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Property profile & analytics
OFF-MARKET
Estimated value
$2,305,000
Drug stores
440 Dixie Dr Asheboro, NC 27203-6860
Entity Owned
5-yr Hold
Free & Clear
Property ID
US53-0978602
Property summary
AI-generated overview
This exceptional investment opportunity presents a 10,881 square foot CVS Pharmacy in Asheboro, North Carolina. The property, built in 2004, sits on a 1.51-acre lot and boasts a strong 100% occupancy rate with a corporate guarantee from CVS Pharmacy. The absolute NNN lease, commenced September 1, 2004, has a remaining term of over 15 years, extending to December 1, 2039, with ten five-year renewal options. The current annual net operating income (NOI) is $144,500, resulting in a compelling 4.75% cap rate. The asking price is $3,042,100, translating to $279.58 per square foot. A significant rent bump of 62% is built into the first option period, increasing rent to $234,021.12. The property features a drive-thru and is strategically located at a hard signalized intersection. This is a rare opportunity to acquire a low price point CVS with a long-term lease and substantial future income growth potential. The tenant, CVS Health Inc., holds an investment-grade credit rating (S&P: BBB) and is publicly traded on the NYSE (CVS).
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
2004
Total area
11,176 SF
Lot
1.51 ac (65,776 SF)
Zoning code
B2
APN
7750962269
UPID
US53-0978602
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
-
CVS Pharmacy Pharmacy
-
CVS Photo (Bike/Boat/Book/etc) Store
-
Cardtronics Atm
-
Redbox Cinema (Bike/Boat/Book/etc) Store
-
CVS Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.38M
CAP Approach
CAP
$2.23M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.31M
Owner & transaction history
Naples Asheboro LLC · 5 yrs held
Naples Asheboro LLC
since 2021
Last sale
$3.2M
2 recorded transactions
Zoning & alternative use
B2 · Asheboro, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.4M
+48.4%
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 Asheboro submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Asheboro 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
$2,700,000
ML approach
$2,380,000
CAP Approach
CAP Return
Estimation
6%
$2,410,000
6.5%
$2,225,000
7%
$2,065,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,400,000
Change: +48% · Conversion: Difficult
Blend value · Realmo final
$2.31M
Range $2.07M – $2.54M · ±10% · vs last sale $3.18M (Feb 18 2021)
Last sale anchor
$3.18M
Feb 18 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
$206 / 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
$37,352
Tax year 2023
Assessed value
$2,818,400
Assessed 2023
Previous assessed
$1,981,330
+42.2% YoY
Effective rate
1.33%
On assessed value
Assessed land
$1,298,600
Assessed improvement
$1,519,800
Land market value
$1,298,600
Improvement market value
$1,519,800
Total market value
$2,818,400
Applied tax rate
1.0000
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
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
2004
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Units
1
Total area
11,176 SF
Lot
1.51 ac (65,776 SF)
Zoning code
B2
APN
7750962269
UPID
US53-0978602
Jurisdiction
RANDOLPH
Zoning & alternative use
B2 · Asheboro, NC
Zoning B2 · permitted uses
B2 · Asheboro, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Asheboro. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.4M
APARTMENT HOUSE (5+ UNITS)
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
2004
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Lot
1.51 ac
Current owner
From public records · entity-resolved
Naples Asheboro LLC
Entity
Free & Clear · 5 yrs held
Mailing address
PO BOX 1610, COCKEYSVILLE, MD 21030-7610
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 18, 2021
$3,175,000
Naples Asheboro LLC
Obc Asheboro LLC
Special Warranty Deed
—
Nov 15, 2019
—
Obc Asheboro LLC
Scp 2004e O61 LLC
Quit Claim Deed
related
$5,361,526 · Woodforest National 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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