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    11635 Northpark Dr Wake Forest, NC 27587
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    11635 Northpark Dr, Wake Forest, NC 27587

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    • Office buildings
    • 44,220 SF
    • 3.55 lot acres
    For Lease
    $7,700,000
    View Listing →
    Medical Office Building in Wake Forest For Lease
    $7,700,000
    41,887 SF

    Medical Office Building in Wake Forest

    Three-story medical office building available for lease in Wake Forest.

    11635 Northpark Dr, Wake Forest, NC 27587
    View Listing
    Property ID
    US53-1977995
    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
    $7,700,000
    Cap Rate Potential
    9.4%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Pacific Path Detox / Medical Clinic
    • Christianna Karr / Physician
    • Perio-Implant Center-Wake Forest / Dental Office
    • Perio-Implant Center-Wake Forest: Collins John G DDS / Dental Office
    • Bristow Rita / Dental Office

    Property Details for 11635 Northpark Dr

    Year built
    1996
    Construction
    BRICK
    Lot size
    3.55 lot acres
    Zone code
    HB
    Property type
    Office buildings
    APN
    1830.11-55-0921 0232398
    APU
    1830115509210232398

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 9, 2021 $7,670,000 Hta Northpark I LLC Ccp Property Raleigh Durham LLC Special Warranty Deed —
    Nov 3, 2017 — Ccp Prop Raleigh-durham LLC — Grant Deed · related $29.8M · Benefit Street Ptrs Realty Ope
    Oct 10, 2014 $16,200,000 Ccp Prop Raleigh-durham LLC Tdc Blue I LLC Grant Deed —
    Oct 10, 2014 — Ccp Prop Raleigh-durham LLC Tdc Blue I LLC Trustees Deed · related $26.6M · Ge Cap Bk
    Aug 27, 2014 $4,900,000 Tdc Blue I LLC Beacon Ventures LLC Grant Deed —
    Nov 14, 2012 — Beacon Ventures LLC — Deed Of Trust · related $54M · Bank Of America
    Jul 17, 2006 — Beacon Ventures LLC — Deed Of Trust · related $38.6M · Bank Of America
    Mar 29, 2004 $6,085,000 Beacon Ventures LLC Highwoods Realty Grant Deed $3.9M · Bank Of America

    Description

    NorthPark I, a three-story medical office building totaling 41,887 square feet, presents a prime opportunity in Wake Forest, NC. Built in 1996, this brick building features attractive window lines and offers multiple tenancy options. The building currently has 8,044 square feet of vacant space, divisible into units ranging from a minimum of 1,363 square feet to a maximum contiguous space of 3,859 square feet. There are a total of three suites within the building. The property boasts a convenient location near the intersection of Hwy 98 Bypass and Hwy 1 (Capital Boulevard), providing easy access for patients and staff from Wake Forest and surrounding areas. Its strategic proximity, within two miles of Rex Healthcare of Wakefield and numerous other medical providers, makes it an ideal location for medical practices seeking high visibility and patient accessibility. Ample parking is available, with a ratio of 4.84 spaces per 1,000 square feet. This well-maintained building offers a fantastic opportunity for medical professionals seeking established space in a thriving community. Inquire today to learn more about available suite sizes and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,730,000
      ML approach
      $7,865,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,554,000
      Market price range: $7.55M - $11.4M
      AI Estimate
      $5,900,000
      Market price range: $4.83M - $11.4M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $9,580,000
      Current use
      RETAIL STORES
      $10,565,000
      Change: +10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5437
    Latitude
    35.9635
    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
    $74,641
    $1,701,018
    $4,722,472
    $6,423,490
    -
    $1,701,018
    $4,722,472
    $6,423,490

    Comparable in this City

    • Value Estimation
      $2,095,000
      14,344 SF

      343 White St

      OFFICE BUILDING
      343 White St, Wake Forest, NC 27587-2916
      View Details
    • Value Estimation
      $1,565,000
      7,984 SF

      843 Wake Frst Business Park

      OFFICE BUILDING
      843 Wake Frst Business Park, Wake Forest, NC 27587-6577
      View Details
    • Value Estimation by Request
      984 SF

      116 Brks St

      OFFICE BUILDING
      116 Brks St, Wake Forest, NC 27587-2702
      View Details
    • Value Estimation by Request
      462 SF

      1776 Heritage Ctr Dr Ste, Unit 104

      OFFICE BUILDING
      1776 Heritage Ctr Dr Ste, Wake Forest, NC 27587-3977
      View Details
    • Value Estimation by Request
      624 SF

      1890 Main St Ste, Unit 106

      OFFICE BUILDING
      1890 Main St Ste, Wake Forest, NC 27587-9726
      View Details
    • Value Estimation
      $1,825,000
      8,193 SF

      3117 Rogers Rd Ste, Unit 200

      OFFICE BUILDING
      3117 Rogers Rd Ste, Wake Forest, NC 27587-7071
      View Details

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      Medical Office Building in Wake Forest

      Three-story medical office building available for lease in Wake Forest.
      11635 Northpark Dr, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      Pending

      Downtown Wake Forest Office Suite

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      View Details
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    Wake Forest, NC 27587
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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.

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