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    Historic Shopping Center For Lease Title is generated by Realmo AI

    601-729 Walnut St, Rocky Mount, NC 27803

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    Shopping center in Rocky Mount, new roof, renovated units.

    Type:Retail
    Added:
    Oct 21, 2020
    Days on Market:
    2051
    Last Refresh:
    May 13 at 8:15 pm

    Property Features for 601-729 Walnut St

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Building Details

    Year Built
    1954

    Spaces For Lease

    at 601-729 Walnut St Contact us

    Suite 727 $11/Mo

    Size
    1,360 SF
    Type
    Retail
    Recently received new flooring, paint, HVAC, and hot water heater. Includes 2 rooms,...
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    Contact us

    Unit 729 $12/Mo

    Size
    800 SF
    Type
    Retail
    Unit received new HVAC, hot water heater, backdoor in 2021. Unit is mostly open floor...
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    Contact us

    Unit 713 $12/Mo

    Size
    1,600 SF
    Type
    Retail
    Unit recently received a new bathroom, sink, HVAC, hot water heater, and backdoor....
    show more
    Contact us

    Suite 719 $9/Mo

    Size
    960 SF
    Type
    Retail
    Last operated and built out as a hair salon. Open floor unit with 1 bathroom and...
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    Contact us

    Suite 601 $7/Mo

    Size
    6,350 SF
    Type
    Retail
    Contact us
    Show more

    We can help!

    Listing Contact
    Arpan Makam

    Listing agent Arpan Makam License #NC 263636

    Listing office MKM Commercial

    Listing date Oct 21, 2020

    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 MKM Commercial

    HighLights

    • High‑traffic location surrounded by residential and commercial properties.
    • Anchored by national chains including Dollar Tree, Hardee's, and Piggly Wiggly.
    • Repaved parking lot.
    • New roof installed in 2019.
    • Renovated units available.
    • Main sign recently repaired.

    Overview

    This historic shopping center, located in Rocky Mount, is available for lease. Constructed in 1954, the property received a new roof in 2019, along with renovations to some of its units. The current owner acquired the property in September 2020 and has since repaved the parking lot and repaired the main sign. The shopping center is positioned with residential properties on one side and commercial properties on the other. Neighboring commercial establishments include national chains such as Dollar Tree, Hardee's, and Piggly Wiggly. The shopping center is planned to be renovated in the future and will contain over 10 tenants, surrounded by multiple retail and residential locations.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    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.

    Similar Places Nearby

    • Walnut Shopping Center — 709 Walnut St, Rocky Mount, NC 27803

    Location Insight

    • Map
    • Local Demand
    City
    Rocky Mount
    County
    Nash
    State
    North Carolina
    Longitude
    -77.8075821
    Latitude
    35.9354354

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    FAQs

    What type of property is this?
    Shopping center - Shopping center in Rocky Mount, new roof, renovated units.
    Where is this shopping center located?
    The property is located at 601-729 Walnut St Rocky Mount, NC.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: High‑traffic location surrounded by residential and commercial properties.; Anchored by national chains including Dollar Tree, Hardee's, and Piggly Wiggly.; Repaved parking lot.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Arpan Makam
    Real Estate License ID: NC 263636
    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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