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2114 Atlantic Ave, Raleigh, NC 27604
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Property summary
AI-generated overview
This exceptional Raleigh industrial property, located at 2114 Atlantic Avenue, offers 157,093 square feet of warehouse space in two single-story buildings. The property sits on 6.77 acres of land and is classified as Class B. Built in 1957 and renovated in 1965, it features a 20-foot ceiling height, making it ideal for various industrial uses. The property boasts 18 loading docks with 18 dock-high doors, along with one drive-in door, and ample parking with 60 spaces. Power is provided by four 120/208 3-phase and one 277/408 3-phase systems. The minimum divisible space is 15,453 square feet, while the maximum contiguous space is the entire 157,093 square feet, offering flexibility for single or multiple tenants. The property is zoned CX-20 & IX-3 and is conveniently located near Atlantic Avenue and East Whitaker Mill Road in Raleigh, NC 27604. Annual property taxes are $0.45 per square foot. The property is available for occupancy October 1, 2024. This is a rare opportunity for a large-scale industrial space within the beltline, adjacent to Raleigh's newest entertainment district.
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1957
Construction
CONCRETE
Total area
59,245 SF
Lot
6.77 ac (294,901 SF)
Zoning code
CX-20
APN
1714.05-28-3644 0039924
UPID
US53-0039246
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Hardware & Home Improvement Furniture & Home Goods
-
Construction Company General Contractor
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$7.09M
Comparable Approach
Comparable
$6.22M
Blend (final)
Blend
$8.44M
Owner & transaction history
since 2022
6 recorded transactions
Zoning & alternative use
CX-20 · Raleigh, NC
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 3 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$8.44M
Value range
$7.60M – $9.28M
±10% around blend
Estimated value / SF
$142 / SF
Confidence
Low
3 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
30
Income certainty
100
$7.60M
blend $8.44M
$9.28M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
59,245 SF
Lot area
6.77 ac
Year built
1957
Stories
1
APN
1714.05-28-3644 0039924
Zoning
CX-20
Assessed value
$14,277,320
Annual tax
$123,999
3
Income approach: direct capitalization
Partial preview
Income approach indication
$7.09M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$7.68M
@ 6.5% CAP return
$7.09M
@ 7% CAP return
$6.58M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$123,999
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$2.67M
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.2 mi away · 48,184 SF
5.8 mi away · 52,350 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$8.44M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 23 sales
$227
-37%
Submarket 207 sales
$226
-37%
County 426 sales
$210
-32%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $142/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 3 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$14.61M
Move the market yield to see immediate price impact.
Value / SF
$247
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$921k
$18.41M
$13.15M
$10.23M
$1.02M
$20.46M
$14.61M
$11.37M
$1.13M
$22.50M
$16.07M
$12.50M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$7.42M
0.7 mi · Oct 2025 · $178/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$123,999
Tax year 2024
Assessed value
$14,277,320
Assessed 2024
Previous assessed
$14,277,320
+0.0% YoY
Effective rate
0.87%
On assessed value
Assessed land
$9,289,382
Assessed improvement
$4,987,938
Land market value
$9,289,382
Improvement market value
$4,987,938
Total market value
$14,277,320
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
For Lease
Year built
1957
Construction
CONCRETE
Heating
SPACE
Cooling
CENTRAL
Stories
1
Total area
59,245 SF
Lot
6.77 ac (294,901 SF)
Zoning code
CX-20
APN
1714.05-28-3644 0039924
UPID
US53-0039246
Jurisdiction
WAKE
Zoning & alternative use
CX-20 · Raleigh, NCZoning CX-20 · permitted uses
CX-20 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1957
Construction
CONCRETE
Heating
SPACE
Cooling
Yes
Stories
1
Lot
6.77 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
CX-20
Jurisdiction
Raleigh, NC
Recorded code
CX-20
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for CX-20 in Raleigh, NC.
What opens after registration
Zoning profile
3 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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