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Property profile & analytics
OFF-MARKET
Estimated value
$700,000
Office buildings
501 College St Asheville, NC 28801-2410
Individually Owned
22-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-3074633
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1984
Construction
WOOD FRAME
Total area
2,522 SF
Lot
0.31 ac (13,504 SF)
Zoning code
DEED DATE: 02/17/1997 DEE
APN
9649-61-8306-00000
UPID
US53-3074633
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
-
Scott Link - State Farm Insurance Agent Insurance Agency
-
OWN Physical Therapy & Pilates Medical Clinic
-
Adult Learning Center Training Center Tutoring Service
-
The Runner's Mechanic Physical Therapy Clinic Physician
-
Wall & Co Inc Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$700k
Blend (final)
Blend
$700k
Owner & transaction history
Mark K Lilly · 22 yrs held
Mark K Lilly
since 2004
1 recorded transaction
Zoning & alternative use
DEED DATE: 02/17/1997 DEE · Asheville, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$650,000
+38.7%
Auto repair, garage
$645,000
+38.4%
Medical building
$570,000
+21.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$465,000
Current use
COMMERCIAL (GENERAL)
$650,000
Change: +39% · Conversion: Easy
AUTO REPAIR, GARAGE
$645,000
Change: +38% · Conversion: Difficult
MEDICAL BUILDING
$570,000
Change: +22% · Conversion: Easy
RETAIL STORES
$475,000
Change: +1% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$435,000
Change: -7% · Conversion: Difficult
Blend value · Realmo final
$700k
Range $630k – $770k · ±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
$278 / 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
$6,925
Tax year 2024
Assessed value
$617,900
Assessed 2024
Previous assessed
$617,900
+0.0% YoY
Effective rate
1.12%
On assessed value
Land market value
$472,600
Improvement market value
$145,300
Total market value
$617,900
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1984
Construction
WOOD FRAME
Heating
NONE
Cooling
YES
Stories
1
Total area
2,522 SF
Lot
0.31 ac (13,504 SF)
Zoning code
DEED DATE: 02/17/1997 DEE
APN
9649-61-8306-00000
UPID
US53-3074633
Jurisdiction
BUNCOMBE
Zoning & alternative use
DEED DATE: 02/17/1997 DEE · Asheville, NC
Zoning DEED DATE: 02/17/1997 DEE · permitted uses
DEED DATE: 02/17/1997 DEE · 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
$465,000
COMMERCIAL (GENERAL)
Est. value
$650,000
AUTO REPAIR, GARAGE
Est. value
$645,000
MEDICAL BUILDING
Est. value
$570,000
RETAIL STORES
Est. value
$475,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$435,000
OFFICE BUILDING Current
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
1984
Construction
WOOD FRAME
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.31 ac
Current owner
From public records · entity-resolved
Mark K Lilly
Individual
Free & Clear · 22 yrs held
Mailing address
1637 OLMSTED DR, ASHEVILLE, NC 28803-1937
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2004
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
Feb 4, 2004
—
Mark K Lilly
Till,jeremy
Grant 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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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