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    Property profile & analytics

    1031 Harrison Ave Cary, NC 27513-3924

    • Drive through restaurants
    • 2,861 SF
    • 0.99 lot acres
    OFF-MARKET
    Last Sale
    Jun 10, 2022
    $2,350,000
    Value Estimations
    $2,505,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5597107
    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.

    Current Use by Public Records

    • Drive through restaurants

    Property Details for 1031 Harrison Ave

    Year built
    1996
    Construction
    BRICK
    Lot size
    0.99 lot acres
    Property size
    2,861 SF
    Zone code
    GCCU
    Property type
    Drive through restaurants
    APN
    0764.06-47-2824 0217322
    APU
    764064728240217322

    Description

    This exceptional free-standing retail property, located at 1031 N Harrison Ave in Cary, NC, presents a unique investment opportunity. Boasting a total building area of 2,861 square feet, the property sits on a sizable 0.99-acre lot, offering ample space and potential for expansion or outdoor amenities. Currently vacant, this single-tenant building provides a blank canvas for a discerning business owner to customize the space to their exact specifications. Constructed in 1996, the building is situated in Wake County, within the vibrant Cary community, and benefits from excellent visibility and accessibility. The property's convenient location offers easy access to major transportation routes, ensuring high traffic flow and customer convenience. The 2,861 square feet of vacant space provides flexibility for a variety of retail uses, making it an ideal choice for businesses seeking a prominent presence in a thriving market. The expansive lot size also offers potential for future development or outdoor seating areas, further enhancing the property's appeal. This is a rare opportunity to acquire a well-located, sizable retail property in a highly desirable area of Cary, North Carolina. The property's size, location, and vacancy make it an attractive proposition for businesses seeking a strong foothold in a growing market. The zip code is 27513.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,535,000
      ML approach
      $2,700,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,765,000
      Market price range: $855k - $2.32M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7835
    Latitude
    35.8045
    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
    $15,519
    $720,171
    $828,595
    $1,548,766
    -
    $720,171
    $828,595
    $1,548,766

    Comparable in this City

    • Value Estimation
      $460,000
      5,512 SF

      1805 Harrison Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 5,512 SF
      1805 Harrison Ave, Cary, NC 27513-2408
      View Details
    • Value Estimation
      $500,000
      3,436 SF

      1809 Harrison Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,436 SF
      1809 Harrison Ave, Cary, NC 27513-2408
      View Details
    • Value Estimation
      $480,000
      2,952 SF

      1011 Harrison Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,952 SF
      1011 Harrison Ave, Cary, NC 27513-3906
      View Details
    • Value Estimation
      $455,000
      2,745 SF

      1213 Maynard Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,745 SF
      1213 Maynard Rd, Cary, NC 27513-8720
      View Details
    • Value Estimation
      $460,000
      2,901 SF

      1711 Harrison Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,901 SF
      1711 Harrison Ave, Cary, NC 27513-2406
      View Details
    • Value Estimation
      $460,000
      3,469 SF

      4801 Cary Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,469 SF
      4801 Cary Pkwy, Cary, NC 27513-8441
      View Details

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    Similar Nearby for Lease

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      Second generation restaurant spaces available in Cary, North Carolina.
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      77,803 SF

      Northwoods Shopping Center: Cary, NC

      Retail Space Available in Thriving Cary
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      View Details
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      Retail Space in Cary Center

      Grocery-anchored retail space available at a busy Cary intersection.
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      View Details
    • Contact for pricing
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      Cary, NC: 10 Retail Spaces Available
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      View Details
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    1031 Harrison Ave
    Cary, NC 27513-3924
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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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