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Property profile & analytics
OFF-MARKET
Estimated value
$665,000
Office buildings
507 Martin St Raleigh, NC 27601-2028
Entity Owned
4-yr Hold
Free & Clear
Property ID
US53-1412691
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1959
Construction
CONCRETE BLOCKS
Total area
4,590 SF
Lot
0.06 ac (2,614 SF)
Zoning code
NX-3
APN
1703.36-97-1848 0078885
UPID
US53-1412691
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
$655k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$650k
Blend (final)
Blend
$665k
Owner & transaction history
Winters Steel LLC · 4 yrs held
Winters Steel LLC
since 2021
Last sale
$683,300
5 recorded transactions
Zoning & alternative use
NX-3 · Raleigh, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The NX-3 is intended to provide for a variety of residential, retail, service andcommercial uses all within walking distance of residential neighborhoods
Zone name
Neighborhood Mixed Use
General category
MIXED_USE
Zone area
176.09 ac
Source
Realmo
Top alternative use upside
Warehouse, storage
$1.0M
+15.6%
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 Raleigh submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Raleigh 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
$640,000
ML approach
$655,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$895,000
Current use
WAREHOUSE, STORAGE
$1,035,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$665k
Range $599k – $732k · ±10% · vs last sale $683k (Oct 1 2021)
Last sale anchor
$683k
Oct 1 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
$145 / 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
$3,904
Tax year 2023
Assessed value
$358,162
Assessed 2023
Previous assessed
$358,162
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$78,342
Assessed improvement
$279,820
Land market value
$78,342
Improvement market value
$279,820
Total market value
$358,162
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
1959
Construction
CONCRETE BLOCKS
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Total area
4,590 SF
Lot
0.06 ac (2,614 SF)
Zoning code
NX-3
APN
1703.36-97-1848 0078885
UPID
US53-1412691
Jurisdiction
WAKE
Zoning & alternative use
NX-3 · Raleigh, NCZoning NX-3 · permitted uses
NX-3 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The NX-3 is intended to provide for a variety of residential, retail, service andcommercial uses all within walking distance of residential neighborhoods
Zone name
Neighborhood Mixed Use
General category
MIXED_USE
Zone area
176.09 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$895,000
WAREHOUSE, STORAGE
Est. value
$1.0M
OFFICE BUILDING Current
WAREHOUSE, STORAGE
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
1959
Construction
CONCRETE BLOCKS
Heating
CENTRAL
Cooling
Yes
Stories
2
Lot
0.06 ac
Current owner
From public records · entity-resolved
Winters Steel LLC
Entity
Free & Clear · 4 yrs held
Mailing address
421 WATSON ST, RALEIGH, NC 27601-1943
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 1, 2021
—
Winters Steel LLC
Artesia Winters I LLC
Deed
—
Jun 6, 2017
—
Artesia Winters I LLC
Winters John W Trust
Quit Claim Deed
related
—
Jun 6, 2017
$2,062,500
Artesia Winters I LLC
Winters John W Trust
Grant Deed
related
—
Oct 2, 2015
—
Winters,john W Trust
—
Trustees Deed
related
$600,000 · North St Bk
Jul 24, 2014
—
Winters,john W Trust
—
Trustees Deed
related
$500,000 · North St Bk
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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