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Property profile & analytics
OFF-MARKET
Office buildings
623 Hillsborough St, Raleigh, NC 27603-1731
Entity Owned
Free & Clear
Property ID
US53-1968385
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
2020
Construction
METAL FRAME
Total area
235,458 SF
Lot
0.85 ac (37,026 SF)
Zoning code
DX-12
APN
1703.06-49-1193 0020528
UPID
US53-1968385
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Hrlp Bloc 83 LP
Hrlp Bloc 83 LP
since 2026
Last sale
$206.0M
7 recorded transactions
Zoning & alternative use
DX-12 · Raleigh, 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 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
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 2023Property tax & assessments
Tax year 2023
Tax billed
$416,106
Tax year 2023
Assessed value
$66,401,101
Assessed 2023
Previous assessed
$66,401,101
+0.0% YoY
Effective rate
0.63%
On assessed value
Assessed land
$4,813,380
Assessed improvement
$61,587,721
Land market value
$4,813,380
Improvement market value
$61,587,721
Total market value
$66,401,101
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 (MULTI-STORY)
Status
Off-Market
Year built
2020
Construction
METAL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
5
Total area
235,458 SF
Lot
0.85 ac (37,026 SF)
Zoning code
DX-12
APN
1703.06-49-1193 0020528
UPID
US53-1968385
Jurisdiction
WAKE
Zoning & alternative use
DX-12 · Raleigh, NC
Zoning DX-12 · permitted uses
DX-12 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Raleigh. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
2020
Construction
METAL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
5
Lot
0.85 ac
Current owner
From public records · entity-resolved
Hrlp Bloc 83 LP
Entity
Free & Clear · 0 yrs held
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 12, 2026
$206,000,000
Hrlp Bloc 83 LP
Cio Bloc 83 LLC
Special Warranty Deed
—
Jan 3, 2022
$172,000,000
Cio Bloc 83 LLC
Glenwood Two LLC
Special Warranty Deed
—
Dec 20, 2019
—
Glenwood Two LLC
Glenwood One Office LLC
Correction Deed
related
—
Nov 25, 2019
—
Glenwood Two LLC
—
Deed
related
$73,740,000 · Manufacturers & Traders Tr
Sep 5, 2019
—
Glenwood Two LLC
—
Deed
related
$73,740 · Manufacturers & Traders Tr
Feb 13, 2018
$1,550,000
Glenwood Two LLC
Armitage Dev Group LLC
Grant Deed
$8,000,000 · Manufacturers & Traders Tr
Apr 30, 2013
$200,000
Wells Property Number One LLC
Boulevard/11 South Boylan LLC
Grant Deed
$1,750,000 · Paragon Com'l Bk
Jan 7, 2008
$388,000
Armitage Dev Group LLC
Tbc Of Fmw Props/623 Hillsborough
Grant Deed
—
Mar 3, 2005
$388,000
Tbc Of Fmw Props & 623 Hillsborough
American Cancer Society South
Warranty Deed
$340,000 · Regions Bk
—
—
Armitage Dev Group LLC
—
Loan Modification
related
$2,200,000 · Paragon Com'l Bk
—
—
Glenwood Two LLC
—
Deed Of Trust
related
$73,740 · Manufacturers & Traders Tr
—
—
Tbc Of Fmw Props & 623 Hillsborough
—
Deed Of Trust
related
$1,850,000 · First Charter Bk
—
—
Glenwood Two LLC
—
Loan Modification
related
$73,740,000 · Manufacturers & Traders Tr
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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