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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Garden apartment buildings
408 17th NE Ave Hickory, NC 28601-2016
Entity Owned
4-yr Hold
Free & Clear
Property ID
US53-2135138
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1974
Construction
WOOD
Total area
3,658 SF
Lot
0.75 ac (32,670 SF)
Zoning code
R-4
APN
3703-08-87-9538
UPID
US53-2135138
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
$495k
CAP Approach
CAP
$470k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$515k
Owner & transaction history
Pono Properties LLC · 4 yrs held
Pono Properties LLC
since 2021
Last sale
$650,000
4 recorded transactions
Zoning & alternative use
R-4 · Hickory, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$695,000
+78.7%
Auto repair, garage
$435,000
+11.7%
Retail stores
$430,000
+10.9%
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 Hickory submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hickory 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
$550,000
ML approach
$495,000
CAP Approach
CAP Return
Estimation
6%
$510,000
6.5%
$470,000
7%
$440,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$390,000
Current use
MEDICAL BUILDING
$695,000
Change: +79% · Conversion: Moderate
AUTO REPAIR, GARAGE
$435,000
Change: +12% · Conversion: Difficult
RETAIL STORES
$430,000
Change: +11% · Conversion: Difficult
OFFICE BUILDING
$425,000
Change: +9% · Conversion: Moderate
COMMERCIAL (GENERAL)
$360,000
Change: -7% · Conversion: Moderate
Blend value · Realmo final
$515k
Range $464k – $567k · ±10% · vs last sale $650k (Dec 29 2021)
Last sale anchor
$650k
Dec 29 2021
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
$141 / 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
Tax billed
$5,408
Tax year 2023
Assessed value
$235,200
Assessed 2023
Previous assessed
$633,600
-62.9% YoY
Effective rate
2.30%
On assessed value
Assessed land
$26,100
Assessed improvement
$209,100
Land market value
$26,100
Improvement market value
$209,100
Total market value
$235,200
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1974
Construction
WOOD
Heating
HOT WATER
Cooling
CENTRAL
Buildings
2
Units
3
Total area
3,658 SF
Lot
0.75 ac (32,670 SF)
Zoning code
R-4
APN
3703-08-87-9538
UPID
US53-2135138
Jurisdiction
CATAWBA
Zoning & alternative use
R-4 · Hickory, NC
Zoning R-4 · permitted uses
R-4 · Hickory, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hickory. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$390,000
MEDICAL BUILDING
Est. value
$695,000
AUTO REPAIR, GARAGE
Est. value
$435,000
RETAIL STORES
Est. value
$430,000
OFFICE BUILDING
Est. value
$425,000
COMMERCIAL (GENERAL)
Est. value
$360,000
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
1974
Construction
WOOD
Heating
HOT WATER
Cooling
Yes
Buildings
2
Units
3
Lot
0.75 ac
Current owner
From public records · entity-resolved
Pono Properties LLC
Entity
Free & Clear · 4 yrs held
Mailing address
4030 WAKE FRST RD #349, RALEIGH, NC 27609-0010
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 21, 2022
—
Pono Properties LLC
—
Deed
related
$487,500 · First Horizon Bank
Dec 29, 2021
$650,000
Pono Properties LLC
Landmark Rental Properties LLC
Warranty Deed
—
Oct 6, 2017
—
Landmark Rental Properties LLC
Petty,jeremy L
Warranty Deed
—
May 9, 2005
—
Jeremy L Petty
Landmark Rental Properties LLC
Warranty Deed
related
—
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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