Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1117 Hillsborough St Raleigh, NC 27603
    Back to Search
    Property profile & analytics

    1117 Hillsborough St, Raleigh, NC 27603

    View on Map
    • Investment properties
    • 4,442 SF
    • 0.48 lot acres
    For Sale
    $2,775,000
    View Listing →
    Historic Office Building and Duplex For Sale
    $2,775,000
    6,342 SF

    Historic Office Building and Duplex

    Two-story historic office building and duplex with parking lot.

    1117 Hillsborough, Raleigh, NC 27603
    View Listing
    Property ID
    US53-1016993
    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

    • Kelly & West Attorneys, P.A. / Law Firm
    • Barefoot Family Law / Law Firm
    • Lewis E Hardy / Law Firm
    • Blanchard Miller Lewis / Law Firm

    Property Details for 1117 Hillsborough St

    Year built
    1920
    Construction
    FRAME
    Lot size
    0.48 lot acres
    Zone code
    NX-3
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    1703.05-29-2686 0090137
    APU
    1703052926860090137

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 20, 2018 — Fletcher Historic Prop LLC — Deed · related $688k · Paragon Bk
    Feb 10, 2004 — Fletcher Historic Props LLC Birch,robert M & Kimberly B Warranty Deed $950k · Rbc Centura Bank
    Dec 30, 2002 $560,000 R Birch Birch,r Grant Deed · related —
    — — Fletcher Historic Props LLC — Deed Of Trust · related $745k · Paragon Commercial Bank
    — — Fletcher Historic Prop LLC — Loan Modification · related $688k · Paragon Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $975,000
      6.5%
      $900,000
      7%
      $840,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $887,000
      Market price range: $428k - $1.22M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,470,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6551
    Latitude
    35.782
    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
    $9,886
    $1,004,134
    $472,244
    $1,476,378
    -
    $1,004,134
    $472,244
    $1,476,378

    Comparable in this City

    • Value Estimation
      $2,000,000
      7,116 SF

      220 Hillsborough St

      OFFICE/RESIDENTIAL (MIXED USE)
      220 Hillsborough St, Raleigh, NC 27603-1724
      View Details
    • Value Estimation
      $1,315,000
      4,665 SF

      16 Boylan Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      16 Boylan Ave, Raleigh, NC 27603-1421
      View Details
    • Value Estimation
      $1,025,000
      3,594 SF

      703 Palmer Dr

      OFFICE/RESIDENTIAL (MIXED USE)
      703 Palmer Dr, Raleigh, NC 27603-2123
      View Details
    • Value Estimation
      $3,990,000
      13,754 SF

      610 Hillsborough St

      OFFICE/RESIDENTIAL (MIXED USE)
      610 Hillsborough St, Raleigh, NC 27603-1721
      View Details
    • Value Estimation by Request
      2,498 SF

      712 Wn St

      OFFICE/RESIDENTIAL (MIXED USE)
      712 Wn St, Raleigh, NC 27603-1419
      View Details
    • Value Estimation
      $930,000
      4,516 SF

      109 Boylan Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      109 Boylan Ave, Raleigh, NC 27603-1422
      View Details

    Similar Nearby for Sale

    • New
      $4,500,000
      9,062 SF

      Live-Work Townhome Community

      Six townhomes with private garages and flex office space set for move-in readiness in Summer/Fall 2026.
      720 Noble Town Way, Raleigh, NC 27603
      View Details
    • Contact for pricing

      Glenwood South Creative Office/Retail

      Creative office/retail space in the heart of Glenwood South.
      530 Hillsborough St, Raleigh, NC 27603
      View Details
    • Contact for pricing
      5,742 SF

      Stabilized Multifamily Community in Raleigh

      7-unit multifamily property in South Raleigh, 100% occupied.
      2821 Club Plaza Rd, Raleigh, NC 27603
      View Details
    • $2,400,000
      10.00 Acres

      Raleigh Land with Development Potential

      10-acre parcel suitable for residential, commercial, or special use.
      408 Johnston Rd, Raleigh, NC 27603
      View Details
    • Contact for pricing
      1,890 SF

      Versatile Office/Flex Condo in Raleigh

      1890 sq ft office/flex condo for sale or lease.
      148 Annaron Ct, Raleigh, NC 27603
      View Details
    • Contact for pricing

      Raleigh Land Parcel For Sale

      Land parcel available for sale in Raleigh, North Carolina.
      7608 Fayetteville Rd, Raleigh, NC 27603
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr

      Industrial Flex Space For Rent

      21,520 SF industrial/flex building minutes from downtown Raleigh.
      3305 Durham Dr, Raleigh, NC 27603
      View Details
    • Contact for pricing
      13,273 SF

      Downtown Raleigh Office Space Available

      13,273 SF office space for rent in downtown Raleigh.
      323 West Jones St, Raleigh, NC 27603
      View Details
    • $18 SF/Yr

      Modern Flex Space Available

      Premier property with modern amenities, flexible floor plans, and convenient location.
      3125 Garner Station Blvd, Raleigh, NC 27603
      View Details
    • $14 SF/Yr

      Raleigh Industrial Warehouse with Office

      10,000 SF warehouse with office space for lease.
      144 Rupert Rd, Raleigh, NC 27603
      View Details
    View Listing
    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.
    1117 Hillsborough St
    Raleigh, NC 27603
    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
    1117 Hillsborough St, Raleigh, NC, 27603
    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!