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    Property profile & analytics

    657 Cary Towne Blvd Cary, NC 27511-4219

    • Strip malls
    • 28,144 SF
    • 17.15 lot acres
    OFF-MARKET
    Value Estimations
    $865,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2570540
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Cary Village Square Shopping Center / Business Center
    • Kritical Nutrition / Vitamin & Supplements Store
    • Caryite Kitchen Remodelers / Kitchen Remodeler
    • CellXperts / Mobile Phone Repair Shop

    Property Details for 657 Cary Towne Blvd

    Year built
    1975
    Construction
    CONCRETE BLOCKS
    Lot size
    17.15 lot acres
    Property size
    28,144 SF
    Zone code
    GC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    0763.08-97-1781 0023953
    APU
    763089717810023953

    Description

    Village Square, located at 657 Cary Towne Blvd in Cary, NC 27511, offers exceptional retail space for lease in Wake County. This multi-tenant property totals 6,656 square feet, with 4,800 square feet currently vacant and available for immediate occupancy. Individual suites range from a minimum of 2,250 square feet to a maximum contiguous space of 2,550 square feet, providing flexibility for various business needs. The property's prime location in Cary offers excellent visibility and accessibility, making it an ideal choice for businesses seeking a thriving retail environment. The property is classified as commercial retail space and presents a unique opportunity for businesses looking to establish or expand their presence in a high-traffic area. The address is easily accessible and benefits from high foot traffic and visibility. This is a fantastic opportunity to secure a well-located retail space in a vibrant and growing community. Interested parties are encouraged to inquire about lease terms and availability. The property is conveniently located in Wake County, North Carolina.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $865,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7668
    Latitude
    35.7768
    CBSA code
    39580
    CBSA name
    RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $194,369
    $6,481,010
    $12,917,047
    $19,398,057
    -
    $6,481,010
    $12,917,047
    $19,398,057

    Comparable in this City

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      14,960 SF

      682 Cary Towne Blvd

      SHOPPING CENTER, STRIP CENTER • 14,960 SF
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      View Details
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      11,859 SF

      107 Edinburgh S Dr

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      $695,000
      18,078 SF

      106 Kilmayne Dr

      SHOPPING CENTER, STRIP CENTER • 18,078 SF
      106 Kilmayne Dr, Cary, NC 27511-4465
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    • Value Estimation
      $660,000
      12,285 SF

      1207 Kildaire Farm Rd

      SHOPPING CENTER, STRIP CENTER • 12,285 SF
      1207 Kildaire Farm Rd, Cary, NC 27511-7704
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    • Value Estimation
      $365,000
      3,750 SF

      130 Kilmayne Dr

      SHOPPING CENTER, STRIP CENTER • 3,750 SF
      130 Kilmayne Dr, Cary, NC 27511-4465
      View Details
    • Value Estimation
      $310,000
      12,320 SF

      720 Fenton Market Way

      SHOPPING CENTER, STRIP CENTER • 12,320 SF
      720 Fenton Market Way, Cary, NC 27511-7749
      View Details

    Similar Nearby for Sale

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      102,000 SF

      Downtown Cary Mixed-Use Development

      New office and retail spaces in downtown Cary.
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    • $2,400,000
      1.91 Acres

      Searstone Commercial Land - Cary, NC

      1.91 acre pad-ready site, ideal for medical/office.
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      Cary Land Parcel For Sale

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    Similar Nearby for Lease

    • $35 SF/Yr
      4,381 SF

      Cary Executive Office Suite

      Prime Cary location, 4,381 sq ft.
      746 Maynard Rd, Cary, NC 27511
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    • $32 SF/Yr
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      Downtown Cary Retail Space

      High-traffic Cary retail, 5,908 SF available
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    • $32 SF/Yr
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      Downtown Cary Office Space For Lease

      Class A Office, 102,000 SF Available
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      View Details
    • $425 /Mo
      400 SF

      Olde Cary Executive Office Suites

      Prime office spaces in a convenient, central Cary location.
      201 W Chatham St, Cary, NC 27511
      View Details
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    657 Cary Towne Blvd
    Cary, NC 27511-4219
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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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