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Property profile & analytics
FOR LEASE
Warehouses
685 Pitts School Rd Northwest, Concord, NC 28027
Entity Owned
Absentee Owner
Free & Clear
Property ID
US53-3250176
For Lease
1 / 2
$9 SF/Yr
685 Pitts School Rd Northwest, Concord, NC 28027
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2023
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
243,712 SF
Lot
31.82 ac (1,386,079 SF)
Zoning code
I-2
APN
4690 43 0306
UPID
US53-3250176
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
-
AXIAL Bonds Farm Building 1 Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$16.57M
Blend (final)
Blend
$21.48M
Owner & transaction history
Tenstone Industrial LLC
Tenstone Industrial LLC
since 2026
Last sale
$30.0M
1 recorded transaction
Zoning & alternative use
I-2 · Concord, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$35.1M
+40.2%
Retail stores
$32.2M
+28.9%
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 Concord submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Concord 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
WAREHOUSE, STORAGE
$25,015,000
Current use
AUTO REPAIR, GARAGE
$35,075,000
Change: +40% · Conversion: Easy
RETAIL STORES
$32,245,000
Change: +29% · Conversion: Moderate
Blend value · Realmo final
$21.48M
Range $19.33M – $23.63M · ±10% · vs last sale $30.00M (Feb 3 2026)
Last sale anchor
$30.00M
Feb 3 2026
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
$88 / 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
$169,476
Tax year 2024
Assessed value
$17,015,640
Assessed 2024
Previous assessed
$4,803,870
+254.2% YoY
Effective rate
1.00%
On assessed value
Assessed land
$5,423,720
Assessed improvement
$11,591,920
Land market value
$5,423,720
Improvement market value
$11,591,920
Total market value
$17,015,640
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
2023
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
NONE
Buildings
2
Stories
1
Total area
243,712 SF
Lot
31.82 ac (1,386,079 SF)
Zoning code
I-2
APN
4690 43 0306
UPID
US53-3250176
Jurisdiction
CABARRUS
Zoning & alternative use
I-2 · Concord, NC
Zoning I-2 · permitted uses
I-2 · Concord, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Concord. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$25.0M
AUTO REPAIR, GARAGE
Est. value
$35.1M
RETAIL STORES
Est. value
$32.2M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
RETAIL STORES
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
2023
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
Yes
Stories
1
Buildings
2
Lot
31.82 ac
Current owner
From public records · entity-resolved
Tenstone Industrial LLC
Entity
Free & Clear · 0 yrs held
Mailing address
601 S TRYON ST #800, CHARLOTTE, NC 28202-1841
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 3, 2026
$30,000,000
Tenstone Industrial LLC
Mp I 85 Bonds Industrial LLC
Special Warranty 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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Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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