Building Details

Year built 1935

Floors in Building 1

Building materials Vinyl Siding

Listing Agency: eXp Realty, LLC - C c***@exprealty.com Show Phone

Listed By: Rania Atiyeh-Tanner · License #298850 Show Phone

Added: Mar 26 Changed: Oct 16 Last Checked: Oct 30 at 4:06PM

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MLS# 10161428

Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This 0.72-acre commercial land parcel includes a 1,242-square-foot structure built in 1935. The existing building has vinyl siding and may be repurposed for office use or renovated as part of a mixed-use plan. The site is flat and usable, with road frontage that supports access and exposure.

Zoned OX-3, the property is positioned near major roads, retail, and ongoing development in Raleigh. The combination of developable land and an existing improvement provides flexibility for future planning, subject to applicable approvals.

Key Highlights

• 0.72‑acre commercial land parcel
• OX‑3 zoning
• Existing 1,242‑square‑foot structure built in 1935

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,930

Cap Rate

3.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$318,600 $318.6K

Cap Rate 7%

$227,571 $227.6K

Cap Rate 9%

$177,000 $177.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,242 SF

Gross rent

$29.1K $23.40/SF

− Vacancy

−$3.6K −$2.88/SF

EGI

$25.5K $20.52/SF

− OpEx

−$9.6K −$7.70/SF

NOI

$15.9K $12.83/SF

Area

ZIP 27615

Vacancy

12.30%

Lease Rate

$23.40 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$318,600

Cap Rate 7%

$227,571

Cap Rate 9%

$177,000

Alternative Uses

Best Use

Mixed Use

$227.6K

$199.1K – $265.5K (±1% cap)

NOI $15,930 @ 7.0% cap · market cap 3.54%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$335.9K

$294.0K – $391.9K (±1% cap)

NOI $23,516 @ 7.0% cap · market cap 5.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Commercial land

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Law Firm Parking Lot & Garage Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

816

Businesses Nearby

Explore this area Business Placement

Demographics for 27615, NC

43,010

Population

20,681

Households

2.1

Avg Household Size

43

Median Age

64%

College-Educated

97%

High-School Grad

18.9 sq mi

ZIP Area

2,276

Density / Sq Mi

$107,051

Median Household Income

$60,661

Median Earnings

$1,533

Median Rent

$441,100

Median Home Value

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Frequently Asked Questions

What type of property is this?

Commercial land - OX-3-zoned property includes an existing structure with office or mixed-use repositioning potential.

Where is this commercial land located?

The property is located at 6209 Litchford Road Raleigh, NC.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: 0.72‑acre commercial land parcel; OX‑3 zoning; Existing 1,242‑square‑foot structure built in 1935