Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    510-512 St Marys St Raleigh, NC 27605
    Property profile & analytics

    510-512 St Marys St, Raleigh, NC 27605

    View on Map
    • Retail properties & Spaces
    • 7,722 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 510-512 St Marys St

    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional commercial property, located at 510-512 St. Mary's Street in Raleigh, North Carolina, offers a unique opportunity for businesses seeking a vibrant and convenient location. The property is classified as a Class B building, encompassing a total of 7,722 square feet across two stories. Currently, there are two suites available, with a minimum divisible space of 163 square feet and a maximum contiguous space of 500 square feet. A total of 663 square feet is currently vacant. The property is zoned R-12 and situated in Wake County, with easy access to major thoroughfares. The building does not have elevators. This location boasts a thriving neighborhood atmosphere, filled with locally owned restaurants and shops, and is poised for significant growth with upcoming developments, including a large mixed-use building nearby. High traffic volume of 8,400 vehicles per day is observed on St. Mary's Street just south of W. Johnson Street. This versatile space is ideal for a variety of businesses seeking a dynamic and accessible location in a rapidly developing area of Raleigh. The property type is listed as Retail and Office, with a subtype of Traditional Office and Storefront, making it suitable for a range of commercial uses. The zip code is 27605.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6507
    Latitude
    35.787

    Comparable in this City

    • Value Estimation by Request
      1,584 SF

      706 Peace St

      STORE, RETAIL OUTLET
      706 Peace St, Raleigh, NC 27605-1414
      View Details
    • Value Estimation by Request
      1,318 SF

      702 Peace St

      STORE, RETAIL OUTLET
      702 Peace St, Raleigh, NC 27605-1414
      View Details
    • Value Estimation by Request
      1,466 SF

      720 St Marys St

      Office Units
      720 St Marys St, Raleigh, NC 27605
      View Details
    • Value Estimation
      $810,000
      4,080 SF

      710 Peace St

      RETAIL STORES (PERSONAL SERVICES)
      710 Peace St, Raleigh, NC 27605-1414
      View Details
    • Value Estimation
      $1,290,000
      5,965 SF

      700 Saint Marys St

      RETAIL STORES (PERSONAL SERVICES)
      700 Saint Marys St, Raleigh, NC 27605-1425
      View Details
    • Value Estimation by Request
      1,408 SF

      714 Peace St

      RETAIL STORES (PERSONAL SERVICES)
      714 Peace St, Raleigh, NC 27605-1414
      View Details

    Similar Nearby for Sale

    • $859,815

      Class A Office Condo For Sale

      Move-in-ready office condo with modern finishes and prime location.
      1033 Wade Ave, Raleigh, NC 27605
      View Details
    • $1,249,950
      Pending

      Cash-Flow Student Rental Near NCSU

      NCSU area rental property with leases in place through July.
      206 Ashe Ave, Raleigh, NC 27605
      View Details
    • Contact for pricing
      725 SF

      Charming Condo in Village District

      One bedroom condo in the heart of the Village District.
      1031 Saint Marys St, Raleigh, NC 27605
      View Details
    • $599,000
      0.23 Acres

      Raleigh Land Parcel with Approved Plans

      Premier parcel with approved plans in desirable Raleigh location.
      1011 Oberlin Rd, Raleigh, NC 27605
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Space Available For Lease

      Office space for lease at 1951 Clark Ave, Raleigh.
      1951 Clark Ave, Raleigh, NC 27605
      View Details
    • Contact for pricing

      Raleigh Office Space for Rent

      Office spaces available within 30 days in Raleigh, NC.
      1001 Wade Ave, Raleigh, NC 27605
      View Details
    • Contact for pricing

      Coworking Office Suites

      Move-in-ready office options with shared training and break space, available within 30 days.
      1001 Wade Ave, Raleigh, NC 27605
      View Details
    • Contact for pricing
      1,562 SF

      Retail Space in Oberlin Court

      Retail space with high visibility and easy access to amenities.
      1028 Oberlin Rd, Raleigh, NC 27605
      View Details
    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.
    510-512 St Marys St
    Raleigh, NC 27605
    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

    Thank You for Inquiry
    510-512 St Marys St, Raleigh, NC, 27605
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!