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Property profile & analytics
OFF-MARKET
Estimated value
$3,235,000
Office buildings
38 Garfield St Asheville, NC 28803-2993
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US53-0440077
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1917
Construction
BRICK
Total area
12,000 SF
Lot
0.4 ac (17,424 SF)
Zoning code
DEED DATE:04/05/2022 DEED
APN
9648-70-3782-00000
UPID
US53-0440077
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
-
Professional Parenting Adoption Agency
-
Image Dental Arts Inc Dental Office
-
Appalachian Family Innovations Adoption Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.66M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.24M
Owner & transaction history
Carolina Business Capital INC · 4 yrs held
Carolina Business Capital INC
since 2022
Last sale
$3.3M
2 recorded transactions
Zoning & alternative use
DEED DATE:04/05/2022 DEED · Asheville, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.5M
+94.4%
Commercial (general)
$3.1M
+35.9%
Auto repair, garage
$3.1M
+32.9%
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 Asheville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Asheville 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
$2,785,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,960,000
6.5%
$3,655,000
7%
$3,395,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,315,000
Current use
RESTAURANT
$4,500,000
Change: +94% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,145,000
Change: +36% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,075,000
Change: +33% · Conversion: Difficult
MEDICAL BUILDING
$2,710,000
Change: +17% · Conversion: Easy
RETAIL STORES
$2,415,000
Change: +4% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$2,065,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$3.24M
Range $2.91M – $3.56M · ±10% · vs last sale $3.25M (Apr 6 2022)
Last sale anchor
$3.25M
Apr 6 2022
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
$270 / 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
$12,210
Tax year 2024
Assessed value
$1,317,300
Assessed 2024
Previous assessed
$1,317,300
+0.0% YoY
Effective rate
0.93%
On assessed value
Land market value
$86,200
Improvement market value
$1,231,100
Total market value
$1,317,300
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
1917
Construction
BRICK
Stories
2
Total area
12,000 SF
Lot
0.4 ac (17,424 SF)
Zoning code
DEED DATE:04/05/2022 DEED
APN
9648-70-3782-00000
UPID
US53-0440077
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE:04/05/2022 DEED · Asheville, NC
Zoning DEED DATE:04/05/2022 DEED · permitted uses
DEED DATE:04/05/2022 DEED · Asheville, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Asheville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.3M
RESTAURANT
Est. value
$4.5M
COMMERCIAL (GENERAL)
Est. value
$3.1M
AUTO REPAIR, GARAGE
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$2.7M
RETAIL STORES
Est. value
$2.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.1M
OFFICE BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
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
1917
Construction
BRICK
Stories
2
Lot
0.4 ac
Current owner
From public records · entity-resolved
Carolina Business Capital INC
Entity
Mailing address
38 GARFIELD ST, ASHEVILLE, NC 28803-2993
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
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 6, 2022
—
Carolina Business Capital INC
Msa Heritage Investments LLC
Assignment Of Lease (leasehold Sale)
$1,373,000 · Carolina Business Capital INC
Apr 5, 2022
$3,250,000
Msa Heritage Investments LLC
Roosevalt Gardens Shopping Center L
Special Warranty Deed
$1,667,500 · Ameris Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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