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    Property profile & analytics

    1894 Franklin St Wake Forest, NC 27587-3372

    • Retail space
    • 14,240 SF
    • 4.57 lot acres
    OFF-MARKET
    Last Sale
    Nov 25, 2020
    Value Estimations
    $4,230,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0769800
    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

    • NC Salon / Hair Salon
    • Fortnight Brewing Wake Forest / Production Facility / Brewery & Distillery
    • Raven Luna Wax Studio / Spa & Massage Center / Skin Care Clinic
    • A Suite Salon / Hair Salon / Nail Salon
    • Sheri Ann’s Studio / Hair Salon

    Property Details for 1894 Franklin St

    Year built
    2021
    Construction
    CONCRETE BLOCKS
    Lot size
    4.57 lot acres
    Property size
    14,240 SF
    Zone code
    NB
    Property type
    Retail space
    APN
    1840.04-51-2504 0252206
    APU
    1840045125040252206

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,210,000
      6.5%
      $3,885,000
      7%
      $3,610,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,661,000
      Market price range: $2.37M - $4.66M
      AI Estimate
      $4,136,000
      Market price range: $1.11M - $4.14M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,400,000
      Current use
      AUTO REPAIR, GARAGE
      $4,920,000
      Change: +45% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,735,000
      Change: +39% Conversion: Easy
      MEDICAL BUILDING
      $4,625,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $3,085,000
      Change: -9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5094
    Latitude
    35.9514
    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
    $47,007
    $1,038,722
    $3,006,594
    $4,045,316
    -
    $1,038,722
    $3,006,594
    $4,045,316

    Comparable in this City

    • Value Estimation
      $1,485,000
      5,000 SF

      9880 Capital Blvd, Unit CD3

      RETAIL STORES (PERSONAL SERVICES) • 5,000 SF
      9880 Capital Blvd, Wake Forest, NC 27587-7782
      View Details
    • Value Estimation
      $3,625,000
      15,370 SF

      2101 Main St

      RETAIL STORES (PERSONAL SERVICES) • 15,370 SF
      2101 Main St, Wake Forest, NC 27587-5071
      View Details
    • Value Estimation
      $7,480,000
      25,188 SF

      3612 Rogers Br Rd

      RETAIL STORES (PERSONAL SERVICES) • 25,188 SF
      3612 Rogers Br Rd, Wake Forest, NC 27587-6150
      View Details
    • Value Estimation
      $2,545,000
      8,568 SF

      11360 Capital Blvd

      RETAIL STORES (PERSONAL SERVICES) • 8,568 SF
      11360 Capital Blvd, Wake Forest, NC 27587
      View Details
    • Value Estimation
      $1,720,000
      8,250 SF

      12223 Hampton Way Drmc

      RETAIL STORES (PERSONAL SERVICES) • 8,250 SF
      12223 Hampton Way Drmc, Wake Forest, NC 27587-6286
      View Details
    • Value Estimation by Request
      1,250 SF

      12223 Hampton Way Dr Ste, Unit 200

      RETAIL STORES (PERSONAL SERVICES) • 1,250 SF
      12223 Hampton Way Dr Ste, Wake Forest, NC 27587-6286
      View Details

    Similar Nearby for Sale

    • $750,000
      Pending

      Wake Forest Commercial Property

      Commercial property in the heart of Wake Forest.
      306 Wait Ave, Wake Forest, NC 27587
      View Details
    • $1,000,000
      3.97 Acres

      Forestville Road Commercial Outparcel

      Prime Wake Forest Retail Land, High Growth Area
      0 Forestville Rd, Wake Forest, NC 27587
      View Details
    • $425,000
      0.96 Acres

      Wake Forest Walmart Outparcel Land

      High-traffic location, prime development opportunity.
      11220 Capital Blvd, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      35,550 SF

      Wake Forest Shopping Center Retail

      Premier shopping center with suites available in Wake Forest.
      11216 Capital Blvd, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      2,200 SF

      Wake Forest Car Wash Opportunity

      High-traffic location, redevelopment potential.
      2208 Main St, Wake Forest, NC 27587
      View Details
    • $1,250,000
      1.10 Acres

      Holding Village Commercial Land

      1.1-Acre Commercial Lot, Wake Forest, NC
      0 Franklin St, Wake Forest, NC 27587
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Wake Forest Retail Space Available

      Prime Wake Forest location, multiple spaces, high visibility.
      14460 New Fls Of Neuse Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      164,790 SF

      Wake Forest Exchange: R&D Space

      Prime Wake Forest R&D space available.
      0 Star Rd And Capital Blvd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Business Center Retail

      Retail spaces available in Wake Forest business center.
      12339 Wake Union Church Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      55,300 SF

      Heritage Walk: Prime Retail Space

      7.86-acre Retail Center, 55,300 SF
      0 Forestville Rd And Foundation Dr, Wake Forest, NC 27587
      View Details
    • $17 SF/Yr

      Wake Forest Flex Space Available

      7,241 SF flex space with offices and warehouse areas.
      741 Merritt Capital Dr, Wake Forest, NC 27587
      View Details
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    Wake Forest, NC 27587-3372
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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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