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    Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    334 /348 S Washington Street, Rocky Mount, NC 27801

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    For Sale
    $950,000

    Mixed-use property suitable for redevelopment with grant and tax credit potential.

    Type:Commercial/Industrial
    Property size:
    20,677 SF
    Lot size:
    0.68 Acres
    Price / SF:
    $45/SF
    Added:
    Mar 12, 2026
    Days on Market:
    71
    Last Refresh:
    Apr 5 at 8:46 pm

    Property Features for 334 /348 S Washington Street

    General Information

    Standard status
    Active
    Size
    20,677 SF
    Lot size
    0.68 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    Max M Avent

    Listing agent Max M Avent License #117468

    Listing office Century 21 Sterling Combs

    Listing date Mar 12, 2026

    Source Exitrealty

    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 Century 21 Sterling Combs

    HighLights

    • Mixed‑use development opportunity with confirmed commercial and residential zoning.
    • Potential grant funding of approximately $850,000 based on city qualifications.
    • Eligibility for both federal and state historic tax credits.
    • Walking distance to Edge Community Bio Tech Ctr.
    • Walking distance to RMT Event Ctr.
    • Close proximity to RMT Public Transportation Ctr (Amtrak Station‑City Bus Transit).

    Overview

    This mixed-use property offers a redevelopment opportunity, with the current zoning ordinance confirming both commercial and residential usage, assuming a minimum of two floors are upfitted for residential units. Based on the city's current qualifications for downtown projects, this building has an estimated qualification of grant funding totaling $850,000. The property is also eligible for both federal and state historic tax credits, with the total amount based on development design and qualified real estate expenses. It is located within walking distance of the Edge Community Bio Tech Center and the RMT Event Center, and is close to the RMT Public Transportation Center, including the Amtrak Station and City Bus Transit. The property size is 20677 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Rocky Mount
    County
    Nash
    State
    North Carolina
    Longitude
    -77.7959
    Latitude
    35.9391

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property suitable for redevelopment with grant and tax credit potential.
    Where is this mixed-use property located?
    The property is located at 334 /348 S Washington Street Rocky Mount, NC.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Mixed‑use development opportunity with confirmed commercial and residential zoning.; Potential grant funding of approximately $850,000 based on city qualifications.; Eligibility for both federal and state historic tax credits.
    (252) 937-2121
    We can help!
    Listing Contact
    Max M Avent
    Real Estate License ID: 117468
    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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