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    1030 Forestville Rd Wake Forest, NC 27587-9243

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    1030 Forestville Rd Wake Forest, NC 27587-9243

    View on Map
    • Strip malls
    • 12,068 SF
    • 9.83 lot acres
    Off-Market
    Last Sale Sep 21, 2021
    $22,150,000
    Property ID
    US53-4883932
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Publix Pharmacy at The Shoppes at Heritage Village / Pharmacy
    • City National Bank - Presto ATM / Bank / Loan Service
    • Publix Catering at The Shoppes at Heritage Village / Take-out & Catering / Catering Service
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • Primo Water Refill / Big Box & Wholesale Store

    Property Details for 1030 Forestville Rd

    Year built
    2016
    Construction
    BRICK
    Lot size
    9.83 lot acres
    Property size
    12,068 SF
    Zone code
    NB
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    1749.02-59-7644 0446390
    APU
    1749025976440446390

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5076
    Latitude
    35.9461
    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
    $147,241
    $3,885,135
    $8,786,170
    $12,671,305
    -
    $3,885,135
    $8,786,170
    $12,671,305

    Comparable in this City

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      12,800 SF

      407 Brks Stmc

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    • Value Estimation
      $5,060,000
      17,865 SF

      3652 Rogers Rd

      SHOPPING CENTER, STRIP CENTER • 17,865 SF
      3652 Rogers Rd, Wake Forest, NC 27587-9306
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    • Value Estimation
      $2,585,000
      13,600 SF

      927 Durham Rd

      SHOPPING CENTER, STRIP CENTER • 13,600 SF
      927 Durham Rd, Wake Forest, NC 27587-4508
      View Details
    • Value Estimation
      $8,450,000
      35,650 SF

      914 Gtwy Cmns Cir

      SHOPPING CENTER, STRIP CENTER • 35,650 SF
      914 Gtwy Cmns Cir, Wake Forest, NC 27587-5992
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    • Value Estimation
      $7,210,000
      38,750 SF

      11216 Capital Blvd

      SHOPPING CENTER, STRIP CENTER • 38,750 SF
      11216 Capital Blvd, Wake Forest, NC 27587-4530
      View Details
    • Value Estimation
      $990,000
      6,000 SF

      1428 Brogden Woods Dr

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      1428 Brogden Woods Dr, Wake Forest, NC 27587-3737
      View Details

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      Downtown Wake Forest Historic Building

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      1,482 SF

      Wake Forest Commercial Property

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      Downtown Wake Forest Retail Property

      Historic, fully leased commercial building in downtown Wake Forest.
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      7,000 SF

      Commercial Outparcel Land For Sale

      Commercial land available near US Hwy 401 and Forestville Road.
      Forestville Rd, Wake Forest, NC 27587
      View Details
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      Wake Forest Corner Lot

      3.09-acre corner lot in Wake Forest, North Carolina.
      8824 Ligon Mill Rd, Wake Forest, NC 27587
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    Similar Nearby for Lease

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      Wake Forest Business Center Retail

      Retail spaces available in Wake Forest business center.
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      Community Shopping Center For Rent

      Community shopping center anchored by Harris Teeter in Wake Forest.
      1428 Brogden Woods Dr, Wake Forest, NC 27587
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      High-Visibility Retail Center in Raleigh

      Well-located retail center with diverse tenant mix and strong traffic.
      14460 New Fls Of Neuse Rd, Wake Forest, NC 27587
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      Grocery Anchored Retail Center Space

      55,300 sq ft retail space at signalized intersection.
      Forestville Rd And Foundation Dr, Wake Forest, NC 27587
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      16,000 SF

      Turn-Key Commissary Kitchen Ready Now

      Fully equipped commercial kitchen for immediate occupancy and diverse culinary operations.
      5107 Unicon Dr, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Retail Space

      Retail and restaurant spaces available for lease in Wake Forest.
      12255 Capital Blvd, Wake Forest, NC 27587
      View Details

    Property Visit Statistics

    • Visits by month
      75.1k
    • Visitors by month
      40.0k
    • Avg Time on site
      23 min
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    Wake Forest, NC 27587-9243
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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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