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Property profile & analytics
OFF-MARKET
Estimated value
$1,720,000
Strip malls
701 Sullivan Rd, Statesville, NC 28677-3439
Entity Owned
Free & Clear
Property ID
US53-2452039
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
31,587 SF
Lot
3.24 ac (141,134 SF)
Zoning code
B-4
APN
4745-32-4811.000
UPID
US53-2452039
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
-
Aaron's Rent To Own Interior Design
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.95M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.33M
Blend (final)
Blend
$1.72M
Owner & transaction history
Heilig-meyers Company Of North Caro
Heilig-meyers Company Of North Caro
since 2026
2 recorded transactions
Zoning & alternative use
B-4 · Statesville, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.9M
+125.7%
Retail stores
$2.6M
+106.7%
Medical building
$2.4M
+92.6%
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 Statesville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Statesville 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
$1,885,000
ML approach
$1,950,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,265,000
Current use
RESTAURANT
$2,850,000
Change: +126% · Conversion: Difficult
RETAIL STORES
$2,610,000
Change: +107% · Conversion: Easy
MEDICAL BUILDING
$2,430,000
Change: +93% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$2,405,000
Change: +90% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,365,000
Change: +87% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,265,000
Change: +80% · Conversion: Difficult
Blend value · Realmo final
$1.72M
Range $1.55M – $1.89M · ±10%
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
$54 / 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
$26,307
Tax year 2023
Assessed value
$2,585,180
Assessed 2023
Previous assessed
$2,038,500
+26.8% YoY
Effective rate
1.02%
On assessed value
Assessed land
$1,263,600
Assessed improvement
$1,321,580
Land market value
$1,263,600
Improvement market value
$1,321,580
Total market value
$2,585,180
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
2
Stories
1
Rooms
3
Bathrooms
5
Total area
31,587 SF
Lot
3.24 ac (141,134 SF)
Zoning code
B-4
APN
4745-32-4811.000
UPID
US53-2452039
Jurisdiction
IREDELL
Zoning & alternative use
B-4 · Statesville, NC
Zoning B-4 · permitted uses
B-4 · Statesville, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Statesville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.3M
RESTAURANT
Est. value
$2.9M
RETAIL STORES
Est. value
$2.6M
MEDICAL BUILDING
Est. value
$2.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.4M
COMMERCIAL (GENERAL)
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$2.3M
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
RETAIL STORES
MEDICAL BUILDING
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Rooms
3
Bathrooms
5
Lot
3.24 ac
Current owner
From public records · entity-resolved
Heilig-meyers Company Of North Caro
Entity
Free & Clear · 0 yrs held
Mailing address
503 BROOKDALE DR, STATESVILLE, NC 28677-4107
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 4, 2026
—
Heilig-meyers Company Of North Caro
Meyers-thornton Investment Company
Deed
—
Nov 17, 2022
$2,375,000
Sullivan Square Partners LLC
Sullivan Square INC
Warranty Deed
$1,781,250 · The Fidelity 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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