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Property profile & analytics
OFF-MARKET
Medical Office Space
511 Morgan St Shelby, NC 28150-4436
Entity Owned
17-yr Hold
~
Est. High Equity
Property ID
US53-2566966
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1977
Total area
2,455 SF
Lot
0.71 ac (31,000 SF)
Zoning code
RO
APN
17478
UPID
US53-2566966
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
-
Joseph R Hendrick, Jr., DDS., PA Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Flyboy Properties LLC · 17 yrs held
Flyboy Properties LLC
since 2008
4 recorded transactions
Zoning & alternative use
RO · Shelby, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The RO residential office district is primarily intended to accommodate high density multifamily residences offices public and institutional business, professional and personal services and limited support retail businesses, permitted residential uses include single family detached dwellings, modular homes, apartments, townhomes and condominiums, public wate…
Zone name
Residential Office
General category
MIXED_USE
Zone area
412.50 ac
Source
Realmo
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 Shelby submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Shelby 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$3,266
Tax year 2024
Assessed value
$271,075
Assessed 2023
Previous assessed
$271,075
+0.0% YoY
Effective rate
1.20%
On assessed value
Assessed land
$86,025
Assessed improvement
$185,050
Land market value
$86,025
Improvement market value
$185,050
Total market value
$271,075
Applied tax rate
6.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1977
Heating
HEAT PUMP
Cooling
AC.PACKAGE
Stories
1
Total area
2,455 SF
Lot
0.71 ac (31,000 SF)
Zoning code
RO
APN
17478
UPID
US53-2566966
Jurisdiction
CLEVELAND
Zoning & alternative use
RO · Shelby, NCZoning RO · permitted uses
RO · Shelby, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The RO residential office district is primarily intended to accommodate high density multifamily residences offices public and institutional business, professional and personal services and limited support retail businesses, permitted residential uses include single family detached dwellings, modular homes, apartments, townhomes and condominiums, public water and sewer service is generally available in areas zoned as RO, one of the objectives of this district is to encourage land uses that serve as an adequate buffer between intensive nonresidential uses and residential uses
Zone name
Residential Office
General category
MIXED_USE
Zone area
412.50 ac
Source
Realmo
Building & site characteristics
From public records
Year built
1977
Heating
HEAT PUMP
Cooling
Yes
Stories
1
Lot
0.71 ac
Current owner
From public records · entity-resolved
Flyboy Properties LLC
Entity
Mailing address
177 APPIAN WAY, SHELBY, NC 28150-9204
Ownership since
2008
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
Dec 15, 2008
—
Flyboy Properties LLC
Hendrick,joseph R JR
Grant Deed
—
Jul 31, 2006
—
Joseph R Hendrick JR.
Hendrick,mary B
Quit Claim Deed
related
—
—
—
Flyboy Properties LLC
—
Deed Of Trust
related
$200,000 · First National Bank
—
—
Joseph R Hendrick JR.
—
Deed Of Trust
related
$216,000 · First 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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