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    Property profile & analytics

    311 S Academy St Cary, NC 27540

    • Investment properties
    • 1,782 SF
    • 0.43 lot acres
    For Lease
    View listing
    Last Sale
    Apr 27, 2021
    $1,500,000
    Value Estimations
    $1,630,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1347323
    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

    • Alisa Huffman MSW, JD Family & Elder Law / Law Firm / Child Welfare Organization
    • Capital Financial Resources / Financial Advisor
    • Granados Law / Law Firm
    • Brett Thompson / Law Firm
    • Brick Industry Association / Sustainability Organization / Volunteer Organization

    Property Details for 311 S Academy St

    Year built
    1925
    Construction
    BRICK
    Lot size
    0.43 lot acres
    Property size
    1,782 SF
    Zone code
    GCP
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    0764.18-40-9493 0034303
    APU
    764184094930034303

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,790,000
      ML approach
      $1,885,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,482,000
      Market price range: $608k - $1.77M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,055,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $980,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7808
    Latitude
    35.7843
    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
    $2,964
    $417,701
    $169,934
    $587,635
    -
    $417,701
    $169,934
    $587,635

    Comparable in this City

    • Value Estimation by Request
      1,724 SF

      302 Academy St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,724 SF
      302 Academy St, Cary, NC 27511-3305
      View Details
    • Value Estimation
      $510,000
      1,578 SF

      232 Chatham St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,578 SF
      232 Chatham St, Cary, NC 27511-3459
      View Details
    • Value Estimation by Request
      2,220 SF

      331 Durham Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,220 SF
      331 Durham Rd, Cary, NC 27511-3400
      View Details
    • Value Estimation
      $535,000
      928 SF

      213 Waldo St

      OFFICE/RESIDENTIAL (MIXED USE) • 928 SF
      213 Waldo St, Cary, NC 27511-3454
      View Details
    • Value Estimation by Request
      1,645 SF

      417 Kildaire Farm Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,645 SF
      417 Kildaire Farm Rd, Cary, NC 27511-3433
      View Details
    • Value Estimation
      $4,500,000
      980 SF

      108 Byrum St

      OFFICE/RESIDENTIAL (MIXED USE) • 980 SF
      108 Byrum St, Cary, NC 27511-3402
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      27.25 Acres

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      27-acre mixed-use land, prime location.
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      7,328 SF

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      Prime Cary location, 7,328 sq ft, two-story retail building.
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      Cary Land For Joint Development

      Land for sale in Cary, NC, suitable for joint development.
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      102 SF

      Retail Space in Downtown Cary

      Retail space in a mixed-use development in downtown Cary.
      352 South Walker St, Cary, NC 27511
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    • $345,000
      12 SF

      Cary Office Condo - Prime Location

      1200 sq ft Office Suite, Excellent Access
      1200 Maynard Rd, Cary, NC 27511
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    • $2,350,000
      1.76 Acres

      Searstone Commercial Land - Cary, NC

      1.76-acre commercial lot, 88 parking spaces.
      0 Winston Hill Dr, Cary, NC 27511
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Fenton Mixed-Use Destination Pad

      Pad ready for sublease in Cary's Fenton Gateway.
      1085 Fenton Gtwy Dr, Cary, NC 27511
      View Details
    • $425 /Mo
      400 SF

      Olde Cary Executive Office Suites

      Prime office spaces in a convenient, central Cary location.
      201 W Chatham St, Cary, NC 27511
      View Details
    • Contact for pricing
      15,000 SF

      Retail Space with Patio

      Endcap retail space with patio, near major retailers and apartments.
      1005 Portrait Dr | Cary, Cary, NC 27511
      View Details
    • $23 SF/Yr
      23,260 SF

      Cary Executive Office Suites

      Premium Cary office space available now.
      114 Edinburgh Dr, Cary, NC 27511
      View Details
    • Contact for pricing

      Fenton Retail Pad Sublease Opportunity

      High-traffic Cary location, pad-ready site.
      1085 Fenton Gtwy Dr, Cary, NC 27511
      View Details
    • Contact for pricing
      14,041 SF

      Cary Executive Suites - Kildaire Farm Rd

      Modern Cary offices, flexible spaces available.
      1155 Kildaire Farm Rd, Cary, NC 27511
      View Details
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    311 S Academy St
    Cary, NC 27540
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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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