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

    2720 Lk Wheeler Rd Raleigh, NC 27603-2890

    • Strip malls
    • 22,108 SF
    • 0.01 lot acres
    OFF-MARKET
    Value Estimations
    $3,760,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1906800
    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

    • Leo Aloysious Haydt Iv / Dental Office
    • Dr. Kristy Bryant / Dental Office
    • Leo Haydt / Dental Office
    • Hempie's / Specialty Food Shop
    • China Wok / Restaurant

    Property Details for 2720 Lk Wheeler Rd

    Year built
    1989
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.01 lot acres
    Property size
    22,108 SF
    Zone code
    CX-3
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    0792.10-45-7889 0175608
    APU
    792104578890175608

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,455,000
      6.5%
      $5,035,000
      7%
      $4,675,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6803
    Latitude
    35.7441
    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
    $43,316
    $0.00
    $3,973,942
    $3,973,942
    -
    $0.00
    $3,973,942
    $3,973,942

    Comparable in this City

    • Value Estimation
      $885,000
      7,710 SF

      8105 Fayetteville Rd

      SHOPPING CENTER, STRIP CENTER • 7,710 SF
      8105 Fayetteville Rd, Raleigh, NC 27603-5667
      View Details
    • Value Estimation
      $1,585,000
      14,220 SF

      7945 Fayetteville Rd

      SHOPPING CENTER, STRIP CENTER • 14,220 SF
      7945 Fayetteville Rd, Raleigh, NC 27603-5631
      View Details
    • Value Estimation
      $7,730,000
      46,800 SF

      407 Chapanoke Rd

      SHOPPING CENTER, STRIP CENTER • 46,800 SF
      407 Chapanoke Rd, Raleigh, NC 27603-3428
      View Details
    • Value Estimation
      $14,070,000
      86,756 SF

      3210 Wilmington St

      SHOPPING CENTER, STRIP CENTER • 86,756 SF
      3210 Wilmington St, Raleigh, NC 27603-3654
      View Details
    • Value Estimation
      $5,420,000
      56,411 SF

      7281 Nc Hwy 42

      SHOPPING CENTER, STRIP CENTER • 56,411 SF
      7281 Nc Hwy 42, Raleigh, NC 27603-7532
      View Details
    • Value Estimation
      $7,340,000
      44,604 SF

      4424 Fayetteville Rd

      SHOPPING CENTER, STRIP CENTER • 44,604 SF
      4424 Fayetteville Rd, Raleigh, NC 27603-3612
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Buildings For Sale

      Two freestanding retail buildings available for sale off US-401.
      3725 Banks Rd, Raleigh, NC 27603
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      Glenwood South Creative Office/Retail

      Creative office/retail space in the heart of Glenwood South.
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    • $2,071,000
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      Downtown Raleigh Bar/Restaurant Investment

      Prime location, high NOI, long-term lease.
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    • New
      $730,000
      3,557 SF

      Commercial and Residential Opportunity

      Prime location with commercial building and residential home for sale.
      9801 Ten-Ten Rd, Raleigh, NC 27603
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    • Contact for pricing
      0.37 Acres

      Prime Raleigh Retail Space

      High-traffic location, ideal for salon use.
      3200 Wilmington St, Raleigh, NC 27603
      View Details
    • $4,500,000
      2,000 SF

      Downtown Raleigh Retail Duo

      Prime location, high-growth area.
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    Similar Nearby for Lease

    • $43 SF/Yr
      281,750 SF

      Raleigh Executive Office Space

      Class A Office Suites, Downtown Raleigh
      621 Hillsborough St, Raleigh, NC 27603
      View Details
    • $33 SF/Yr
      79,588 SF

      Frontier Plaza: Raleigh Retail Space

      High-visibility retail space in prime Raleigh location.
      3900 Fayetteville Rd, Raleigh, NC 27603
      View Details
    • Contact for pricing
      18,300 SF

      Mixed-Use Development Retail Space

      Retail space available in premier mixed-use development.
      27603 Usa, Raleigh, NC 27603
      View Details
    • Contact for pricing
      34,027 SF

      Class A Retail Space Available

      Prime retail space in a high-visibility, well-anchored shopping center.
      6100-6180 Capital Blvd, Raleigh, NC 27603
      View Details
    • Contact for pricing
      310,297 SF

      North & South Station Retail Space

      Prime Raleigh Retail Center: Spaces Available
      0 Garner Station Blvd, Raleigh, NC 27603
      View Details
    • Contact for pricing
      8,798 SF

      Retail Space on Hillsborough Street

      Retail property available for lease in Raleigh, North Carolina.
      301 Hillsborough St, Raleigh, NC 27603
      View Details
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    2720 Lk Wheeler Rd
    Raleigh, NC 27603-2890
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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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