Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1309 Corporation Pkwy Raleigh, NC 27610-1351

    • Hotels
    • 40,074 SF
    • 1.69 lot acres
    OFF-MARKET
    Last Sale
    Aug 04, 2023
    $7,721,500
    Value Estimations
    $7,630,000
    Show details
    Cap Rate Potential
    3.4%
    Hotels
    Location Intelligence
    Property ID
    US53-5789615
    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

    • Hotels

    Property Details for 1309 Corporation Pkwy

    Year built
    2001
    Construction
    CONCRETE BLOCKS
    Lot size
    1.69 lot acres
    Property size
    40,074 SF
    Zone code
    CX-3
    Property type
    Hotels
    Property subtype
    Motels
    APN
    1724.12-75-7657 0159993
    APU
    1724127576570159993

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,440,000
      ML approach
      $7,645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,195,000
      Market price range: $5.70M - $11.5M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $8,340,000
      Current use
      MEDICAL BUILDING
      $12,640,000
      Change: +52% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $11,815,000
      Change: +42% Conversion: Difficult
      RETAIL STORES
      $11,585,000
      Change: +39% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5692
    Latitude
    35.798
    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
    $51,138
    $621,135
    $4,070,437
    $4,691,572
    -
    $621,135
    $4,070,437
    $4,691,572

    Comparable in this City

    • Value Estimation
      $4,655,000
      25,940 SF

      4716 New Bern Ave

      HOTEL/MOTEL • 25,940 SF
      4716 New Bern Ave, Raleigh, NC 27610-1438
      View Details
    • Value Estimation
      $3,185,000
      45,591 SF

      3804 New Bern Ave

      HOTEL/MOTEL • 45,591 SF
      3804 New Bern Ave, Raleigh, NC 27610-1335
      View Details
    • Value Estimation
      $2,050,000
      27,460 SF

      3120 New Bern Ave

      HOTEL/MOTEL • 27,460 SF
      3120 New Bern Ave, Raleigh, NC 27610-1217
      View Details
    • Value Estimation
      $4,150,000
      31,800 SF

      1209 Plainview Dr

      HOTEL/MOTEL • 31,800 SF
      1209 Plainview Dr, Raleigh, NC 27610-1316
      View Details
    • Value Estimation
      $3,810,000
      49,390 SF

      3618 New Bern Ave

      HOTEL/MOTEL • 49,390 SF
      3618 New Bern Ave, Raleigh, NC 27610-1233
      View Details
    • Value Estimation
      $5,300,000
      34,848 SF

      3520 Maitland Dr

      HOTEL/MOTEL • 34,848 SF
      3520 Maitland Dr, Raleigh, NC 27610-1238
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.00 Acre

      Raleigh Flex Space: Prime Location

      1200 sq ft Flex Space - Move-In Ready
      1214 Lenoir St, Raleigh, NC 27610
      View Details
    • $265,550
      0.10 Acres

      Raleigh Land Ready For Building

      Cleared 0.10-acre lot near Downtown Raleigh, ideal for builders.
      1317 Pender St, Raleigh, NC 27610
      View Details
    • $149,999
      0.47 Acres

      Raleigh Land Parcel For Sale

      Nearly half-acre lot in Raleigh, no HOA, utilities available.
      5101 Royal Acres Rd, Raleigh, NC 27610
      View Details
    • $350,000
      2.45 Acres

      Raleigh Land Opportunity

      2.45-acre cleared lot ready for construction, close to Raleigh.
      7002 Farmdale Rd, Raleigh, NC 27610
      View Details
    • $4,950,000

      Prime Downtown Raleigh Development Opportunity

      Four prime lots totaling 0.97 acres in downtown Raleigh.
      12 N Tarboro St, Raleigh, NC 27610
      View Details
    • $1,680,000
      9 SF

      Raleigh Land Approved for Development

      9.78-acre site approved for 42 townhome lots in Raleigh.
      2350 Maybrook Dr, Raleigh, NC 27610
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo
      1,700 SF

      Fieldstone Crossing Town-home For Rent

      Town-home with community pool, 3 bedrooms, 2.5 bath.
      1311 Canyon Rock Ct, Raleigh, NC 27610
      View Details
    • $14 SF/Yr
      79,232 SF

      Raleigh Boulevard Plaza Retail Space

      Prime Raleigh retail space available now
      1100 Raleigh Blvd, Raleigh, NC 27610
      View Details
    • $17 SF/Yr
      5,000 SF

      Flex Building Near New Bern Avenue

      Multi-tenant flex building with warehouse and office space for sublease.
      1205 Corporation Pkwy, Raleigh, NC 27610
      View Details
    • $1,975 /Mo
      1,941 SF

      Spacious 4-Bedroom Home For Rent

      Comfortable Raleigh home with large primary suite and 2-car garage.
      6005 Namozine Ct, Raleigh, NC 27610
      View Details
    • Contact for pricing

      Commercial Land For Lease

      Commercial land available for ground lease or build-to-suit.
      Raleigh, NC 27610
      View Details
    • $2,025 /Mo
      25,500 SF

      Spacious Facility with Flexible Layout

      25,000 sq ft facility suitable for diverse uses.
      4400 Old Poole Rd, Raleigh, NC 27610
      View Details
    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.
    1309 Corporation Pkwy
    Raleigh, NC 27610-1351
    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

    Google sign-in failed. Please try again or use another login method.