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    Revitalized Shopping Center Space Available Title is generated by Realmo AI

    Garner Station Blvd, Raleigh, NC 27603

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    Retail spaces available in a vibrant, improving shopping center.

    Type:Retail
    Property size:
    7,800 SF
    Added:
    May 27, 2024
    Days on Market:
    740
    Last Refresh:
    May 12 at 8:28 pm

    Property Features for Garner Station Blvd

    General Information

    Standard status
    Active
    Size
    7,800 SF
    Property subtype
    Retail

    Spaces For Lease

    at Garner Station Blvd Contact us

    Available Space $27/Mo

    Size
    Type
    Retail
    Currently, the vacancy rate on this property is at a low 7.83%, with a mix of both...
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    Contact us

    We can help!

    Listing Contact
    Mike Peebles

    Listing agent Mike Peebles License #NC 77879

    Listing office Peebles Commercial Realty

    Listing date May 27, 2024

    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 Peebles Commercial Realty

    HighLights

    • Significant upcoming improvements planned, including landscaping, parking, lighting, security, and facade upgrades.
    • High occupancy rate, with recent leases filling over half the vacant space.
    • Strong tenant mix of national and local businesses creates a vibrant environment.
    • New tenants NOVA Trampoline Park and Grand Slam baseball training are attracting customers.
    • Anchored by Belk's with a long‑term lease extension.
    • Convenient location with easy access to downtown Raleigh.

    Overview

    Retail spaces ranging from 2,000 to 7,800 square feet are available for lease in a 310,000 square foot shopping center. The center features a mix of national and local tenants, contributing to the area's vibrancy. Located a short distance from downtown, the property offers convenience and accessibility. The center is undergoing a major resurgence and is about to see a significant facelift. NOVA Trampoline Park is anticipated to open July 1, 2025, occupying the former Carly C’s space. Grand Slam baseball training opened April 1, 2025, in the former Big Lot’s space. Belk’s has signed a long-term extension. Well over half of the vacant space has been leased. The landlord is about to make significant improvements to the center, including landscaping, redoing the parking lot, improving site lighting and security measures, and making cosmetic changes to the façade. The center is almost full and will be very active in 2025 with a revitalized appearance. Base Rent is $27.50/sf and TICAM is estimated to be $3.50/sf.
    Property Profile Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • Quick-Tag — Walmart Supercenter, 4500 Fayetteville Rd, Raleigh, NC 27603
    • South South Station — 1557-1599 Garner Station Blvd, Raleigh, NC 27603
    • South Station — 1527 garner station blvd, raleigh, nc 27603
    • North Station — Unnamed Road, Raleigh, NC 27603

    Map

    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6515924
    Latitude
    35.7253665

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    FAQs

    What type of property is this?
    Shopping center - Retail spaces available in a vibrant, improving shopping center.
    Where is this shopping center located?
    The property is located at Garner Station Blvd Raleigh, NC.
    What is the lease rate?
    The lease rate is $27 SF/Yr.
    What are key features of this property?
    This property features: Significant upcoming improvements planned, including landscaping, parking, lighting, security, and facade upgrades.; High occupancy rate, with recent leases filling over half the vacant space.; Strong tenant mix of national and local businesses creates a vibrant environment.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mike Peebles
    Real Estate License ID: NC 77879
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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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