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    Raleigh Land with Development Potential Title is generated by Realmo AI

    3151 New Bern Avenue, Raleigh, NC 27610

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    Claim this Listing
    For Sale
    $12,000,000

    LAND - Raleigh, NC

    Lot size:
    4.89 Acres
    Added:
    Oct 25, 2023
    Days on Market:
    938
    Last Refresh:
    May 19 at 5:06 am

    Property Features for 3151 New Bern Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    CX12
    Vegetation
    Wooded
    Standard status
    Active
    APN
    1724221587
    Lot size
    4.89 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Wake County PIN 1724128276, 1724129451 & 17244221587
    Tax Annual Amount
    24013

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    J.W. Shearin

    Listing agent J.W. Shearin License #265200

    Listing office Coldwell Banker HPW 100 Connemara Dr., Raleigh, NC

    Listing date Oct 25, 2023

    MLS# 2538929 Listing URL

    Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Zoned CX‑12‑UG‑CU (TOD) allowing for high‑density residential/commercial mix development.
    • Potential for a 16 to 20 story building construction.
    • Capacity for up to 928 condo, apartment, or hotel units.
    • Future BRT station planned at this location on New Bern Avenue.
    • Allows for 70,000 sq ft of office space.
    • Allows for 20,000 sq ft of commercial space.

    Overview

    This 4.89-acre property in Raleigh, NC, has been rezoned by the City of Raleigh for CX-12-UG-CU (TOD), allowing for a Residential Commercial mix development. The zoning permits a development of 16 to 20 stories, potentially accommodating up to 928 units of condos, apartments, and/or hotel rooms. The City is planning the first proposed BRT station at this location on New Bern Avenue. In addition to the 928 units, the zoning allows for 70,000 square feet of office space and 20,000 square feet for commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.588004
    Latitude
    35.78971

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    FAQs

    What type of property is this?
    Commercial land - Raleigh land rezoned for mixed-use development near upcoming BRT station.
    Where is this commercial land located?
    The property is located at 3151 New Bern Avenue Raleigh, NC.
    What is the asking price?
    The asking price for this property is $12,000,000.
    What are key features of this property?
    This property features: Zoned CX‑12‑UG‑CU (TOD) allowing for high‑density residential/commercial mix development.; Potential for a **16 to 20 story building construction**.; Capacity for up to 928 condo, apartment, or hotel units.
    (919) 819-1481
    We can help!
    Listing Contact
    J.W. Shearin
    Real Estate License ID: 265200
    Learn More
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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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