Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2510 Hillsborough St Raleigh, NC 27607

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Retail space near NC State's campus with development potential.

    Type:Retail, Business for Sale
    Property size:
    7,800 SF
    Price / SF:
    $352/SF
    Added:
    Dec 19, 2023
    Days on Market:
    854
    Last Refresh:
    Mar 17 at 1:25 pm

    Property Features for 2510 Hillsborough St

    General Information

    Standard status
    Active
    Size
    7,800 SF
    Property subtype
    Retail, Business for Sale

    Building Details

    Year Built
    1947

    We can help!

    Listing Contact
    Pat Moore

    Listing agent Pat Moore License #NC 287882

    Listing office CityPlat LLC

    Listing date Dec 19, 2023

    Source Crexi

    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 CityPlat LLC

    Overview

    Retail Space Near NC State

    This property offers a unique location opportunity for a retail shop. The space is brand new and situated along Hillsborough Street, adjacent to the heart of NC State's campus and in close proximity to Downtown Raleigh. The location provides convenient access to NC State, as well as local retail and restaurants. The layout is flexible, including an open-air concept. There is development potential up to 7 stories, with plans for 90+ student housing bedrooms along with ground-level retail.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6683781
    Latitude
    35.788078

    Nearby Similar for Sale

    • $3,900,000
      11,200 SF

      Modern Flex Building in Raleigh

      Built in 2021, suitable for industrial, office, retail.
      4550 Preslyn Drive, Raleigh, NC 27616
      View Details
    • $650,000
      1,890 SF

      Versatile Office/Flex Condo in Raleigh

      1,890 sq ft end-unit, ideal for various business uses.
      148 Annaron Court, Raleigh, NC 27603
      View Details
    • $895,000
      2,025 SF

      Raleigh Commercial Building Near Downtown

      2,025 SF commercial building near Downtown Raleigh for sale.
      405 Morson Street, Raleigh, NC 27601
      View Details
    • $760,000
      1,833 SF

      Raleigh Commercial Flex Space

      1833 sq ft flex space with bayfront drive-in.
      5621 Departure Drive, Raleigh, NC 27616
      View Details
    • $975,000
      2,513 SF

      Updated Duplexes Near Downtown Raleigh

      Four updated units near Chavis Park, walkable to downtown.
      509 Cape Avenue, Raleigh, NC 27601
      View Details
    • $599,900
      2,083 SF

      Raleigh Office Suite For Sale

      Office suite with modern amenities and easy highway access.
      6512 Six Forks Road, Raleigh, NC 27615
      View Details
    • $514,900
      2,704 SF

      Like-New Home on Corner Lot

      Spacious 5-bedroom home built in 2023 on desirable corner lot.
      4100 Liberty Cap Dr, Raleigh, NC 27616
      View Details
    • $625,000
      1,352 SF

      Raleigh Duplex with Development Potential

      Rental income property with redevelopment possibilities in downtown Raleigh.
      1511 Joe Louis Avenue, Raleigh, NC 27610
      View Details
    • $199,900
      1,036 SF

      Raleigh Office Condo For Sale

      Office condo in North Raleigh, currently leased, great investment opportunity.
      1100 Logger Court, Raleigh, NC 27609
      View Details
    • $700,000
      3,408 SF

      Raleigh Multifamily Investment Opportunity

      Four-unit multifamily property on 1.24 acres in Raleigh.
      626 Maple Lane, Raleigh, NC 27603
      View Details
    • $600,000
      3,028 SF

      Income-Producing Triplex in Raleigh, NC

      Stable income triplex near Downtown Raleigh with high occupancy.
      15 N Fisher Street, Raleigh, NC 27610
      View Details
    • $680,000
      3,358 SF

      Raleigh Multifamily Investment Opportunity

      Two fully leased, four-bedroom units in North Raleigh.
      4820 Gossamer Lane, Raleigh, NC 27616
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space near NC State's campus with development potential.
    Where is this retail space located?
    The property is located at 2510 Hillsborough St Raleigh, NC.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Brand new retail space on Hillsborough Street.; Adjacent to NC State's campus.; Development potential up to 7 stories.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Pat Moore
    Real Estate License ID: NC 287882
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!