Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1617 New Bern Ave Raleigh, NC 27610-2537
    Back to Search
    Property profile & analytics

    1617 New Bern Ave, Raleigh, NC 27610-2537

    View on Map
    • Grocery and convenience stores
    • 1,598 SF
    • 0.18 lot acres
    Off-Market
    Last Sale Jul 7, 2023
    $818,300
    Property ID
    US53-2136388
    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
    $810,000
    Show details
    Cap Rate Potential
    3.6%
    Grocery and convenience stores
    Location Intelligence

    Current Use by Public Records

    • Zacks Grocery Mart / Grocery & Convenience Store / Food Market
    • Triangle / Gas Station

    Property Details for 1617 New Bern Ave

    Year built
    1954
    Construction
    BRICK
    Lot size
    0.18 lot acres
    Zone code
    NX-3
    Property type
    Grocery and convenience stores
    APN
    1713.06-49-4153 0012634
    APU
    1713064941530012634

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 7, 2023 $2,900,000 City Of Raleigh Longview Acre LLC Warranty Deed —
    Mar 24, 2020 $1,200,000 Longview Acre LLC Zlb LLC Warranty Deed —
    May 31, 2011 — Zlb LLC Byrd,zachary L SR Warranty Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $790,000
      ML approach
      $810,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $880,000
      COMMERCIAL (GENERAL)
      $520,000
      MEDICAL BUILDING
      $505,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6142
    Latitude
    35.7803
    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
    $2,077
    $93,857
    $99,393
    $193,250
    -
    $93,857
    $99,393
    $193,250

    Comparable in this City

    • Value Estimation
      $875,000
      3,200 SF

      4000 New Bern Ave

      GROCERY, SUPERMARKET
      4000 New Bern Ave, Raleigh, NC 27610-1331
      View Details
    • Value Estimation
      $600,000
      3,120 SF

      2121 Poole Rd

      GROCERY, SUPERMARKET
      2121 Poole Rd, Raleigh, NC 27610-2727
      View Details
    • Value Estimation by Request
      1,056 SF

      3694 New Bern Ave

      GROCERY, SUPERMARKET
      3694 New Bern Ave, Raleigh, NC 27610-1233
      View Details
    • Value Estimation by Request
      1,305 SF

      1827 Garner Rd

      GROCERY, SUPERMARKET
      1827 Garner Rd, Raleigh, NC 27610-3923
      View Details
    • Value Estimation by Request
      4,414 SF

      3405 Poole Rd

      GROCERY, SUPERMARKET
      3405 Poole Rd, Raleigh, NC 27610-2901
      View Details
    • Value Estimation
      $880,000
      3,240 SF

      1825 Us 70th E Hwy

      GROCERY, SUPERMARKET
      1825 Us 70th E Hwy, Raleigh, NC 27610-8579
      View Details

    Similar Nearby for Sale

    • $1,250,000
      2.50 Acres

      Mixed-Use Land on Rock Quarry

      Prime investment opportunity in Raleigh, near 3,000+ homes.
      Raleigh, NC 27610
      View Details
    • Contact for pricing
      3,319 SF

      Chase Bank Ground Lease Opportunity

      New 15-year NNN lease with corporate tenant JP Morgan Chase.
      5160 New Bern Ave, Raleigh, NC 27610
      View Details
    • Contact for pricing
      200 SF

      Raleigh Retail Space For Sale

      Retail space available in Raleigh, North Carolina.
      1061 Corporation Pkwy, Raleigh, NC 27610
      View Details
    • Contact for pricing
      25,500 SF

      Versatile 25,000 SF Facility

      Adaptable 25,000 SF building suitable for diverse commercial uses.
      4400 Old Poole Rd, Raleigh, NC 27610
      View Details
    • $975,000
      1.63 Acres

      Raleigh Land Development Opportunity

      1.634 acres in prime location near Downtown Raleigh.
      2802 Milburnie Rd, Raleigh, NC 27610
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,200 SF

      Retail Space in Edgewater Place

      Retail space in a busy shopping center near Raleigh.
      1030 North Rogers Ln, Raleigh, NC 27610
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail property available for lease in Raleigh, North Carolina.
      1100 N Raleigh Blvd, Raleigh, NC 27610
      View Details
    • Contact for pricing
      13,190 SF

      Retail Space in Raleigh Center

      Neighborhood shopping center anchored by Food Lion on New Bern.
      3615 New Bern Ave, Raleigh, NC 27610
      View Details
    • $2,025 /Mo
      25,500 SF

      Versatile Commercial Facility in Raleigh

      25,000 sq ft facility suitable for diverse uses.
      4400 Old Poole Rd, Raleigh, NC 27610
      View Details
    • $17 SF/Yr

      Raleigh Specialty Property For Rent

      Specialty commercial property available for rent in Raleigh, North Carolina.
      3908 Memo Ct, 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.
    1617 New Bern Ave
    Raleigh, NC 27610-2537
    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
    1617 New Bern Ave, Raleigh, NC, 27610
    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!