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Property profile & analytics
OFF-MARKET
Estimated value
$1,200,000
Office buildings
309 Boylan Ave Raleigh, NC 27603-1402
Entity Owned
2-yr Hold
Free & Clear
Property ID
US53-1547201
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1961
Construction
BRICK
Total area
2,080 SF
Lot
0.15 ac (6,534 SF)
Zoning code
OX-3
APN
1704.18-40-0742 0006985
UPID
US53-1547201
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Leela Improv Theatre Theater & Performing Art Venue
-
GFBA General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.20M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$848k
Blend (final)
Blend
$1.20M
Owner & transaction history
Mill & Oak LLC · 2 yrs held
Mill & Oak LLC
since 2024
Last sale
$1.2M
4 recorded transactions
Zoning & alternative use
OX-3 · Raleigh, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The OX-3 is intended to provide for a variety of office and employment uses whileallowing for housing and limited retail and service related options
Zone name
Office Mixed Use
General category
MIXED_USE
Zone area
2,273.34 ac
Source
Realmo
Top alternative use upside
Retail stores
$1.2M
+68.6%
Neighborhood: shopping center
$1.1M
+66.8%
Commercial (general)
$840,000
+22.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Raleigh submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Raleigh submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,200,000
ML approach
$1,200,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,160,000
Change: +69% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$1,145,000
Change: +67% · Conversion: Difficult
COMMERCIAL (GENERAL)
$840,000
Change: +22% · Conversion: Easy
Blend value · Realmo final
$1.20M
Range $1.08M – $1.32M · ±10% · vs last sale $1.20M (Apr 15 2024)
Last sale anchor
$1.20M
Apr 15 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$577 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$9,076
Tax year 2023
Assessed value
$832,631
Assessed 2023
Previous assessed
$832,631
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$654,053
Assessed improvement
$178,578
Land market value
$654,053
Improvement market value
$178,578
Total market value
$832,631
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1961
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Total area
2,080 SF
Lot
0.15 ac (6,534 SF)
Zoning code
OX-3
APN
1704.18-40-0742 0006985
UPID
US53-1547201
Jurisdiction
WAKE
Zoning & alternative use
OX-3 · Raleigh, NCZoning OX-3 · permitted uses
OX-3 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The OX-3 is intended to provide for a variety of office and employment uses whileallowing for housing and limited retail and service related options
Zone name
Office Mixed Use
General category
MIXED_USE
Zone area
2,273.34 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES
Est. value
$1.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$840,000
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1961
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
1
Lot
0.15 ac
Current owner
From public records · entity-resolved
Mill & Oak LLC
Entity
Free & Clear · 2 yrs held
Mailing address
309 N BOYLAN AVE, RALEIGH, NC 27603-1402
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 15, 2024
—
Mill & Oak LLC
Boylan 309 Associates LLC
Warranty Deed
—
Apr 15, 2024
$1,200,000
Mill & Oak LLC
Boylan 309 Associates LLC
Special Warranty Deed
—
May 23, 2002
—
Boylan 309 Associates LLC
Boylan 309 Assoc
Quit Claim Deed
related
—
—
—
Boylan 309 Associates LLC
—
Deed Of Trust
related
$100,000 · First Citizens Bank & Trust Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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