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    Property profile & analytics

    1624 Walnut St Cary, NC 27511-5929

    • Retail space
    • 8,128 SF
    • 1.71 lot acres
    OFF-MARKET
    Value Estimations
    $865,000
    Show details
    Cap Rate Potential
    6%
    Retail space
    Location Intelligence
    Property ID
    US53-4006575
    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

    • Red roof inn / Lodging

    Property Details for 1624 Walnut St

    Year built
    2015
    Construction
    BRICK
    Lot size
    1.71 lot acres
    Property size
    8,128 SF
    Zone code
    GC
    Property type
    Retail space
    APN
    0773.14-42-6797 0412409
    APU
    773144267970412409

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $870,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $865,000
      6.5%
      $800,000
      7%
      $740,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7482
    Latitude
    35.7631
    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
    $22,946
    $1,060,709
    $1,229,262
    $2,289,971
    -
    $1,060,709
    $1,229,262
    $2,289,971

    Comparable in this City

    • Value Estimation
      $995,000
      19,329 SF

      748 Chatham St

      RETAIL STORES (PERSONAL SERVICES) • 19,329 SF
      748 Chatham St, Cary, NC 27511-6928
      View Details
    • Value Estimation
      $470,000
      1,563 SF

      117 Maynard Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,563 SF
      117 Maynard Rd, Cary, NC 27511-4401
      View Details
    • Value Estimation
      $370,000
      552 SF

      136 Chatham St

      RETAIL STORES (PERSONAL SERVICES) • 552 SF
      136 Chatham St, Cary, NC 27511-3322
      View Details
    • Value Estimation
      $375,000
      1,320 SF

      519 Chatham St

      RETAIL STORES (PERSONAL SERVICES) • 1,320 SF
      519 Chatham St, Cary, NC 27511-6906
      View Details
    • Value Estimation
      $1,075,000
      3,904 SF

      1137 Kildaire Farm Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,904 SF
      1137 Kildaire Farm Rd, Cary, NC 27511-4522
      View Details
    • Value Estimation
      $330,000
      1,320 SF

      118 Academy St

      STORE, RETAIL OUTLET • 1,320 SF
      118 Academy St, Cary, NC 27511-3302
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      80 SF

      New Office and Retail Development

      New 80,548 SF office and retail development available for pre-leasing.
      155 W Chatham St | Cary, Cary, NC 27511
      View Details
    • Contact for pricing
      102,000 SF

      Downtown Cary Mixed-Use Development

      New office and retail spaces in downtown Cary.
      Walnut St, Cary, NC 27511
      View Details
    • Contact for pricing
      102 SF

      Retail Space in Downtown Cary

      Retail space in a mixed-use development in downtown Cary.
      352 South Walker St, Cary, NC 27511
      View Details
    • $2,950,000
      7,328 SF

      Cary Retail Building - Investment Opportunity

      Prime Cary location, 7,328 sq ft, two-story retail building.
      105 Baines Ct, Cary, NC 27511
      View Details
    • $2,400,000
      1.91 Acres

      Searstone Commercial Land - Cary, NC

      1.91 acre pad-ready site, ideal for medical/office.
      0 Winston Hill Dr, Cary, NC 27511
      View Details
    • $900,000

      Cary Land Parcel For Sale

      0.35 acre site near Kildaire Farm Road in Cary.
      120 Wrenn Dr, Cary, NC 27511
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      15,000 SF

      Retail Space with Patio

      Endcap retail space with patio, near major retailers and apartments.
      1005 Portrait Dr | Cary, Cary, NC 27511
      View Details
    • $32 SF/Yr
      102,000 SF

      Downtown Cary Office Space For Lease

      Class A Office, 102,000 SF Available
      0 Walnut St, Cary, NC 27511
      View Details
    • $32 SF/Yr
      102,000 SF

      Downtown Cary Retail Space

      High-traffic Cary retail, 5,908 SF available
      352 Walker St, Cary, NC 27511
      View Details
    • $35 SF/Yr
      4,381 SF

      Cary Executive Office Suite

      Prime Cary location, 4,381 sq ft.
      746 Maynard Rd, Cary, NC 27511
      View Details
    • Contact for pricing

      Fenton Mixed-Use Destination Pad

      Pad ready for sublease in Cary's Fenton Gateway.
      1085 Fenton Gtwy Dr, Cary, NC 27511
      View Details
    • $425 /Mo
      400 SF

      Olde Cary Executive Office Suites

      Prime office spaces in a convenient, central Cary location.
      201 W Chatham St, Cary, NC 27511
      View Details
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    1624 Walnut St
    Cary, NC 27511-5929
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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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