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

    3051 New Bern Ave Raleigh, NC 27610-1214

    • Drug stores
    • 9,735 SF
    • 1.98 lot acres
    OFF-MARKET
    Last Sale
    Dec 28, 2021
    $5,279,500
    Value Estimations
    $5,680,000
    Show details
    Cap Rate Potential
    2.6%
    Drug stores
    Location Intelligence
    Property ID
    US53-2131982
    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

    • Rachael L. Slogan, PharmD / Pharmacy
    • James E. Davey, RPh / Pharmacy
    • Brad A. Johnson, RPh / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm
    • CVS / Grocery & Convenience Store

    Property Details for 3051 New Bern Ave

    Year built
    2000
    Construction
    BRICK
    Lot size
    1.98 lot acres
    Property size
    9,735 SF
    Zone code
    CX-4
    Property type
    Drug stores
    APN
    1724.17-11-9832 0268353
    APU
    1724171198320268353

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,540,000
      ML approach
      $6,875,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,437,000
      Market price range: $1.85M - $4.44M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $5,365,000
      RESTAURANT
      $5,295,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5888
    Latitude
    35.7876
    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
    $40,803
    $908,869
    $2,834,557
    $3,743,426
    -
    $908,869
    $2,834,557
    $3,743,426

    Comparable in this City

    • Value Estimation
      $3,315,000
      13,242 SF

      6216 Battle Brg Rd

      DRUG STORE, PHARMACY • 13,242 SF
      6216 Battle Brg Rd, Raleigh, NC 27610-6202
      View Details
    • Value Estimation
      $2,415,000
      13,242 SF

      4309 New Bern Ave

      DRUG STORE, PHARMACY • 13,242 SF
      4309 New Bern Ave, Raleigh, NC 27610-1445
      View Details
    • Value Estimation
      $5,410,000
      14,469 SF

      4408 New Bern Ave

      DRUG STORE, PHARMACY • 14,469 SF
      4408 New Bern Ave, Raleigh, NC 27610-1444
      View Details
    • Value Estimation
      $3,430,000
      13,743 SF

      100 Shanta Dr

      DRUG STORE, PHARMACY • 13,743 SF
      100 Shanta Dr, Raleigh, NC 27610
      View Details
    • Value Estimation by Request
      2,488 SF

      3001 Calumet Dr

      FINANCIAL BUILDING • 2,488 SF
      3001 Calumet Dr, Raleigh, NC 27610-1901
      View Details
    • Value Estimation
      $875,000
      3,200 SF

      4000 New Bern Ave

      GROCERY, SUPERMARKET • 3,200 SF
      4000 New Bern Ave, Raleigh, NC 27610-1331
      View Details

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    Similar Nearby for Lease

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      Raleigh Boulevard Plaza Retail Space

      Prime Raleigh retail space available now
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    • Contact for pricing

      Commercial Land For Lease

      Commercial land available for ground lease or build-to-suit.
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    • $17 SF/Yr
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      Flex Building Near New Bern Avenue

      Multi-tenant flex building with warehouse and office space for sublease.
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      View Details
    • $11 SF/Yr
      80,684 SF

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      Flex space • 80,684 SF
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      Single-story medical office building steps from WakeMed Raleigh.
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    • $12 SF/Yr
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      Garner Road Medical Office Space

      Prime Raleigh medical office, high visibility.
      1500 Garner Rd, Raleigh, NC 27610
      View Details
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    3051 New Bern Ave
    Raleigh, NC 27610-1214
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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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