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    Property profile & analytics

    Matthews, NC 28105

    • Garden apartment buildings
    • 15,422 SF
    • 20.70 lot acres
    OFF-MARKET
    Last Sale
    Jan 05, 2024
    Value Estimations
    $1,860,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0702408
    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.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details

    Year built
    1995
    Lot size
    20.70 lot acres
    Property size
    15,422 SF
    Property type
    Garden apartment buildings
    APN
    22706174
    APU
    22706174

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,925,000
      6.5%
      $1,780,000
      7%
      $1,650,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Matthews
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.7103532
    Latitude
    35.0450794
    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
    2023
    $182,135
    $7,061,900
    $17,769,100
    $24,831,000
    -
    $7,061,900
    $17,769,100
    $24,831,000

    Comparable in this City

    • Value Estimation
      $2,190,000
      19,056 SF

      810 Matthews Cmns Dr

      GARDEN APT, COURT APT (5+ UNITS) • 19,056 SF
      810 Matthews Cmns Dr, Matthews, NC 28105-6128
      View Details
    • Value Estimation
      $3,010,000
      16,716 SF

      324 Matthews St

      GARDEN APT, COURT APT (5+ UNITS) • 16,716 SF
      324 Matthews St, Matthews, NC 28105-5469
      View Details
    • Value Estimation
      $805,000
      14,025 SF

      825 Park Ctr Dr

      GARDEN APT, COURT APT (5+ UNITS) • 14,025 SF
      825 Park Ctr Dr, Matthews, NC 28105-5043
      View Details
    • Value Estimation
      $845,000
      14,450 SF

      817 Park Ctr Dr

      GARDEN APT, COURT APT (5+ UNITS) • 14,450 SF
      817 Park Ctr Dr, Matthews, NC 28105-5045
      View Details
    • Value Estimation by Request
      3,519 SF

      516 Charles St

      GARDEN APT, COURT APT (5+ UNITS) • 3,519 SF
      516 Charles St, Matthews, NC 28105-4933
      View Details
    • Value Estimation by Request
      22,296 SF

      7910 Vinings Oak Ln

      GARDEN APT, COURT APT (5+ UNITS) • 22,296 SF
      7910 Vinings Oak Ln, Matthews, NC 28105-5103
      View Details

    Similar Nearby for Sale

    • New
      $460,000
      1,753 SF

      Renovated Duplex in Union County

      Turnkey duplex with strong rental income potential in Matthews, NC.
      501 Friendship Dr, Matthews, NC 28105
      View Details
    • $470,000
      1.03 Acres

      Residential Land in Matthews, NC

      1.03-acre lot approved for four attached townhome condos.
      1718 Matthews Mint Hill Rd, Matthews, NC 28105
      View Details
    • Contact for pricing

      Office Property For Sale

      Office property available for purchase with a 6.50% CAP.
      1230 Mann Dr, Matthews, NC 28105
      View Details
    • $677,250

      Matthews Specialty Property For Sale

      Specialty property available in Matthews, North Carolina.
      1912 E John St, Matthews, NC 28105
      View Details
    • $1,400,000

      Downtown Matthews Warehouse Opportunity

      8,000+ sqft warehouse in prime downtown location.
      528 Charles St, Matthews, NC 28105
      View Details
    • $950,000
      3.38 Acres

      Land Opportunity Near Downtown Matthews

      3.38 acres near downtown Matthews with redevelopment potential.
      440 Bubbling Well Rd, Matthews, NC 28105
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Suites For Lease

      Second-story office suites available in Matthews, North Carolina.
      10020 Monroe Rd, Matthews, NC 28105
      View Details
    • Contact for pricing

      Retail/Office Space For Lease

      Space for lease with high traffic and great opportunity.
      11500 E Independence Blvd, Matthews, NC 28105
      View Details
    • Contact for pricing

      Downtown Matthews Retail/Medical Space

      Retail and medical spaces available in Downtown Matthews.
      110 E John St, Matthews, NC 28105
      View Details
    • Contact for pricing

      Retail Center Anchored by Harris Teeter

      128,651 SF neighborhood center at a major intersection.
      1811 Matthews Township Pkwy, Matthews, NC 28105
      View Details
    • Contact for pricing

      Commercial Land in High-Profile Location

      0.5 acres available near Downtown Matthews with highway access.
      527 W John St, Matthews, NC 28105
      View Details
    • Contact for pricing

      Commercial Land Approved for Medical

      Commercial land approved for medical office space in Matthews, NC.
      2930 Matthews Township Pkwy, Matthews, NC 28105
      View Details
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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.

    More about this property
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