Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    4315 Mitchell Mill Road Wake Forest, NC 27587

    View on Map
    Claim this Listing
    New
    For Sale
    $150,000

    LAND - Wake Forest, NC

    Lot size:
    0.69 Acres
    Added:
    Apr 10, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 11 at 1:06 pm

    Property Features for 4315 Mitchell Mill Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-4
    Vegetation
    Cleared
    Standard status
    Active
    APN
    174702856721000 0150657
    Lot size
    0.69 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Watkins Heirs Prop
    Tax Annual Amount
    599

    Utilities

    Sewer type
    Perc Test Required

    We can help!

    Listing Contact
    Shelley Welch
    Shelley Welch

    Listing agent Shelley Welch

    Listing office Next Stage Realty 11312 US 15-501 N STE 107/224, Cary, NC

    Listing date Apr 10, 2026

    MLS# 10159338 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.

    Overview

    Wake Forest Pasture Land

    This 0.69-acre parcel, previously utilized as pasture land for sheep, features 730 linear feet of 5ft farm fencing. Zoned R-4 and considered RA for planning purposes, the property falls under Wake County jurisdiction and is not located in the Town of Wake Forest ETJ. The land is mostly cleared, with a few mature trees and road frontage on Mitchell Mill Rd.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Restaurant Real Estate Agency Dental Office Big Box & Wholesale Store Auto Repair Shop Nail Salon Gym & Fitness Center Department Store Kitchen & Bath Showroom Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.4982861
    Latitude
    35.88038

    Nearby Similar for Sale

    • $495,000
      2,721 SF

      Wake Forest Investment Opportunity

      Two fully rented duplexes near downtown Wake Forest.
      425 Pearce Avenue, Wake Forest, NC 27587
      View Details
    • $750,000
      1,482 SF

      Wake Forest Commercial Property

      Commercial property in the heart of Wake Forest.
      306 Wait Avenue, Wake Forest, NC 27587
      View Details
    • $465,000
      2,750 SF

      Wake Forest Duplex Investment Opportunity

      Two fully rented duplexes near downtown Wake Forest.
      417 Pearce Avenue, Wake Forest, NC 27587
      View Details
    • $450,000

      Wake Forest Residential Land

      3.89-acre residential lot in Wake Forest, North Carolina.
      11249 Jeffreys Lane, Wake Forest, NC 27587
      View Details
    • $925,000
      1,200 SF

      Wake Forest Multifamily Investment Opportunity

      Four properties for sale, including houses and a mobile home.
      12329 Old Falls Of Neuse Road, Wake Forest, NC 27587
      View Details
    • $1,350,000
      23,438 SF

      Wake Forest Senior Housing Opportunity

      2.74-acre site approved for 31 senior apartment units.
      306 S Allen Road, Wake Forest, NC 27587
      View Details
    • $1,650,000

      Wake Forest Land For Sale

      10.76 acres of land available in Wake Forest, NC.
      1005 Chalk Road, Wake Forest, NC 27587
      View Details
    • $395,000

      Wake Forest Commercial Opportunity

      General Business lot in rapidly growing Wake Forest corridor.
      5917 Mitchell Mill Road, Wake Forest, NC 27587
      View Details
    • $150,000

      Wake Forest Land Opportunity

      Land in Wake Forest with convenient access to amenities.
      4074 Graham Sherron Road, Wake Forest, NC 27587
      View Details
    • $449,000

      Wake Forest Acreage with Pond

      Private 4.39 acre lot with pond near Falls Lake.
      6229 Horse Fly Trail, Wake Forest, NC 27587
      View Details
    • $274,900
      1,559 SF

      Unique Duplex in Wake Forest

      Two-bedroom duplex with modern updates and convenient location.
      411 W Oak Avenue, Wake Forest, NC 27587
      View Details
    • $125,000

      Residential Land in Wake Forest

      1.4-acre residential lot near Wake Forest and Creedmoor.
      3141 Willow Creek Drive, Wake Forest, NC 27587
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 0.69 acre parcel with farm fencing in Wake Forest.
    Where is this agricultural land / farmland located?
    The property is located at 4315 Mitchell Mill Road Wake Forest, NC.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Large .69 acre parcel of land.; 730 linear feet of 5ft farm fencing included.; Zoned R‑4 and considered RA for planning purposes.
    (919) 760-7363
    We can help!
    Listing Contact
    Shelley Welch
    Shelley Welch
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!