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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    11640 Northpark Dr Wake Forest, NC 27587-5736

    • Office buildings
    • 52,304 SF
    • 5.14 lot acres
    OFF-MARKET
    Last Sale
    Dec 09, 2021
    $9,580,000
    Value Estimations
    $9,595,000
    Show details
    Cap Rate Potential
    8.9%
    Office buildings
    Location Intelligence
    Property ID
    US53-1731788
    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

    • Dr. Swathi Anche / Family Practice Physician
    • Wake Skin Cancer Center - Mohs Surgery Center / Dermatologist
    • WakeMed Primary Care - Wake Forest / Family Practice Physician / Medical Clinic
    • Wake Skin Cancer Center / Medical Clinic / Dermatologist
    • Dr. Stephen Tibbels / Family Practice Physician

    Property Details for 11640 Northpark Dr

    Year built
    2008
    Construction
    BRICK
    Lot size
    5.14 lot acres
    Property size
    52,304 SF
    Zone code
    HB
    Property type
    Office buildings
    APN
    1830.01-45-6817 0366584
    APU
    1830014568170366584

    Description

    Northpark II, a three-story medical office building, offers 52,236 square feet of space in Wake Forest, NC. Built in 2008, this brick building features abundant window lines, creating a bright and welcoming atmosphere. Currently, there is one suite available, totaling 6,316 square feet, ideal for a variety of medical practices. The building boasts a total of one suite across its three stories. Ample parking is provided with a ratio of 4 spaces per 1,000 square feet. Located at 11640 Northpark Drive, Wake Forest, NC 27587, this property enjoys a convenient location within Wake County. The building's modern design and ample space make it an excellent opportunity for medical professionals seeking a well-maintained and easily accessible location to establish or expand their practice. The property's strategic location in Wake Forest offers easy access to major roadways and a thriving community. This single-suite offering presents a unique chance to secure a significant footprint in a desirable medical office building. The building's solid construction and modern amenities ensure a comfortable and efficient workspace. The available space is ready for immediate occupancy, providing a seamless transition for any medical practice.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,655,000
      ML approach
      $9,565,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $14,275,000
      6.5%
      $13,175,000
      7%
      $12,235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,935,000
      Market price range: $8.94M - $13.5M
      AI Estimate
      $7,006,000
      Market price range: $5.72M - $13.5M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,335,000
      Current use
      RETAIL STORES
      $12,495,000
      Change: +10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5451
    Latitude
    35.9634
    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
    $88,638
    $1,602,613
    $6,025,403
    $7,628,016
    -
    $1,602,613
    $6,025,403
    $7,628,016

    Comparable in this City

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      OFFICE BUILDING • 1,260 SF
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    Similar Nearby for Lease

    • $36 SF/Yr
      41,887 SF

      NorthPark I Medical Office Space

      Wake Forest medical office suites available.
      11635 Northpark Dr, Wake Forest, NC 27587
      View Details
    • $3,995 /Mo
      1,920 SF

      Wake Forest Office Space

      Office space in a convenient location with ample parking.
      839 Durham Rd, Wake Forest, NC 27587
      View Details
    • $71 SF/Yr
      12,000 SF

      Wake Forest Executive Suites

      Modern offices, short-term lease options.
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      View Details
    • $1,300 /Mo
      6,793 SF

      Downtown Wake Forest Office Space

      627 SF open office space in downtown Wake Forest.
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      164,790 SF

      Wake Forest Exchange: R&D Space

      Prime Wake Forest R&D space available.
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      Wake Forest Commercial Parcel

      1.1-acre commercial parcel for sale or ground lease.
      S Franklin St, Wake Forest, NC 27587
      View Details
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    11640 Northpark Dr
    Wake Forest, NC 27587-5736
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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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