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    Property profile & analytics

    Richardson Dr Kenly, NC 27542

    • Commercial real estate
    • 64.00 lot acres
    For Sale
    View listing
    $450,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for Richardson Dr

    Lot size
    64.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 64-acre commercial property in Kenly, NC, presents a rare investment opportunity. Boasting over 1600 feet of paved public road frontage on Richardson Drive, this expansive tract offers unparalleled visibility and accessibility. Its strategic location at I-95 exit 106 ensures high traffic volume and convenient access to major transportation routes. A significant feature is the inclusion of a non-operational railroad spur, providing potential for unique industrial or logistical uses. Adding to its versatility, the property also includes 1500 feet of frontage on the Little River and 1300 feet bordering the CSX Railroad, opening possibilities for various development scenarios. Currently zoned A/R, this land is suitable for a wide range of commercial ventures, from small businesses seeking a combined living and working space to larger industrial facilities, subject to appropriate zoning changes. The combination of road frontage, river access, rail proximity, and its location near a major interstate interchange makes this a truly unique and highly desirable property with significant development potential. The existing rail spur, bed, and easement are included in the sale. This is an exceptional opportunity for an investor or business owner seeking a strategically located and versatile property. The asking price is $450,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Kenly
    County
    Johnston
    State
    North Carolina
    Longitude
    -78.1351
    Latitude
    35.608

    Comparable in this City

    • Value Estimation by Request
      1,440 SF

      201 Gardner Ave

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      520 SF

      133 Old Rte 22

      COMMERCIAL (GENERAL) • 520 SF
      133 Old Rte 22, Kenly, NC 27542-8153
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      2,800 SF

      108 2nd St

      COMMERCIAL (GENERAL) • 2,800 SF
      108 2nd St, Kenly, NC 27542-5004
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      1,388 SF

      209 2nd St

      COMMERCIAL (GENERAL) • 1,388 SF
      209 2nd St, Kenly, NC 27542-5001
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    • Value Estimation by Request
      34.02 Acres

      701 Johnston Pkwy

      Commercial real estate • 34.02 Acres
      701 Johnston Pkwy, Kenly, NC 27542
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    • Value Estimation by Request
      1.20 Acres

      659 Joe Morris Rd

      COMMERCIAL (GENERAL) • 1.20 Acres
      659 Joe Morris Rd, Kenly, NC 27542-9687
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    Richardson Dr
    Kenly, NC 27542
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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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