Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2508 Old Nc 98th Hwy Wake Forest, NC 27587
    Back to Search
    Property profile & analytics

    2508 Old Nc 98th Hwy Wake Forest, NC 27587

    View on Map
    • Retail space
    • 1,702 SF
    • 0.31 lot acres
    Off-Market
    Property ID
    US53-1060196
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 2508 Old Nc 98th Hwy

    Year built
    1972
    Construction
    BRICK
    Lot size
    0.31 lot acres
    Property size
    1,702 SF
    Zone code
    GB
    Property type
    Retail space
    APN
    1830.01-08-1117 0168900
    APU
    1830010811170168900

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5603
    Latitude
    35.9697
    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
    $684
    $27,008
    $60,731
    $87,739
    -
    $27,008
    $60,731
    $87,739

    Comparable in this City

    • Value Estimation by Request
      1,250 SF

      12223 Hampton Way Dr Ste, Unit 500

      RETAIL STORES (PERSONAL SERVICES) • 1,250 SF
      12223 Hampton Way Dr Ste, Wake Forest, NC 27587-4507
      View Details
    • Value Estimation by Request
      1,200 SF

      13601 Cp Kanata Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      13601 Cp Kanata Rd, Wake Forest, NC 27587-8081
      View Details
    • Value Estimation
      $5,385,000
      25,300 SF

      1950 Main St

      RETAIL STORES (PERSONAL SERVICES) • 25,300 SF
      1950 Main St, Wake Forest, NC 27587-9336
      View Details
    • Value Estimation by Request
      1,600 SF

      Brks St

      RETAIL STORES (PERSONAL SERVICES) • 1,600 SF
      Brks St, Wake Forest, NC 27587
      View Details
    • Value Estimation by Request
      1,600 SF

      415 Brks Stb

      RETAIL STORES (PERSONAL SERVICES) • 1,600 SF
      415 Brks Stb, Wake Forest, NC 27587-2930
      View Details
    • Value Estimation by Request
      1,200 SF

      157 Holding Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      157 Holding Ave, Wake Forest, NC 27587-2928
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,482 SF

      Wake Forest Commercial Property

      Commercial property in downtown Wake Forest suitable for redevelopment.
      306 Wait Ave, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      3,322 SF

      Wake Forest Retail Opportunity

      Retail spaces available in Wake Forest, North Carolina.
      12255 Capital Blvd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Shopping Center Retail

      Premier shopping center with suites available in Wake Forest.
      11216 Capital Blvd, Wake Forest, NC 27587
      View Details
    • $1,400,000
      7,440 SF

      Downtown Wake Forest Retail Property

      Historic, fully leased commercial building in downtown Wake Forest.
      210 White St, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Chalk Road Land Opportunity

      10.76 acres of land for sale.
      1005 Chalk Rd, Wake Forest, NC 27587
      View Details
    • $79,990

      Land For Sale

      Land available for sale.
      685 N Allen Rd, Wake Forest, NC 27587
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      High-Visibility Retail Center in Raleigh

      Well-located retail center with diverse tenant mix and strong traffic.
      14460 New Fls Of Neuse Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Business Center Retail

      Retail spaces available in Wake Forest business center.
      12339 Wake Union Church Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Retail Opportunity

      Centrally located retail space in Wake Forest, North Carolina.
      1030 Forestville Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Community Shopping Center For Rent

      Community shopping center anchored by Harris Teeter in Wake Forest.
      1428 Brogden Woods Dr, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Grocery Anchored Retail Center Space

      55,300 sq ft retail space at signalized intersection.
      Forestville Rd And Foundation Dr, Wake Forest, NC 27587
      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.
    2508 Old Nc 98th Hwy
    Wake Forest, NC 27587
    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

    Thank You for Inquiry
    2508 Old Nc 98th Hwy, Wake Forest, NC, 27587
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!