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    701 Rain Pl Ct Kannapolis, NC 28081-4866
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    Property profile & analytics

    701 Rain Pl Ct, Kannapolis, NC 28081-4866

    View on Map
    • Garden apartment buildings
    • 9,760 SF
    • 2.23 lot acres
    Off-Market
    Last Sale Jun 18, 2024
    $4,950,000
    Property ID
    US53-2112018
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $4,950,000
    Show details
    Cap Rate Potential
    2.1%
    Garden apartment buildings
    Location Intelligence

    Current Use by Public Records

    • Ashford Place Apartments / Real Estate Agency

    Property Details for 701 Rain Pl Ct

    Year built
    2001
    Construction
    WOOD
    Lot size
    2.23 lot acres
    Zone code
    R8
    Property type
    Garden apartment buildings
    APN
    5613 36 7494
    APU
    5613367494

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 18, 2024 $4,950,000 Ashford Place Owner LLC Rain Place Holdings LLC Special Warranty Deed —
    Aug 1, 2019 — Rain Place Holdings LLC — Grant Deed · related $1.9M · Silver Hill Fndg LLC
    May 1, 2019 $1,800,000 Rain Place Holdings LLC J & B Dev Co Of Concord LLC Grant Deed · related $2.2M · Other Institutional Lenders
    Nov 21, 2012 — J & B Dev Co Of Concord LLC Bjb Ents LLC Warranty Deed · related —
    Dec 28, 2011 — J & B Dev Co Of Concord LLC Bjb Ents LLC Grant Deed $1M · Bank Of North Carolina

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,950,000
      ML approach
      $4,950,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,450,000
      Market price range: $1.19M - $10.8M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kannapolis
    County
    Cabarrus
    State
    North Carolina
    Longitude
    -80.6334
    Latitude
    35.4877
    CBSA code
    16740
    CBSA name
    CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $31,441
    $163,240
    $2,605,630
    $2,768,870
    -
    $163,240
    $2,605,630
    $2,768,870

    Comparable in this City

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      6,039 SF

      115 Briarcliff Dr

      GARDEN APT, COURT APT (5+ UNITS)
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    • Value Estimation
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      5,027 SF

      600 Atlantic Ct

      GARDEN APT, COURT APT (5+ UNITS)
      600 Atlantic Ct, Kannapolis, NC 28081-4796
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    • Value Estimation
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      9,356 SF

      821 Main St

      GARDEN APT, COURT APT (5+ UNITS)
      821 Main St, Kannapolis, NC 28081-4900
      View Details
    • Value Estimation
      $975,000
      6,039 SF

      103 Briarcliff Dr

      GARDEN APT, COURT APT (5+ UNITS)
      103 Briarcliff Dr, Kannapolis, NC 28081-7103
      View Details
    • Value Estimation
      $1,805,000
      7,168 SF

      107 G St

      GARDEN APT, COURT APT (5+ UNITS)
      107 G St, Kannapolis, NC 28081-4712
      View Details

    Similar Nearby for Sale

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      21,816 SF

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      4500 Tiffany Dr, Kannapolis, NC 28081

      Mobile home & RV parks
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    • $1,700,000
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      Commercial Land in Kannapolis, NC

      5.68 acres of commercial land for sale.
      5518 Mooresville Rd, Kannapolis, NC 28081
      View Details
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      Land in Growing Cabarrus County

      Land near research campus and downtown Kannapolis, North Carolina.
      5395 Mooresville Rd, Kannapolis, NC 28081
      View Details
    • New
      $1,000,000
      5.23 Acres

      Kannapolis Land For Sale

      Highway-adjacent land near revitalized downtown Kannapolis, North Carolina.
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      Undeveloped Land Parcel For Sale

      1.8-acre parcel of undeveloped land, build your dream home.
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    Similar Nearby for Lease

    • Contact for pricing
      3,640 SF

      Office Building For Lease

      Office building with ample parking, convenient to retail and restaurants.
      234 Dale Earnhardt Blvd, Kannapolis, NC 28081
      View Details
    • Contact for pricing
      2,973 SF

      Professional Office Space Available

      Two-story medical and professional office building for lease.
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      View Details
    • Contact for pricing

      Retail and Outparcel Opportunities Available

      Retail and outparcel opportunities in a Lowes-anchored shopping center.
      Dogwood Blvd, Kannapolis, NC 28081
      View Details
    • Contact for pricing
      6,600 SF

      Retail Space in Kannapolis, NC

      Retail and outparcel opportunities available in Kannapolis, North Carolina.
      4140 County Down Ave, Kannapolis, NC 28081
      View Details
    • Contact for pricing
      6,600 SF

      Retail Space in Kannapolis, NC

      Retail and outparcel opportunities in a Lowe's anchored shopping center.
      4180 County Down Ave, Kannapolis, NC 28081
      View Details
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    Kannapolis, NC 28081-4866
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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