Sign Up Successful!
You now have access to more from Realmo!
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

    2421 Spg Frst Rd Raleigh, NC 27615-7540

    • Drive through restaurants
    • 1,027 SF
    • 0.55 lot acres
    OFF-MARKET
    Value Estimations
    $230,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1325012
    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

    • Goodberry's Frozen Custard / Dessert Shop / Ice Cream Shop

    Property Details for 2421 Spg Frst Rd

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.55 lot acres
    Property size
    1,027 SF
    Zone code
    CX-3
    Property type
    Drive through restaurants
    APN
    1716.08-88-9407 0170982
    APU
    1716088894070170982

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $186,000
      Market price range: $104k - $186k

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5987
    Latitude
    35.8609
    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
    $7,532
    $334,214
    $356,803
    $691,017
    -
    $334,214
    $356,803
    $691,017

    Comparable in this City

    • Value Estimation
      $345,000
      2,805 SF

      9601 Strickland Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,805 SF
      9601 Strickland Rd, Raleigh, NC 27615-1938
      View Details
    • Value Estimation
      $505,000
      4,546 SF

      6701 Fls Of Neuse Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,546 SF
      6701 Fls Of Neuse Rd, Raleigh, NC 27615-5373
      View Details
    • Value Estimation
      $340,000
      2,550 SF

      8300 Litchford Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,550 SF
      8300 Litchford Rd, Raleigh, NC 27615-3830
      View Details
    • Value Estimation
      $490,000
      3,458 SF

      7200 6th Frks Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,458 SF
      7200 6th Frks Rd, Raleigh, NC 27615-6159
      View Details
    • Value Estimation
      $425,000
      2,353 SF

      9441 Strickland Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,353 SF
      9441 Strickland Rd, Raleigh, NC 27615-1934
      View Details
    • Value Estimation
      $400,000
      4,410 SF

      9698 Fls Of Neuse Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,410 SF
      9698 Fls Of Neuse Rd, Raleigh, NC 27615-2468
      View Details

    Similar Nearby for Sale

    • $499,000
      Pending

      Raleigh Land Near Golf Course

      Nearly half-acre lot near The Oaks golf course.
      7015 Litchford Rd, Raleigh, NC 27615
      View Details
    • $750,000
      0.54 Acres

      Raleigh Commercial Lot with Office

      0.54 acre lot with 821 SF office space.
      2315 Dixie Forest Rd, Raleigh, NC 27615
      View Details
    • $295,000
      1,408 SF

      Remodeled Home in Stonehenge Cottages

      Charming 3-bedroom home with updated kitchen and flexible living spaces.
      7704 Falcon Rest Cir, Raleigh, NC 27615
      View Details
    • $225,000
      Pending

      Move-in Ready Office Condo

      Renovated office condo in Midtown Raleigh, ideal for investors.
      6512 Six Forks Rd, Raleigh, NC 27615
      View Details
    • New
      $320,000
      2.40 Acres

      Raleigh Land in Stone Creek

      Two residential lots totaling 2.4 acres in Raleigh, NC.
      600 Hawick Rd, Raleigh, NC 27615
      View Details
    • $387,500
      Pending

      Residential Lot in North Ridge

      Desirable 0.28 acre lot to build your custom home.
      Bent Pine Pl, Raleigh, NC 27615
      View Details

    Similar Nearby for Lease

    • $37 SF/Yr
      20,000 SF

      Prime Raleigh Retail Space

      10 Suites, 15,050 SF Available, Class A
      2309 Spring Forest Rd, Raleigh, NC 27615
      View Details
    • Contact for pricing
      1,181 SF

      Raleigh Retail Space for Lease

      High-traffic retail space in prime location.
      9600 Falls Of Neuse Rd, Raleigh, NC 27615
      View Details
    • Contact for pricing
      468,314 SF

      Six Forks Station Retail Space

      North Raleigh retail center; high traffic.
      0 6 Frk Rd. & Strickland Rd, Raleigh, NC 27615
      View Details
    • $23 SF/Yr
      6,313 SF

      Prime Raleigh Executive Suites

      Class A Office Space, 6,313 SF Available
      7200 Falls Of Neuse Rd, Raleigh, NC 27615
      View Details
    • Contact for pricing
      185,000 SF

      8300 Health Park: Premier Office Space

      North Raleigh medical office building, multiple suites available.
      8300 Health Park, Raleigh, NC 27615
      View Details
    • $21 SF/Yr
      44,652 SF

      North Raleigh Office Sublease Available

      Office suite in North Raleigh with convenient access to amenities.
      7208 Falls Of Neuse Rd, Raleigh, NC 27615
      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.
    2421 Spg Frst Rd
    Raleigh, NC 27615-7540
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.