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

    2902 Forestville Rd Raleigh, NC 27616-8774

    • Drug stores
    • 13,255 SF
    • 2.88 lot acres
    OFF-MARKET
    Value Estimations
    $3,905,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1008500
    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

    • CVS Photo / (Bike/Boat/Book/etc) Store
    • LibertyX Bitcoin ATM / Atm
    • CDReload - Online Bitcoin ATM / Atm / Money Transfer Service
    • CVS Pharmacy / Pharmacy
    • Apryl J. Klingensmith, RPH / Pharmacy

    Property Details for 2902 Forestville Rd

    Year built
    2008
    Construction
    FRAME
    Lot size
    2.88 lot acres
    Property size
    13,255 SF
    Zone code
    CX-3
    Property type
    Drug stores
    APN
    1748.04-50-9909 0358216
    APU
    1748045099090358216

    Description

    Forestville Crossing, located at 2902 Forestville Rd and 8410-8470 Louisburg Rd, Raleigh, NC 27616, offers exceptional leasing opportunities in a vibrant shopping center anchored by Lowes Foods. This property boasts a total of 8,968 square feet, with a flexible layout accommodating various business needs. Currently, there are two available spaces: one measuring 3,646 square feet and another significantly larger at 5,322 square feet, representing the entire vacant space. The minimum divisible space is 2,661 square feet, while the maximum contiguous space available is 5,322 square feet. The property is classified as Retail, Office, and Restaurant space, with a current subtype focus on Executive Office, Retail, and Medical uses. Multiple tenancies are supported. Ample parking is provided with 817 spaces available for tenants and customers. This prime location presents an excellent chance for businesses seeking high visibility and convenient access within a thriving retail environment. The property's versatile design and substantial square footage make it ideal for a range of businesses, from executive offices to retail establishments and medical practices. Contact us today to learn more about these exceptional leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,920,000
      6.5%
      $3,620,000
      7%
      $3,360,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,022,000
      Market price range: $833k - $3.13M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,210,000
      Current use
      COMMERCIAL (GENERAL)
      $4,300,000
      Change: -17% Conversion: Easy
      MEDICAL BUILDING
      $4,180,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5074
    Latitude
    35.8949
    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
    $50,975
    $691,646
    $3,984,952
    $4,676,598
    -
    $691,646
    $3,984,952
    $4,676,598

    Comparable in this City

    • Value Estimation
      $3,115,000
      11,502 SF

      7004 Perry Crk Rd

      DRUG STORE, PHARMACY • 11,502 SF
      7004 Perry Crk Rd, Raleigh, NC 27616
      View Details
    • Value Estimation
      $810,000
      20,228 SF

      3121 Leland Dr

      GYM, HEALTH SPA • 20,228 SF
      3121 Leland Dr, Raleigh, NC 27616-5901
      View Details
    • Value Estimation
      $810,000
      10,668 SF

      7725 Midtown Market Ave

      FINANCIAL BUILDING • 10,668 SF
      7725 Midtown Market Ave, Raleigh, NC 27616-8082
      View Details
    • Value Estimation
      $1,735,000
      8,270 SF

      4050 Mitchell Ml Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,270 SF
      4050 Mitchell Ml Rd, Raleigh, NC 27616-8732
      View Details
    • Value Estimation
      $5,935,000
      23,736 SF

      2900 Spg Frst Rd

      RETAIL STORES (PERSONAL SERVICES) • 23,736 SF
      2900 Spg Frst Rd, Raleigh, NC 27616-1895
      View Details
    • Value Estimation
      $535,000
      2,190 SF

      2621 Spg Frst Rd Ste, Unit 102

      RETAIL STORES (PERSONAL SERVICES) • 2,190 SF
      2621 Spg Frst Rd Ste, Raleigh, NC 27616-1830
      View Details

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    Similar Nearby for Lease

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      Retail outparcels available in high-growth Raleigh location.
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    2902 Forestville Rd
    Raleigh, NC 27616-8774
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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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