$4,065,000
Garden apartment buildings
288 Topwater Dr, Clayton, NC 27527-8666
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-3963548
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2022
Total area
46,290 SF
Lot
6.39 ac (278,348 SF)
Zoning code
PUD
APN
16K05139I
UPID
US53-3963548
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.35M
Blend (final)
Blend
$4.07M
Owner & transaction history
Johnston Topwater LLC · 1 yrs held
Johnston Topwater LLC
since 2025
7 recorded transactions
Zoning & alternative use
PUD · Clayton, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$6.5M
+135.8%
Restaurant
$5.6M
+101.3%
Auto repair, garage
$4.7M
+72.1%
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 Clayton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Clayton 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
APARTMENT HOUSE (5+ UNITS)
$2,755,000
Current use
OFFICE BUILDING
$6,500,000
Change: +136% · Conversion: Moderate
RESTAURANT
$5,550,000
Change: +101% · Conversion: Difficult
AUTO REPAIR, GARAGE
$4,740,000
Change: +72% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,725,000
Change: +72% · Conversion: Moderate
MEDICAL BUILDING
$3,280,000
Change: +19% · Conversion: Moderate
RETAIL STORES
$3,130,000
Change: +14% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,955,000
Change: +7% · Conversion: Difficult
Blend value · Realmo final
$4.07M
Range $3.66M – $4.47M · ±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
$88 / 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
$214,716
Tax year 2024
Assessed value
$26,508,200
Assessed 2024
Previous assessed
$20,133,070
+31.7% YoY
Effective rate
0.81%
On assessed value
Assessed land
$1,391,740
Assessed improvement
$25,116,460
Land market value
$1,391,740
Improvement market value
$25,116,460
Total market value
$26,508,200
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
2022
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
7
Stories
3
Units
36
Total area
46,290 SF
Lot
6.39 ac (278,348 SF)
Zoning code
PUD
APN
16K05139I
UPID
US53-3963548
Jurisdiction
JOHNSTON
Zoning & alternative use
PUD · Clayton, NC
Zoning PUD · permitted uses
PUD · Clayton, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Clayton. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$2.8M
OFFICE BUILDING
Est. value
$6.5M
RESTAURANT
Est. value
$5.6M
AUTO REPAIR, GARAGE
Est. value
$4.7M
COMMERCIAL (GENERAL)
Est. value
$4.7M
MEDICAL BUILDING
Est. value
$3.3M
RETAIL STORES
Est. value
$3.1M
WAREHOUSE, STORAGE
Est. value
$3.0M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RESTAURANT
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
MEDICAL BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
2022
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
7
Units
36
Lot
6.39 ac
Current owner
From public records · entity-resolved
Johnston Topwater LLC
Entity
Free & Clear · 1 yrs held
Mailing address
1400 W NORTHWOOD ST, GREENSBORO, NC 27408-8021
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 10, 2025
—
Johnston Topwater LLC
Ardmore Flowers Propco LLC
Deed
—
May 8, 2023
—
Ardmore Flowers Propco LLC
Ardmore At Flowers LLC
Intrafamily Transfer
related
$109,500,000 · Hig Ardmore 2023 Lender LLC
Jan 22, 2021
—
Joshua A Mcbroom
—
Deed
related
$175,925 · Navy FCU
Dec 29, 2020
—
Ardmore At Flowers1 LLC
—
Deed
related
$2,100,000 · Atlantic Union Bk
Dec 23, 2020
$5,885
Ardmore At Flowers 1 LLC
Crossroads Holding L Southwest
Grant Deed
—
Dec 23, 2020
$2,000,000
Ardmore At Flowers 1 LLC
Grading Easement Agreement
Grant Deed
$253,000 · Mr Cooper
Oct 12, 2020
—
Sw Crossroads Holding L
Rebecca D Flowers
Warranty Deed
—
—
—
Ardmore At Flowers1 LLC
—
Deed Of Trust
related
$2,100,000 · Atlantic Union Bk
—
—
Joshua A Mcbroom
—
Deed Of Trust
related
$175,925 · Navy FCU
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 288 Topwater Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
