Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2233 Capital Blvd Raleigh, NC 27604-1421

    • Distribution centers
    • 189,027 SF
    • 19.08 lot acres
    OFF-MARKET
    Value Estimations
    $26,655,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1169952
    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

    • Epiphany Wines / Brewery & Distillery / Big Box & Wholesale Store
    • Mutual Distributing Company / Big Box & Wholesale Store / Distribution Center
    • Johnson Brothers Carolina Distributing Co.- Durham / Big Box & Wholesale Store / Distribution Center

    Property Details for 2233 Capital Blvd

    Year built
    1950
    Construction
    BRICK
    Lot size
    19.08 lot acres
    Property size
    189,027 SF
    Zone code
    IX-3
    Property type
    Distribution centers
    APN
    1715.18-40-4492 0050663
    APU
    1715184044920050663

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $24,485,000
      6.5%
      $22,600,000
      7%
      $20,985,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $19,849,000
      Market price range: $6.71M - $19.8M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $42,830,000
      Current use
      RETAIL STORES
      $42,780,000
      Change: -0% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6146
    Latitude
    35.8105
    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
    2024
    $325,174
    $17,952,300
    $19,488,555
    $37,440,855
    -
    $17,952,300
    $19,488,555
    $37,440,855

    Comparable in this City

    • Value Estimation
      $13,150,000
      92,408 SF

      4301 Atlantic Ave

      DISTRIBUTION WAREHOUSE • 92,408 SF
      4301 Atlantic Ave, Raleigh, NC 27604-1755
      View Details
    • Value Estimation
      $8,440,000
      59,245 SF

      2114 Atlantic Ave

      DISTRIBUTION WAREHOUSE • 59,245 SF
      2114 Atlantic Ave, Raleigh, NC 27604-1554
      View Details
    • Value Estimation
      $10,500,000
      89,017 SF

      2100 Harrod St

      DISTRIBUTION WAREHOUSE • 89,017 SF
      2100 Harrod St, Raleigh, NC 27604-1726
      View Details
    • Value Estimation by Request
      179,220 SF

      1053 Whitaker Ml Rd

      DISTRIBUTION WAREHOUSE • 179,220 SF
      1053 Whitaker Ml Rd, Raleigh, NC 27604-5311
      View Details
    • Value Estimation by Request
      6,850 SF

      2940 Trawick Rd

      Distribution properties • 6,850 SF
      2940 Trawick Rd, Raleigh, NC 27604
      View Details
    • Value Estimation
      $15,650,000
      127,875 SF

      2315 Atlantic Ave

      DISTRIBUTION WAREHOUSE • 127,875 SF
      2315 Atlantic Ave, Raleigh, NC 27604-1407
      View Details

    Similar Nearby for Sale

    • $2,900,000

      Standalone Flex Industrial Building For Sale

      Flex industrial building on 1.54 acres with fenced lot.
      3404 Lake Woodard Dr, Raleigh, NC 27604
      View Details
    • Contact for pricing
      43,000 SF

      Raleigh Flex/Warehouse Space For Sale

      13,000 SF flex/warehouse with beltline visibility and easy access.
      2701 Noblin Rd, Raleigh, NC 27604
      View Details
    • $244,900
      1.62 Acres

      Raleigh Land Parcel For Sale

      1.62 acre parcel in rapidly developing South Raleigh.
      3336 Holly Lake Trl, Raleigh, NC 27604
      View Details
    • $57,000
      0.48 Acres

      Raleigh Vacant Lot For Sale

      0.48-acre vacant lot in Timberlake Estates, 7 minutes from downtown.
      2105 Langdon Rd, Raleigh, NC 27604
      View Details
    • Contact for pricing
      970 SF

      Private Condo Near North Hills

      Updated 2-bedroom condo with private patio, move-in ready condition.
      4706 Walden Pond Dr, Raleigh, NC 27604
      View Details
    • New
      $385,000
      0.21 Acres

      Ready-to-Build Lot Near Downtown

      Cleared 0.21-acre lot with utilities in Raleigh, NC.
      109 Plainview Ave, Raleigh, NC 27604
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      33,400 SF

      2226 Capital Blvd

      Distribution centers • 33,400 SF
      2226 Capital Blvd, Raleigh, NC 27604
      View Details
    • $9 SF/Yr
      157,093 SF

      Atlantic Ave Warehouse Space

      Raleigh industrial warehouse, multiple tenants.
      2114 Atlantic Ave, Raleigh, NC 27604
      View Details
    • $16 SF/Yr
      25,486 SF

      Warehouse Space Inside Belt Line

      1600 SF warehouse space for lease with dock-high door.
      1800 Tillery Pl, Raleigh, NC 27604
      View Details
    • $11 SF/Yr
      33,400 SF

      Raleigh Industrial Space with Office

      11,253 SF industrial space with office near downtown Raleigh.
      2226 Capital Blvd, Raleigh, NC 27604
      View Details
    • $10 SF/Yr
      19,200 SF

      Raleigh Warehouse Sublease Opportunity

      19,200 SF warehouse sublease available in North Raleigh.
      4108 Atlantic Ave, Raleigh, NC 27604
      View Details
    • $12 SF/Yr

      North Raleigh Flex Space Available

      Flex space with excellent visibility and access to major routes.
      4200 Atlantic Ave, Raleigh, NC 27604
      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.
    2233 Capital Blvd
    Raleigh, NC 27604-1421
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!