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    2421 Wake Frst Rd Raleigh, NC 27608-1709
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    Property profile & analytics

    2421 Wake Frst Rd, Raleigh, NC 27608-1709

    View on Map
    • Automotive properties
    • 27,775 SF
    • 2.70 lot acres
    Off-Market
    Property ID
    US53-1764022
    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.
    Value Estimations
    $1,170,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Automotive properties

    Property Details for 2421 Wake Frst Rd

    Year built
    1969
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.70 lot acres
    Zone code
    CX-3
    Property type
    Automotive properties
    APN
    1715.17-01-4869 0024720
    APU
    1715170148690024720

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 4, 2016 — Hanna Properties LLC — Deed · related $4M · Paragon Com'l Bk
    Jun 1, 2016 $3,062,000 Hanna Properties LLC Anderson Crabtree Real Prop Ll Grant Deed $3.1M · Paragon Com'l Bk
    Jun 1, 2016 — Hanna Properties LLC Anderson Crabtree Real Prop Ll Grant Deed · related —
    Feb 2, 2016 $3,100,000 Anderson Crabtree Real Prop Ll Seven Properties Gali LLC Warranty Deed —
    Nov 9, 2004 — Seven Properties Gali LLC General Auto Leasing INC Warranty Deed · related —
    — — Hanna Properties LLC — Deed Of Trust · related $4M · Paragon Com'l Bk
    — — General Auto Leasing INC — Deed Of Trust · related $13k · Southtrust Bank NA
    — — General Auto Leasing INC — Deed Of Trust · related $2.5M · Southtrust Bank NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $990,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,350,000
      Market price range: $1.23M - $4.81M

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6274
    Latitude
    35.8154
    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
    $28,331
    $2,354,122
    $245,069
    $2,599,191
    -
    $2,354,122
    $245,069
    $2,599,191

    Comparable in this City

    • Value Estimation
      $1,885,000
      19,080 SF

      2407 Wake Frst Rd

      VEHICLE SALES, RENTALS
      2407 Wake Frst Rd, Raleigh, NC 27608-1709
      View Details
    • Value Estimation by Request
      2,016 SF

      1647 Glenwood Ave

      AUTO REPAIR, GARAGE
      1647 Glenwood Ave, Raleigh, NC 27608-2319
      View Details
    • Value Estimation by Request
      3,152 SF

      2402 Wake Frst Rd

      CAR WASH
      2402 Wake Frst Rd, Raleigh, NC 27608-1710
      View Details
    • Value Estimation by Request
      5,680 SF

      720 Pershing Rd

      AUTO REPAIR, GARAGE
      720 Pershing Rd, Raleigh, NC 27608
      View Details
    • Value Estimation by Request
      3,528 SF

      901 Whitaker Ml Rd

      AUTO REPAIR, GARAGE
      901 Whitaker Ml Rd, Raleigh, NC 27608-2737
      View Details
    • Value Estimation by Request
      1,907 SF

      2601 Glenwood Ave, Unit LH

      SERVICE STATION (FULL SERVICE)
      2601 Glenwood Ave, Raleigh, NC 27608-1003
      View Details

    Similar Nearby for Sale

    • $1,700,000

      Land for Sale

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    • $1,600,000
      0.43 Acres

      Raleigh Homesite in Budleigh Neighborhood

      Rare, flat homesite in desirable Budleigh neighborhood.
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    • $725,000
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      Raleigh Land Opportunity

      Spacious lot for custom home in desirable location.
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    • New
      $499,000
      0.26 Acres

      Cleared R-6 Homesite

      Cleared homesite with public water and sewer in R-6 zoning, offering basement potential across from Carolina Country Club.
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    • $315,000
      Pending

      Raleigh Land in Desirable Neighborhood

      Over a third acre near Fallon Park in Raleigh.
      2309 Oxford Rd, Raleigh, NC 27608
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Development with Food Spaces

      Mixed-use development with food and beverage spaces for rent.
      Wake Frst Rd & Whitaker Rd, Raleigh, NC 27608
      View Details
    • $37 SF/Yr

      Prime Retail Location in Raleigh

      Rare inside-the-beltline retail opportunity near Five Points in Raleigh.
      2310 Bale St, Raleigh, NC 27608
      View Details
    • Contact for pricing

      East End Market Retail Space

      Ground floor retail and restaurant space in Raleigh's East End.
      Wake Frst Rd & Whitaker Rd, Raleigh, NC 27608
      View Details
    • Contact for pricing

      Creative Office and Retail Space

      Remodeled mixed-use property with creative office, retail, and storage space.
      1501 Sunrise Ave, Raleigh, NC 27608
      View Details
    • Contact for pricing
      33,890 SF

      Expandable Commercial Building for Lease

      33,890 SF building expandable to 59,000 SF for lease.
      912 Hodges St, Raleigh, NC 27608
      View Details
    • $2,100 /Mo
      1,210 SF

      Flex Space Inside I-440 Beltline

      Flex space for lease inside the I-440 beltline.
      717 Pershing Rd, Raleigh, NC 27608
      View Details
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    Raleigh, NC 27608-1709
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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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