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

    1507 N Road St, Unit 2 Elizabeth City, NC 27909

    • Medical offices
    • 1.52 lot acres
    For Lease
    View listing
    $3,600 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4620697
    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

    • Small Paws Veterinary Clinic / Veterinary Clinic

    Property Details for 1507 N Road St

    Year built
    2005
    Construction
    FRAME
    Lot size
    1.52 lot acres
    Zone code
    GB
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    891503421376
    APU
    891503421376

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth City
    County
    Pasquotank
    State
    North Carolina
    Longitude
    -76.2356
    Latitude
    36.3357
    CBSA code
    21020
    CBSA name
    ELIZABETH CITY, NC MICROPOLITAN 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
    $0.00
    $0.00
    $0.00
    $1,936,400
    -
    $241,000
    $1,695,400
    $1,936,400

    Comparable in this City

    • Value Estimation by Request
      1.65 Acres

      102 Northside Park

      MEDICAL BUILDING • 1.65 Acres
      102 Northside Park, Elizabeth City, NC 27909-9337
      View Details
    • Value Estimation by Request
      1.02 Acres

      1735 City Ctr Blvd

      MEDICAL BUILDING • 1.02 Acres
      1735 City Ctr Blvd, Elizabeth City, NC 27909-8960
      View Details
    • Value Estimation by Request
      0.35 Acres

      106 Medical Dr

      MEDICAL BUILDING • 0.35 Acres
      106 Medical Dr, Elizabeth City, NC 27909-3361
      View Details
    • Value Estimation by Request
      1.00 Acres

      1845 City Dr

      MEDICAL BUILDING • 1.00 Acres
      1845 City Dr, Elizabeth City, NC 27909-9633
      View Details
    • Value Estimation by Request
      0.61 Acres

      1609 Ehringhaus St

      MEDICAL BUILDING • 0.61 Acres
      1609 Ehringhaus St, Elizabeth City, NC 27909-4551
      View Details
    • Value Estimation by Request
      0.45 Acres

      206 Hastings Ln

      MEDICAL BUILDING • 0.45 Acres
      206 Hastings Ln, Elizabeth City, NC 27909-3324
      View Details

    Similar Nearby for Sale

    • $749,000
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      Elizabeth City Surgical Center For Sale

      Ambulatory Surgical Center near Sentara Albemarle Medical Center.
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    • $749,000
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      Prime Medical Office Building in Elizabeth City

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    • Contact for pricing
      338,000 SF

      Riverfront Property with Redevelopment Potential

      68-acre riverfront property with 338,000 SF hospital near Downtown.
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    • $250,000
      1,896 SF

      Elizabeth City Office Building

      Prime Office Space, 1896 sq ft
      525 Hughes Blvd, Elizabeth City, NC 27909
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    • $1,000,000
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      Prime Elizabeth City Office Building

      Two-story office, 8,100 sq ft, $1M
      529 Hughes Blvd, Elizabeth City, NC 27909
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    • $64,900
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      Elizabeth City Commercial Road Frontage

      1.5 acre commercial lot with high traffic volume.
      108 Northside Park Dr, Elizabeth City, NC 27909
      View Details

    Similar Nearby for Lease

    • $3,600 /Mo
      3,375 SF

      Elizabeth City Medical Office Space

      3,375 SF medical office space for lease.
      1134 N Rd St Unit, Elizabeth City, NC 27909
      View Details
    • $7,260 /Mo
      7,260 SF

      Two-Story Commercial Building For Rent

      7,260 SF commercial building suitable for medical or retail.
      1141 N Rd St Unit, Elizabeth City, NC 27909
      View Details
    • $800 /Mo
      800 SF

      Elizabeth City Office Space For Lease

      800 sqft office space for lease in Elizabeth City, NC.
      1142 N Rd St Unit, Elizabeth City, NC 27909
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    • $2,454 /Mo
      1,732 SF

      Professional Office Space For Lease

      Immaculate office space in desirable City Center West subdivision.
      1880 W City Dr Unit, Elizabeth Cty, NC 27909
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    • $1,400 /Mo
      1,175 SF

      Elizabeth City Office Space Available

      Office space for lease in established professional complex.
      1142 N Rd St Unit, Elizabeth City, NC 27909
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    • $3,600 /Mo
      3,432 SF

      Functional Medical Office Space Available

      Attractive medical office space in Elizabeth City for lease.
      1507 N Road St, Elizabeth City, NC 27909
      View Details
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    Elizabeth City, NC 27909
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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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