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Property profile & analytics
OFF-MARKET
Estimated value
$820,000
Office buildings
505 Millstone Dr, Hillsborough, NC 27278-8779
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US53-2386490
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2007
Total area
3,574 SF
Lot
0.92 ac (40,075 SF)
Zoning code
HI
APN
9873-18-9196
UPID
US53-2386490
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
-
LEA PARKER SIMPSON, INC. dba Lea Enterprises Accounting Firm Tax Preparation
-
Pearl Meyer & Partners, LLC Business Management Consultant
-
Lea Enterprises Tax Preparation
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.07M
CAP Approach
CAP
$905k
Comparable Approach
Comparable
$990k
Blend (final)
Blend
$820k
Owner & transaction history
Onette LLC · 5 yrs held
Onette LLC
since 2020
Last sale
$510,000
3 recorded transactions
Zoning & alternative use
HI · Hillsborough, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Hillsborough submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hillsborough 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
$1,065,000
CAP Approach
CAP Return
Estimation
6%
$980,000
6.5%
$905,000
7%
$840,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,345,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$820k
Range $738k – $902k · ±10% · vs last sale $510k (Oct 15 2020)
Last sale anchor
$510k
Oct 15 2020
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
$229 / 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
$8,183
Tax year 2023
Assessed value
$523,200
Assessed 2023
Previous assessed
$523,200
+0.0% YoY
Effective rate
1.56%
On assessed value
Assessed land
$92,200
Assessed improvement
$431,000
Land market value
$92,200
Improvement market value
$431,000
Total market value
$523,200
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2007
Heating
NONE
Buildings
2
Stories
1
Total area
3,574 SF
Lot
0.92 ac (40,075 SF)
Zoning code
HI
APN
9873-18-9196
UPID
US53-2386490
Jurisdiction
ORANGE
Zoning & alternative use
HI · Hillsborough, NC
Zoning HI · permitted uses
HI · Hillsborough, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hillsborough. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.3M
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
2007
Heating
NONE
Stories
1
Buildings
2
Lot
0.92 ac
Current owner
From public records · entity-resolved
Onette LLC
Entity
Mailing address
PO BOX 67, EFLAND, NC 27243-0067
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 15, 2020
$510,000
Onette LLC
Mailbox Money LLC
Special Warranty Deed
$469,200 · First Citizens Bank & Trust Co
Feb 14, 2007
$85,000
Mail Box Money LLC
Stephens,roger D
Warranty Deed
$419,160 · First National Bank
Oct 1, 2001
$68,000
Roger D Stephens
Old Mill Propert
Grant Deed
—
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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