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    5003 Falls of Neuse Road & 1200 E Millbrook Road, Raleigh, NC 27609

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    Retail and office spaces for lease in North Raleigh.

    Type:Retail
    Property size:
    82,463 SF
    Added:
    Nov 26, 2025
    Days on Market:
    177
    Last Refresh:
    Apr 5 at 9:20 pm

    Property Features for 5003 Falls of Neuse Road & 1200 E Millbrook Road

    General Information

    Standard status
    Active
    Size
    82,463 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1969

    Spaces For Lease

    at 5003 Falls of Neuse Road & 1200 E Millbrook Road Contact us

    We can help!

    Listing Contact
    Chip Lanier
    Chip Lanier

    Listing agent Chip Lanier

    Listing office Lee & Associates | Raleigh

    Listing date Nov 26, 2025

    Source Lee-associates

    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 Lee & Associates | Raleigh

    HighLights

    • Located at the HIGH‑TRAFFIC intersection of Falls of Neuse Road and E. Millbrook Road.
    • Anchored by The Butcher’s Market with established co‑tenants (Big Ed's, Cristo's, Burrito Shak, and Juice Keys).
    • Part of the booming North Raleigh area.
    • HIGHLY VISIBLE to traffic on both Millbrook and Falls of Neuse Roads.
    • Good mix of restaurants, retailers, and service uses.
    • 2nd Generation restaurant space available (2,186 SF).

    Overview

    Located at the intersection of Falls of Neuse Road and E. Millbrook Road, this property is part of the booming North Raleigh area. It features a mix of restaurants, retailers, and service uses. The property is highly visible to traffic on both Millbrook and Falls of Neuse Roads. Phase I includes Suite 14, a 2,186-square-foot, 2nd Generation restaurant, and Suite 15, which offers 2,133 square feet. Phase II offers 1st Floor retail spaces ranging from 1,025 to 12,203 square feet and 2nd Floor office spaces ranging from 659 to 7,355 square feet. The property is anchored by The Butcher’s Market, with co-tenants including Big Ed's, Cristo's, Burrito Shak, and Juice Keys.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    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.

    Similar Places Nearby

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    • fi.d.o — Petco, 6220 Glenwood Ave Suite 104, Raleigh, NC 27612
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    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7106
    Latitude
    35.8633

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    FAQs

    What type of property is this?
    Shopping center - Retail and office spaces for lease in North Raleigh.
    Where is this shopping center located?
    The property is located at 5003 Falls of Neuse Road & 1200 E Millbrook Road Raleigh, NC.
    What are key features of this property?
    This property features: Located at the HIGH‑TRAFFIC intersection of Falls of Neuse Road and E. Millbrook Road.; Anchored by The Butcher’s Market with established co‑tenants (Big Ed's, Cristo's, Burrito Shak, and Juice Keys).; Part of the booming North Raleigh area.
    (919) 576-2516
    We can help!
    Listing Contact
    Chip Lanier
    Chip Lanier
    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.

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    5003 Falls of Neuse Road & 1200 E. Millbrook Road, Raleigh, NC 27609
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