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    Strickland Rd. & Leesville Rd Raleigh, NC 27613

    • Retail properties & Spaces
    • 127,106 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Strickland Rd. & Leesville Rd

    Property size
    127,106 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail opportunity is located within the thriving Leesville Towne Centre in Raleigh, North Carolina, at the intersection of Strickland Road and Leesville Road. The property boasts a total of 127,106 square feet and features a single, large suite with 960 square feet currently available. The center enjoys a prime location offering convenient access to I-540, ensuring high visibility and accessibility for customers. The surrounding area is characterized by high household incomes and a well-educated population, creating a strong and stable customer base. The center is already home to a successful Harris Teeter supermarket, along with a diverse mix of medical offices, retail businesses, service providers, and restaurants, creating a synergistic and thriving retail environment. Ample parking is available with 679 spaces to accommodate customers and employees. This space presents a unique chance to establish or expand a business within a well-established and successful retail center in Wake County, North Carolina, zip code 27613. The property is classified as commercial retail with multiple tenancy. The available space is ideal for a variety of retail uses.

    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
    -78.7284
    Latitude
    35.9081

    Comparable in this City

    • Value Estimation by Request

      9113 Leesville Rd

      Retail properties & Spaces
      9113 Leesville Rd, Raleigh, NC 27613
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    • Value Estimation by Request
      103,734 SF

      8311 Creedmoor Rd

      Individual retail properties • 103,734 SF
      8311 Creedmoor Rd, Raleigh, NC 27613
      View Details
    • Value Estimation by Request
      95,569 SF

      Ebenezer Church Rd & Glenwood Ave

      Individual retail properties • 95,569 SF
      0 Ebenezer Church Rd & Glenwood Ave, Raleigh, NC 27613
      View Details
    • Value Estimation
      $575,000
      1,252 SF

      13270 Strickland Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,252 SF
      13270 Strickland Rd, Raleigh, NC 27613-5245
      View Details
    • Value Estimation
      $525,000
      6,120 SF

      6408 Hilburn Dr

      FINANCIAL BUILDING • 6,120 SF
      6408 Hilburn Dr, Raleigh, NC 27613-1905
      View Details
    • Value Estimation
      $3,610,000
      35,332 SF

      8345 Creedmoor Rd

      MINI-MALL • 35,332 SF
      8345 Creedmoor Rd, Raleigh, NC 27613-1385
      View Details

    Similar Nearby for Sale

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      Raleigh Office Suite For Sale

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    Similar Nearby for Lease

    • $32 SF/Yr
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      Raleigh Retail Space - Leesville Rd

      1,190 sq ft Retail Space in Prime Location
      9113 Leesville Rd, Raleigh, NC 27613
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    • Contact for pricing
      127,106 SF

      Leesville Towne Centre Retail Space

      High-traffic Raleigh retail space available.
      0 Strickland Rd. & Leesville Rd, Raleigh, NC 27613
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    • $23 SF/Yr
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      Lynnwood Plaza: Raleigh Office Suites

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    Strickland Rd. & Leesville Rd
    Raleigh, NC 27613
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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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