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Property profile & analytics
FOR SALE
Office Spaces
406 E 4Th St Winston-Salem, NC 27101
Entity Owned
13-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US53-0870959
For Sale
1 / 12
$3,450,000
406 E 4Th St, Winston-Salem, NC 27101
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1890
Construction
BRICK
Total area
25,494 SF
Lot
0.74 ac (32,234 SF)
Zoning code
CI
APN
6835-37-7008.00
UPID
US53-0870959
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
-
Landmark Property Management Property Management Company
-
Piedmont Leaf Lofts Apartment Building
-
Fitch Irick Landmark LLC Property Management Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.97M
Comparable Approach
Comparable
$3.72M
Blend (final)
Blend
$3.45M
Owner & transaction history
Piedmont Leaf LLC
Piedmont Leaf LLC
1 recorded transaction
Zoning & alternative use
CI · Winston Salem, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The CI District is intended to accommodate biomedical, technological, scientific, and other public and private research uses within Growth management area 1 and is also intended to accommodate a pedestrian oriented mixture of uses such as office, retail, residential, and light manufacturing to support the primary research function of the district
Zone name
Central Industrial
General category
INDUSTRIAL
Zone area
239.70 ac
Source
Realmo
Top alternative use upside
Medical building
$4.2M
+52.6%
Auto repair, garage
$3.3M
+18.9%
Retail stores
$2.9M
+4.1%
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 Winston-Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Winston-Salem 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%
$4,300,000
6.5%
$3,970,000
7%
$3,690,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,770,000
Current use
MEDICAL BUILDING
$4,230,000
Change: +53% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,295,000
Change: +19% · Conversion: Difficult
RETAIL STORES
$2,885,000
Change: +4% · Conversion: Easy
Blend value · Realmo final
$3.45M
Range $3.11M – $3.80M · ±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
$135 / 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
$14,976
Tax year 2024
Assessed value
$2,709,600
Assessed 2024
Previous assessed
$2,709,600
+0.0% YoY
Effective rate
0.55%
On assessed value
Assessed land
$375,500
Assessed improvement
$2,334,100
Land market value
$375,500
Improvement market value
$2,334,100
Total market value
$2,709,600
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 Spaces
Use group
OFFICE (GENERAL)
Status
For Sale
Year built
1890
Construction
BRICK
Heating
NONE
Buildings
3
Stories
4
Total area
25,494 SF
Lot
0.74 ac (32,234 SF)
Zoning code
CI
APN
6835-37-7008.00
UPID
US53-0870959
Jurisdiction
FORSYTH
Zoning & alternative use
CI · Winston Salem, NCZoning CI · permitted uses
CI · Winston Salem, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The CI District is intended to accommodate biomedical, technological, scientific, and other public and private research uses within Growth management area 1 and is also intended to accommodate a pedestrian oriented mixture of uses such as office, retail, residential, and light manufacturing to support the primary research function of the district
Zone name
Central Industrial
General category
INDUSTRIAL
Zone area
239.70 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.8M
MEDICAL BUILDING
Est. value
$4.2M
AUTO REPAIR, GARAGE
Est. value
$3.3M
RETAIL STORES
Est. value
$2.9M
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
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
1890
Construction
BRICK
Heating
NONE
Stories
4
Buildings
3
Lot
0.74 ac
Current owner
From public records · entity-resolved
Piedmont Leaf LLC
Entity
Mailing address
401 E 4TH ST STE #201, WINSTON SALEM, NC 27101-4171
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
—
—
Piedmont Leaf LLC
—
Deed Of Trust
related
$150,000 · Branch Banking & Trust Co
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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