Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Land in Growing Zebulon Title is generated by Realmo AI

    1213 Shepard School, Zebulon, NC 27597

    View on Map
    Claim this Listing
    For Sale
    $4,775,000

    Mixed-use development site in a rapidly growing area.

    Type:Land or Vacant Lot
    Lot size:
    15.27 Acres
    Added:
    Sep 10, 2024
    Days on Market:
    635
    Last Refresh:
    Apr 5 at 9:28 pm

    Property Features for 1213 Shepard School

    General Information

    Standard status
    Active
    Lot size
    15.27 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    MICHAEL WRENN
    MICHAEL WRENN

    Listing agent MICHAEL WRENN License #176220

    Listing office PARRISH REALTY COMPANY OF ZEBU

    Listing date Sep 10, 2024

    Source Corcoran

    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 PARRISH REALTY COMPANY OF ZEBU

    HighLights

    • Prime location in Zebulon, one of Wake County's fastest‑growing towns
    • Suitable for mixed‑use development
    • Water and sewer are already on‑site
    • Located near the proposed site for a 7‑11 convenience store
    • Composed of 3 tracts (4.76, 7.08, and 3.43 acres) that can be purchased separately
    • Centrally located between Raleigh, Wilson, and Rocky Mount

    Overview

    This site presents an opportunity for mixed-use development in Zebulon, one of the fastest-growing towns in Wake County. Comprising three tracts, the location is central to Raleigh, Wilson, and Rocky Mount. The property is situated next to a proposed site for a 7-11 convenience store at the corner of Dogwood Avenue and Arendell Avenue, with frontage on Shepard School Road. The site consists of three tracts: 4.76 acres, 7.08 acres, and 3.43 acres. Water and sewer services are available on the site. While currently zoned residential, the highest and best use is considered to be commercial, which would require rezoning. Additional information about ongoing developments in the area can be found on the Town of Zebulon's interactive development map. The seller will consider selling each individual tract separately.
    Property Profile 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
    Zebulon
    County
    Wake
    State
    North Carolina
    Longitude
    -78.3169
    Latitude
    35.8353

    Nearby Similar for Sale

    • $1,600,000
      15,828 SF

      Historic Corner Retail Building

      1920 historic corner building offers a sizable adaptive-reuse canvas in a downtown core zoning district.
      117 N Arendell Avenue, Zebulon, NC 27597
      View Details
    • $175,000

      Residential Home Lot with No Builder Timeline

      Spacious homesite with perc testing completed, county water available, and freedom to bring your own builder.
      67 Rice Road, Zebulon, NC 27597
      View Details
    • $299,000

      Ready-to-Build Residential Lot

      Two-acre homesite with a perk test on file and utilities available at the street, suited for country living near major towns.
      7612 Mitchell Mill Road, Zebulon, NC 27597
      View Details
    • $250,000

      Commercial Land in Growing Zebulon

      Versatile 0.68-acre commercial land parcel in Zebulon, North Carolina.
      350 Pony Road, Zebulon, NC 27597
      View Details
    • $265,000

      Wake County Wooded Land

      2.76-acre lot for custom home in Zebulon, NC.
      Jaback, Zebulon, NC 27597
      View Details
    • $175,000

      Residential Homesite with No Builder Timeline

      Spacious lot with completed perc testing and utilities plan, giving you flexibility to design and build your custom home.
      63 Rice Road, Zebulon, NC 27597
      View Details
    • $275,000

      Unrestricted Land in Zebulon, NC

      Nearly 4 acres of unrestricted land with road frontage.
      1000 Richardson Road, Zebulon, NC 27597
      View Details
    • $249,900

      Zebulon Vacant Land Homesite

      7.9-acre homesite in Zebulon, horses allowed, no HOA.
      3829 Standing Pine Lane, Zebulon, NC 27597
      View Details
    • $650,000

      Unrestricted Land in Zebulon, NC

      25.03 acres of unrestricted land in the heart of Zebulon.
      8601 Riley Hill Road, Zebulon, NC 27597
      View Details
    • $249,500

      Unrestricted Land Near Zebulon, NC

      5.12 acre tract near Zebulon, no restrictions, horses allowed.
      01 Massey Road, Zebulon, NC 27597
      View Details
    • $299,000

      Residential Land in Zebulon, NC

      4.72 acre lot perfect for building your dream home.
      6614 Ridge Spring Road, Zebulon, NC 27597
      View Details
    • $249,500

      Residential Land in Zebulon, NC

      5.12 acre tract near Raleigh, Rocky Mt, and Wilson.
      02 Massey Road, Zebulon, NC 27597
      View Details

    FAQs

    What type of property is this?
    Commercial land - Mixed-use development site in a rapidly growing area.
    Where is this commercial land located?
    The property is located at 1213 Shepard School Zebulon, NC.
    What is the asking price?
    The asking price for this property is $4,775,000.
    What are key features of this property?
    This property features: Prime location in Zebulon, one of Wake County's fastest‑growing towns; Suitable for mixed‑use development; Water and sewer are already on‑site
    (919) 269-7439
    We can help!
    Listing Contact
    MICHAEL WRENN
    MICHAEL WRENN
    Real Estate License ID: 176220
    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
    1213 Shepard School, Zebulon, NC 27597
    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!