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

    2408 Renfrow Rd Raleigh, NC 27603-2828

    • Warehouses
    • 5,940 SF
    • 1.42 lot acres
    OFF-MARKET
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1640100
    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

    • HC Auto Sales / Used Car Dealer

    Property Details for 2408 Renfrow Rd

    Year built
    1969
    Construction
    METAL FRAME
    Lot size
    1.42 lot acres
    Property size
    5,940 SF
    Zone code
    IX-3
    Property type
    Warehouses
    APN
    1702.07-58-6406 0027674
    APU
    1702075864060027674

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $500,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $389,000
      Market price range: $270k - $827k

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6441
    Latitude
    35.7511
    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
    $5,302
    $278,348
    $208,114
    $486,462
    -
    $278,348
    $208,114
    $486,462

    Comparable in this City

    • Value Estimation
      $1,215,000
      30,240 SF

      1504 Capital Blvd

      WAREHOUSE, STORAGE • 30,240 SF
      1504 Capital Blvd, Raleigh, NC 27603-1122
      View Details
    • Value Estimation
      $1,385,000
      95,760 SF

      1400 Capital Blvd

      MINI-WAREHOUSE, STORAGE • 95,760 SF
      1400 Capital Blvd, Raleigh, NC 27603-1120
      View Details
    • Value Estimation
      $940,000
      24,804 SF

      200 St

      WAREHOUSE, STORAGE • 24,804 SF
      200 St, Raleigh, NC 27603-2392
      View Details
    • Value Estimation
      $255,000
      3,885 SF

      302 St

      WAREHOUSE, STORAGE • 3,885 SF
      302 St, Raleigh, NC 27603-1838
      View Details
    • Value Estimation
      $665,000
      8,237 SF

      201 Glenwood Ave

      WAREHOUSE, STORAGE • 8,237 SF
      201 Glenwood Ave, Raleigh, NC 27603-1404
      View Details
    • Value Estimation
      $820,000
      66,640 SF

      3900 Fayetteville Rd

      WAREHOUSE, STORAGE • 66,640 SF
      3900 Fayetteville Rd, Raleigh, NC 27603-3602
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,000 SF

      Warehouse/Office Space For Sale

      11,000 SF warehouse/office space in Southwest Wake County.
      825 Kitchen Dr, Raleigh, NC 27603
      View Details
    • $500,000
      2.81 Acres

      Raleigh Commercial Land Opportunity

      2.81 Acres, Prime South Raleigh Location
      310 Gideon Creek Way, Raleigh, NC 27603
      View Details
    • $4,797,000
      12.30 Acres

      Raleigh Mixed-Use Development Land

      12.3 Acres, Hwy 401 Frontage, Prime Location
      7608 Fayetteville Rd, Raleigh, NC 27603
      View Details
    • New
      $2,400,000
      10.00 Acres

      Raleigh Land: Prime Location

      10-acre parcel suitable for residential, commercial, or special use.
      408 Johnston Rd, Raleigh, NC 27603
      View Details
    • $4,500,000
      2,000 SF

      Downtown Raleigh Retail Duo

      Prime location, high-growth area.
      715 Morgan St, Raleigh, NC 27603
      View Details
    • $75,000
      0.53 Acres

      Vacant Lot Near Downtown Raleigh

      Vacant lot in established subdivision, close to amenities.
      6825 Green Meadow Dr, Raleigh, NC 27603
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      12,000 SF

      South Raleigh Flex Space Available

      Flex space in South Raleigh with showroom and warehouse.
      201 Tryon Rd, Raleigh, NC 27603
      View Details
    • $18 SF/Yr
      8,000 SF

      Modern Workspace Near Transportation Routes

      Premier property with modern amenities, flexible floor plans, and ample parking.
      3125 Garner Station Blvd, Raleigh, NC 27603
      View Details
    • $16 SF/Yr
      12,981 SF

      Raleigh Industrial Flex Space Available

      Industrial flex space for lease in prime Raleigh location.
      1406 Smith Reno Rd, Raleigh, NC 27603
      View Details
    • $14 SF/Yr
      26,000 SF

      Raleigh Industrial Warehouse with Storage

      10,000 SF warehouse with office space and outside storage.
      144 Rupert Rd, Raleigh, NC 27603
      View Details
    • $14 SF/Yr
      26,000 SF

      Spacious Warehouse with Office/Showroom

      Warehouse with office/showroom, drive-in doors, dock door, outside storage.
      140 Rupert Rd, Raleigh, NC 27603
      View Details
    • $17 SF/Yr
      12,000 SF

      New Flex Space Available 2025

      New 6,000-12,000 SF flex space available Fall 2025.
      3133 Garner Station Blvd, Raleigh, NC 27603
      View Details
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    2408 Renfrow Rd
    Raleigh, NC 27603-2828
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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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