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

    2233 Wal Pat Rd Smithfield, NC 27577-8348

    • Industrial properties
    • 11,922 SF
    • 41.19 lot acres
    OFF-MARKET
    Value Estimations
    $2,165,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1097956
    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

    • Industrial properties

    Property Details for 2233 Wal Pat Rd

    Year built
    1996
    Lot size
    41.19 lot acres
    Property size
    11,922 SF
    Zone code
    IND
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    15J10013B
    APU
    15J10013B

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,055,000
      6.5%
      $1,900,000
      7%
      $1,765,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,344,000
      Market price range: $647k - $2.34M
      AI Estimate
      $2,245,000
      Market price range: $712k - $2.25M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,565,000
      Current use
      RESTAURANT
      $2,660,000
      Change: +70% Conversion: Difficult
      RETAIL STORES
      $1,905,000
      Change: +22% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,815,000
      Change: +16% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,750,000
      Change: +12% Conversion: Difficult
      MEDICAL BUILDING
      $1,735,000
      Change: +11% Conversion: Easy
      OFFICE BUILDING
      $1,635,000
      Change: +5% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Johnston
    State
    North Carolina
    Longitude
    -78.3659
    Latitude
    35.4813
    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
    $12,991
    $2,351,810
    $1,266,380
    $3,618,190
    -
    $2,351,810
    $1,266,380
    $3,618,190

    Comparable in this City

    • Value Estimation
      $1,350,000
      9,800 SF

      1200 Short Journey Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 9,800 SF
      1200 Short Journey Rd, Smithfield, NC 27577-6602
      View Details
    • Value Estimation
      $1,010,000
      6,750 SF

      219 Peedin Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 6,750 SF
      219 Peedin Rd, Smithfield, NC 27577-4738
      View Details
    • Value Estimation by Request
      5,000 SF

      3139 Buffalo Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,000 SF
      3139 Buffalo Rd, Smithfield, NC 27577-7409
      View Details
    • Value Estimation
      $945,000
      5,220 SF

      300 Citation Ln

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,220 SF
      300 Citation Ln, Smithfield, NC 27577-8738
      View Details
    • Value Estimation by Request
      8,000 SF

      1737 Swift Crk Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 8,000 SF
      1737 Swift Crk Rd, Smithfield, NC 27577-9373
      View Details
    • Value Estimation
      $1,850,000
      12,500 SF

      Brg At N 10th St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 12,500 SF
      Brg At N 10th St, Smithfield, NC 27577
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mixed-Use Property Near Downtown

      Mixed-use property with retail, office, and residential potential.
      509 E Market St, Smithfield, NC 27577
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      25 Acres I-95 Visibility Land

      25 acres with I-95 visibility, ideal for various commercial uses.
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      48,500 SF

      South Smithfield Warehouse Storage Spaces

      Warehouse spaces in South Smithfield, easily accessible from major highways.
      711 E Rose St, Smithfield, NC 27577
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    • $1,500,000
      15.60 Acres

      Smithfield Commercial Land Opportunity

      15.6 acres with road frontage, convenient access to I-95.
      705 Whitley Farms Rd, Smithfield, NC 27577
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    • $885,000
      Pending

      Smithfield NC Land Opportunity

      42 acres of countryside near I-95 in Smithfield, NC.
      3038 Brogden Rd, Smithfield, NC 27577
      View Details
    • $340,000
      11.50 Acres

      Smithfield Land with Perk Sites

      Partially cleared 11.5-acre land with two identified perk sites.
      Crocker Rd, Smithfield, NC 27577
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr

      Smithfield Flex Building For Rent

      10,000 SF flex building with office and warehouse space.
      4241 U.S Us Highway 70 E, Smithfield, NC 27577
      View Details
    • Contact for pricing

      South Smithfield Warehouse Spaces Available

      Warehouse spaces in South Smithfield, easily accessible from major highways.
      711 E Rose St, Smithfield, NC 27577
      View Details
    • $27 SF/Yr
      19,000 SF

      Airport Hangar and Office Space

      19,000 SF special purpose building for lease at Johnston County Airport.
      3149-C Swift Creek Rd, Smithfield, NC 27577
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Smithfield, North Carolina.
      1104 N Brightleaf Blvd, Smithfield, NC 27577
      View Details
    • $5,000 /Mo
      800 SF

      Smithfield Car Dealership For Lease

      Fully operational car dealership with office and storage in Smithfield.
      803 S Brightleaf Blvd, Smithfield, NC 27577
      View Details
    • Contact for pricing

      Medical Office Building Near Hospital

      Two-story medical office building near Wilson Medical Center.
      2402 Camden St SW, Wilson, NC 27577
      View Details
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    2233 Wal Pat Rd
    Smithfield, NC 27577-8348
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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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