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Property profile & analytics
OFF-MARKET
Estimated value
$895,000
Grocery and convenience stores
923 Johnston Pkwy Kenly, NC 27542-7502
Entity Owned
12-yr Hold
Free & Clear
Property ID
US53-2072958
Property profile
Verified
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Year built
1993
Total area
3,720 SF
Lot
4.92 ac (214,315 SF)
Zoning code
IND
APN
03P06051C
UPID
US53-2072958
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
$900k
Comparable Approach
Comparable
$655k
Blend (final)
Blend
$895k
Owner & transaction history
Corbitt Partners LLC · 12 yrs held
Corbitt Partners LLC
since 2014
3 recorded transactions
Zoning & alternative use
IND · Kenly, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$620,000
+14.0%
Retail stores
$595,000
+9.1%
Auto repair, garage
$565,000
+3.7%
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 Kenly submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Kenly 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%
$975,000
6.5%
$900,000
7%
$835,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$545,000
Current use
OFFICE BUILDING
$620,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$595,000
Change: +9% · Conversion: Easy
AUTO REPAIR, GARAGE
$565,000
Change: +4% · Conversion: Difficult
MEDICAL BUILDING
$540,000
Change: -1% · Conversion: Difficult
Blend value · Realmo final
$895k
Range $806k – $985k · ±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
$241 / 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
$19,750
Tax year 2024
Assessed value
$1,452,220
Assessed 2024
Previous assessed
$1,452,220
+0.0% YoY
Effective rate
1.36%
On assessed value
Assessed land
$451,120
Assessed improvement
$1,001,100
Land market value
$451,120
Improvement market value
$1,001,100
Total market value
$1,452,220
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Grocery and convenience stores
Use group
CONVENIENCE STORE
Status
Off-Market
Year built
1993
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
1
Total area
3,720 SF
Lot
4.92 ac (214,315 SF)
Zoning code
IND
APN
03P06051C
UPID
US53-2072958
Jurisdiction
JOHNSTON
Zoning & alternative use
IND · Kenly, NC
Zoning IND · permitted uses
IND · Kenly, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Kenly. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$545,000
OFFICE BUILDING
Est. value
$620,000
RETAIL STORES
Est. value
$595,000
AUTO REPAIR, GARAGE
Est. value
$565,000
MEDICAL BUILDING
Est. value
$540,000
NEIGHBORHOOD: SHOPPING CENTER Current
OFFICE BUILDING
RETAIL STORES
AUTO REPAIR, GARAGE
MEDICAL BUILDING
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
1993
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Lot
4.92 ac
Current owner
From public records · entity-resolved
Corbitt Partners LLC
Entity
Free & Clear · 12 yrs held
Mailing address
PO BOX 639, WALCOTT, IA 52773-0639
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2014
$5,865,000
Corbitt Partners LLC
Velie Partners LLC
Warranty Deed
—
Nov 12, 2004
$9,370,000
Velie Partners LLC
Stallings,a D & Billie J
Grant Deed
—
Oct 21, 2004
—
A D Stallings
Truckland
Warranty Deed
related
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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