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

    1638 Memorial Dr Burlington, NC 27215-3518

    • Medical offices
    • 2,289 SF
    • 0.55 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    5.8%
    Medical offices
    Location Intelligence
    Property ID
    US53-5552859
    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

    • Beautiful Mind Behavioral Healthcare Services, PLLC - Burlington / Psychiatrist / Nurse Practitioner
    • Spencer E. Simon, PA-C / Psychiatrist
    • Patterson James B MD / Dermatologist
    • Julie Mcclure / Physician Assistant / Practitioner Service Location
    • Dr. Tawana Barrow / Psychiatrist / Practitioner Service Location

    Property Details for 1638 Memorial Dr

    Year built
    1984
    Lot size
    0.55 lot acres
    Property size
    2,289 SF
    Zone code
    R OI
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    124002
    APU
    124002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $255,000
      6.5%
      $235,000
      7%
      $215,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $220,000
      COMMERCIAL (GENERAL)
      $210,000
      AUTO REPAIR, GARAGE
      $195,000
      RETAIL STORES
      $175,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Burlington
    County
    Alamance
    State
    North Carolina
    Longitude
    -79.4601
    Latitude
    36.0934
    CBSA code
    15500
    CBSA name
    BURLINGTON, 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
    2024
    $1,019
    $51,883
    $165,318
    $217,201
    -
    $51,883
    $165,318
    $217,201

    Comparable in this City

    • Value Estimation
      $1,465,000
      73,948 SF

      1234 Huffman Ml Rd

      MEDICAL BUILDING • 73,948 SF
      1234 Huffman Ml Rd, Burlington, NC 27215-8700
      View Details
    • Value Estimation
      $520,000
      23,494 SF

      1225 Huffman Ml Rd

      MEDICAL BUILDING • 23,494 SF
      1225 Huffman Ml Rd, Burlington, NC 27215-8788
      View Details
    • Value Estimation
      $6,655,000
      18,119 SF

      1016 Kirkpatrick Rd

      MEDICAL BUILDING • 18,119 SF
      1016 Kirkpatrick Rd, Burlington, NC 27215-9714
      View Details
    • Value Estimation
      $325,000
      5,552 SF

      3128 Commerce Pl, Unit 313

      MEDICAL BUILDING • 5,552 SF
      3128 Commerce Pl, Burlington, NC 27215-5157
      View Details
    • Value Estimation
      $325,000
      4,394 SF

      2991 Crouse Ln

      MEDICAL BUILDING • 4,394 SF
      2991 Crouse Ln, Burlington, NC 27215-8833
      View Details
    • Value Estimation
      $235,000
      5,348 SF

      310 Church St

      MEDICAL BUILDING • 5,348 SF
      310 Church St, Burlington, NC 27215-3711
      View Details

    Similar Nearby for Sale

    • $2,500,000
      12,500 SF

      Burlington Medical Office Complex

      12,500 SF Medical Office, $2M+
      2716 Troxler Rd, Burlington, NC 27215
      View Details
    • $475,000
      3,454 SF

      Medical Office Building For Sale

      Medical office building featuring three suites and ample parking.
      703 Hermitage Rd, Burlington, NC 27215
      View Details
    • Contact for pricing
      4.08 Acres

      Burlington Office Complex For Sale

      Prime Burlington Office Space, 2 Buildings
      2779 Alamance Rd, Burlington, NC 27215
      View Details
    • $1,750,000
      11,184 SF

      Downtown Burlington Office Building

      Spacious office building in downtown Burlington, North Carolina.
      508 S Lexington Ave, Burlington, NC 27215
      View Details
    • $495,000
      8,537 SF

      Downtown Burlington Retail/Office Opportunity

      Versatile retail/office space in downtown Burlington with build-out potential.
      347 S Main St, Burlington, NC 27215
      View Details
    • $375,000
      6,240 SF

      Two-Story Commercial Building For Sale

      Two-story commercial building with retail, office, and residential potential.
      224 Front St, Burlington, NC 27215
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    Similar Nearby for Lease

    • Contact for pricing
      174,240 SF

      1300 University Dr

      Medical offices
      1300 University Dr, Burlington, NC 27215
      View Details
    • $25 SF/Yr
      30,000 SF

      Burlington Medical Office Space for Lease

      Modern medical office, 3,387 sq ft available.
      4030 Oaks Professional Pkwy, Burlington, NC 27215
      View Details
    • Contact for pricing
      412,370 SF

      Burlington Office Space For Rent

      42,639 SF built-out office space, former call center.
      309 Huffman Mill Rd, Burlington, NC 27215
      View Details
    • Contact for pricing

      Class A Office Space Available

      Class A office property for rent with customizable build-out options.
      3060 S Church St, Burlington, NC 27215
      View Details
    • $14 SF/Yr
      10,000 SF

      Furnished Office Building For Lease

      Multi-level, furnished office building with parking and easy interstate access.
      813 Chapel Hill Rd, Burlington, NC 27215
      View Details
    • $17 SF/Yr
      5,000 SF

      Downtown Burlington Office/Retail Space

      Two Suites Available, 2,427-2,500 SF
      346 Worth St, Burlington, NC 27215
      View Details
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    1638 Memorial Dr
    Burlington, NC 27215-3518
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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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