Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Downtown Raleigh Development Opportunity Title is generated by Realmo AI

    12 North Tarboro Street, Raleigh, NC 27610

    View on Map
    Claim this Listing
    For Sale
    $4,950,000

    Four prime lots in the heart of Downtown Raleigh.

    Type:Land / Unimproved Land
    Lot size:
    0.97 Acres
    Added:
    Feb 28, 2025
    Days on Market:
    461
    Last Refresh:
    Mar 13 at 1:11 pm

    Property Features for 12 North Tarboro Street

    General Information

    Standard status
    Active
    Lot size
    0.97 Acres
    Property subtype
    Land / Unimproved Land

    We can help!

    Listing Contact
    Jun Ma

    Listing agent Jun Ma License #264366

    Listing office RED Realty Group, Inc.

    Listing date Feb 28, 2025

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of RED Realty Group, Inc.

    HighLights

    • Prime location in the heart of Downtown Raleigh on the Raleigh East corridor.
    • Four contiguous lots totaling 0.97 acres, representing half a city block.
    • Zoning RX‑4 with TOD allows for flexible development options, including potential for a 6‑story building.
    • Proximity to Raleigh Bus Rapid Transit (BRT) stop and the future community hub at the Old DMV HQ.
    • Approved Edenton Court Project across the street includes 23 townhouses, indicating area development.
    • Additional 0.46 acres available across Boyer St, potentially suitable for parking.

    Overview

    Located on the Raleigh East corridor, this offering includes four prime lots totaling 0.97 acres in the heart of Downtown Raleigh. Situated minutes from Raleigh's urban core, the location provides convenient access to dining, shopping, and entertainment. The property is diagonally opposite the Old DMV HQ on Edenton Street. The City of Raleigh is developing a community hub in the area. The Raleigh Bus Rapid Transit (BRT) system has a Tarboro stop at the corner of Edenton Street, and the Tarboro Community Center is located across the road on Tarboro Street. The Edenton Court Project, which has already been approved by the City of Raleigh, includes 23 townhouses in 3 buildings with 48 parking lots. Each building is planned to be 3 stories high with a flat rooftop terrace. Site plans and draft building plans are available. The current zoning is RX-4 with TOD, which allows for an additional story on the building plan. There is also an opportunity to build 6 stories for a larger project. An additional four lots totaling 0.46 acres are available across Boyer Street, potentially suitable for a parking building to support a 6-story project. This property is intended for commercial use.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.621772
    Latitude
    35.7806447

    Nearby Similar for Sale

    • $3,900,000
      11,200 SF

      Modern Flex Building in Raleigh

      Built in 2021, suitable for industrial, office, retail.
      4550 Preslyn Drive, Raleigh, NC 27616
      View Details
    • $895,000
      2,025 SF

      Raleigh Commercial Building Near Downtown

      2,025 SF commercial building near Downtown Raleigh for sale.
      405 Morson Street, Raleigh, NC 27601
      View Details
    • $659,000
      2,727 SF

      Classic Brick Triplex Near Downtown

      Three-unit apartment building near downtown Raleigh and NC State University.
      850 Athens Drive, Raleigh, NC 27606
      View Details
    • $199,999
      526 SF

      Renovated Office Suite For Sale

      Recently renovated office suite in a desirable Raleigh location.
      111 Windel Drive, Raleigh, NC 27609
      View Details
    • $3,450,000
      13,800 SF

      Pre-Leased Student Housing Duplex Community

      Purpose-built student housing with private bedroom bathrooms and large outdoor living areas, nearly fully pre-leased for 2026–2027.
      3605 Burt Drive, Raleigh, NC 27606
      View Details
    • $969,000
      2,513 SF

      Updated Duplexes Near Downtown Raleigh

      Four updated units on two deeded lots near Chavis Park.
      509 Cape Avenue, Raleigh, NC 27601
      View Details
    • $370,000
      1,176 SF

      Furnished Office Condo in Raleigh

      Move-in ready office condo in a prime North Raleigh location.
      7000 Harps Mill Road, Raleigh, NC 27615
      View Details
    • $500,000
      1,641 SF

      Raleigh Duplex: Investment Opportunity

      Duplex in Raleigh, NC. One unit rented, one vacant.
      841 Barringer Drive, Raleigh, NC 27606
      View Details
    • $825,000
      1,944 SF

      Duplex Income Property

      Duplex on RX-3 zoned land with in-place leases extending through July 18, 2027.
      2217 Garden Place, Raleigh, NC 27607
      View Details
    • $650,000
      1,890 SF

      Versatile Office/Flex Condo in Raleigh

      1,890 sq ft end-unit, ideal for various business uses.
      148 Annaron Court, Raleigh, NC 27603
      View Details
    • $549,000
      2,344 SF

      Renovated Duplex Near Downtown Raleigh

      Turnkey investment opportunity with two renovated units on 0.33-acre lot.
      3408 Atlantic Avenue, Raleigh, NC 27604
      View Details
    • $370,000
      1,182 SF

      Move-in Ready Office Condo

      Beautifully decorated, fully furnished office condo in prime location.
      7000 Harps Mill Road, Raleigh, NC 27615
      View Details

    FAQs

    What type of property is this?
    Commercial land - Four prime lots in the heart of Downtown Raleigh.
    Where is this commercial land located?
    The property is located at 12 North Tarboro Street Raleigh, NC.
    What is the asking price?
    The asking price for this property is $4,950,000.
    What are key features of this property?
    This property features: Prime location in the heart of Downtown Raleigh on the Raleigh East corridor.; Four contiguous lots totaling 0.97 acres, representing half a city block.; Zoning RX‑4 with TOD allows for flexible development options, including potential for a 6‑story building.
    (919) 434-8430
    We can help!
    Listing Contact
    Jun Ma
    Real Estate License ID: 264366
    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

    Thank You for Inquiry
    12 North Tarboro Street, Raleigh, NC 27610
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!