Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    385 Queen St Boone, NC 28607-4695

    • Apartment buildings
    • 12,420 SF
    • 0.52 lot acres
    OFF-MARKET
    Last Sale
    Jun 09, 2021
    $4,000,000
    Value Estimations
    $5,690,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2324339
    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

    • Apartment buildings

    Property Details for 385 Queen St

    Year built
    1963
    Lot size
    0.52 lot acres
    Property size
    12,420 SF
    Zone code
    BOB1
    Property type
    Apartment buildings
    APN
    2901-70-5111-000
    APU
    2901705111000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,360,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,866,000
      Market price range: $6.87M - $12.3M
      AI Estimate
      $3,636,000
      Market price range: $1.99M - $8.37M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $9,205,000
      Current use
      COMMERCIAL (GENERAL)
      $8,990,000
      Change: -2% Conversion: Moderate
      RETAIL STORES
      $7,740,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Boone
    County
    Watauga
    State
    North Carolina
    Longitude
    -81.6868
    Latitude
    36.2211
    CBSA code
    14380
    CBSA name
    BOONE, NC MICROPOLITAN 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
    0
    $0.00
    $374,500
    $3,275,290
    $3,649,790
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,295,000
      6,231 SF

      130 Birch St

      APARTMENT HOUSE (5+ UNITS) • 6,231 SF
      130 Birch St, Boone, NC 28607-5074
      View Details
    • Value Estimation
      $2,700,000
      5,250 SF

      2158 Blowing Rock Rd

      APARTMENT HOUSE (5+ UNITS) • 5,250 SF
      2158 Blowing Rock Rd, Boone, NC 28607-6154
      View Details
    • Value Estimation
      $2,235,000
      3,712 SF

      575 Grn St

      APARTMENT HOUSE (5+ UNITS) • 3,712 SF
      575 Grn St, Boone, NC 28607
      View Details
    • Value Estimation
      $4,890,000
      10,440 SF

      287 Hardin St

      APARTMENT HOUSE (5+ UNITS) • 10,440 SF
      287 Hardin St, Boone, NC 28607-4409
      View Details
    • Value Estimation
      $1,925,000
      3,128 SF

      375 Hwy 105th Ext

      APARTMENT HOUSE (5+ UNITS) • 3,128 SF
      375 Hwy 105th Ext, Boone, NC 28607-6254
      View Details
    • Value Estimation
      $2,265,000
      3,696 SF

      326 Howard St

      APARTMENT HOUSE (5+ UNITS) • 3,696 SF
      326 Howard St, Boone, NC 28607-4018
      View Details

    Similar Nearby for Sale

    • $160,000
      3.21 Acres

      Boone Land with Mountain Views

      3.21 acre lot with mountain views near Boone, NC.
      12 Hartley Knob Rd, Boone, NC 28607
      View Details
    • $299,900
      19.16 Acres

      Land with Breathtaking Views

      Land in prime location with privacy and development potential.
      Tbd Grady Winkler Rd, Boone, NC 28607
      View Details
    • $63,930
      4.00 Acres

      Land Near New River

      Four-acre lot near New River and Todd Railroad Grade.
      2 Sec Ii Talon Dr, Boone, NC 28607
      View Details
    • $4,000,000
      4.60 Acres

      Commercial Land on US Hwy 421

      4.6 acre commercial development tract with high visibility.
      2704 S Us Highway 421, Boone, NC 28607
      View Details
    • $85,000
      2.00 Acres

      Two-Acre Lot in Gated Community

      Wooded two-acre lot in a gated community near Boone.
      24 Boulder Cay Rd, Boone, NC 28607
      View Details
    • $89,000
      1.13 Acres

      Yonahlossee Saddle Club Homesite

      1.13-acre lot with mountain views and septic system.
      4 Churchill Downs, Boone, NC 28607
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Spaces at Peak of Boone

      Mixed-use commercial spaces available for rent in Boone, NC.
      229 Nc-105 Ext, Boone, NC 28607
      View Details
    • Contact for pricing

      Commercial Spaces Near Appalachian State

      Mixed-use property near downtown Boone and Appalachian State University.
      144 Poplar Grove Rd, Boone, NC 28607
      View Details
    • Contact for pricing

      Premier Retail Destination in Boone

      Retail space available in Boone's premier shopping center.
      New Market Ctr, Boone, NC 28607
      View Details
    • Contact for pricing

      Retail Center Near Appalachian State

      Neighborhood retail center anchored by Ingles and Pet Supplies Plus.
      2575 Nc Highway 105 S, Boone, NC 28607
      View Details
    • Contact for pricing

      Land For Lease

      Land available for lease in Boone, NC.
      New Market Ctr, Boone, NC 28607
      View Details
    • Contact for pricing
      5,761 SF

      Retail and Restaurant Space Available

      Retail and restaurant spaces near ASU campus, student housing.
      850 Blowing Rock Rd, Boone, NC 28607
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    385 Queen St
    Boone, NC 28607-4695
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!