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Property profile & analytics
OFF-MARKET
Estimated value
$610,000
Office buildings
301 Ashe Ave Raleigh, NC 27606-2102
Individually Owned
Free & Clear
Property ID
US53-1664556
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1922
Construction
BRICK
Total area
2,760 SF
Lot
40.42 ac (1,760,695 SF)
Zoning code
OX-3
APN
1703.05-18-0347 0113257
UPID
US53-1664556
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
-
Governor Morehead School High School
-
Lineberry Hall Training Center Tutoring Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$625k
Comparable Approach
Comparable
$716k
Blend (final)
Blend
$610k
Owner & transaction history
NORTH CAROLINA STATE
NORTH CAROLINA STATE
Zoning & alternative use
OX-3 · Raleigh, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The OX-3 is intended to provide for a variety of office and employment uses whileallowing for housing and limited retail and service related options
Zone name
Office Mixed Use
General category
MIXED_USE
Zone area
2,273.34 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$895,000
+66.3%
Medical building
$870,000
+61.7%
Auto repair, garage
$815,000
+51.1%
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 Raleigh submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Raleigh 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%
$680,000
6.5%
$625,000
7%
$585,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$540,000
Current use
COMMERCIAL (GENERAL)
$895,000
Change: +66% · Conversion: Easy
MEDICAL BUILDING
$870,000
Change: +62% · Conversion: Easy
AUTO REPAIR, GARAGE
$815,000
Change: +51% · Conversion: Difficult
WAREHOUSE, STORAGE
$620,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$610k
Range $549k – $671k · ±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
$221 / 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 2023Property tax & assessments
Tax year 2023
Assessed value
$43,281,542
Assessed 2023
Previous assessed
$43,281,542
+0.0% YoY
Assessed land
$18,064,749
Assessed improvement
$25,216,793
Land market value
$18,064,749
Improvement market value
$25,216,793
Total market value
$43,281,542
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1922
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Buildings
4
Stories
1
Rooms
18
Total area
2,760 SF
Lot
40.42 ac (1,760,695 SF)
Zoning code
OX-3
APN
1703.05-18-0347 0113257
UPID
US53-1664556
Jurisdiction
WAKE
Zoning & alternative use
OX-3 · Raleigh, NCZoning OX-3 · permitted uses
OX-3 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The OX-3 is intended to provide for a variety of office and employment uses whileallowing for housing and limited retail and service related options
Zone name
Office Mixed Use
General category
MIXED_USE
Zone area
2,273.34 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$540,000
COMMERCIAL (GENERAL)
Est. value
$895,000
MEDICAL BUILDING
Est. value
$870,000
AUTO REPAIR, GARAGE
Est. value
$815,000
WAREHOUSE, STORAGE
Est. value
$620,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
MEDICAL BUILDING
AUTO REPAIR, GARAGE
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
1922
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
1
Buildings
4
Rooms
18
Lot
40.42 ac
Current owner
From public records · entity-resolved
NORTH CAROLINA STATE
Individual
Free & Clear · 0 yrs held
Mailing address
116 W JONES ST, RALEIGH, NC 27603-1335
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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