Unanchored Multitenant Shopping
New
For Sale
$3,712,288
3132 Calvary Drive, Raleigh, NC 27604
Fully occupied retail property with an established rental history and multiple tenants.
Property Size13,000 SF
Days on Market3
Property Features for 3132 Calvary Drive
General Information
Standard status
Active
Size
13,000 SF
Property subtype
Retail
Building Details
Building Size
13,000 SF
Listing Agency:
(864) 934-5261
Listed By:
John Wright Jr., CCIM
Source:
Mccoywright
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 4:18AM
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 John Wright Jr., CCIM
Investment Insights
Based on property information with market context.
This unanchored shopping center contains multiple retail tenants and is reported as 100% occupied. The property carries a 7.25% cap rate and has a documented strong rental history.
Located at 3132 Calvary Drive in Raleigh, the center sits just off Capital Boulevard, where traffic is reported at 45,569 VPD. National retail operators surround the property, adding established commercial context to the immediate area.
Located at 3132 Calvary Drive in Raleigh, the center sits just off Capital Boulevard, where traffic is reported at 45,569 VPD. National retail operators surround the property, adding established commercial context to the immediate area.
Key Highlights
- Unanchored shopping center with multiple retail tenants
- 100% occupied with a strong rental history
- 7.25% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$217,336
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,346,720
$4.3M
Cap Rate 7%
$3,104,800
$3.1M
Cap Rate 9%
$2,414,844
$2.4M
Market Conditions
NOI Build-Up for 13,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$330.7K $25.44/SF
− Vacancy
−$20.2K −$1.56/SF
EGI
$310.5K $23.88/SF
− OpEx
−$93.1K −$7.16/SF
NOI
$217.3K $16.72/SF
Area
Raleigh, NC
Vacancy
6.12%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,346,720
Cap Rate 7%
$3,104,800
Cap Rate 9%
$2,414,844
Alternative Uses
Best Use
Retail
$3.10M
$2.72M – $3.62M
NOI $217,336 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.57M
$3.13M – $4.17M
NOI $250,088 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27604, NC
46,076
Population
20,828
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
89%
High-School Grad
19.1 sq mi
ZIP Area
2,412
Density / Sq Mi
$72,793
Median Household Income
$44,471
Median Earnings
$1,386
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied retail property with an established rental history and multiple tenants.
Where is this shopping center located?
The property is located at 3132 Calvary Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $3,712,288.
What are key features of this property?
This property features: Unanchored shopping center with multiple retail tenants; 100% occupied with a strong rental history; 7.25% cap rate
