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

    3216 Spottswood St Raleigh, NC 27615

    • Warehouses
    • 51,304 SF
    • 2.80 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Last Sale
    Mar 26, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5648860
    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

    • Servpro / Home Builder
    • Integrity Auto Care at Torque Automotive / Auto Repair Shop
    • The Hybrid Geek / Car Repair And Maintenance Service / Car Battery Store
    • Torque Automotive / Auto Repair Shop / Auto Parts Store
    • SERVPRO of North Raleigh & Wake Forest / Building Restoration Service / Water Damage Restoration Service

    Property Details for 3216 Spottswood St

    Year built
    1994
    Lot size
    2.80 lot acres
    Property size
    51,304 SF
    Zone code
    IX-3
    Property type
    Warehouses
    APN
    1727.06-48-4672 0085546
    APU
    1727064846720085546

    Description

    This exceptional industrial property at 3216 Spottswood Street offers 24,400 square feet of warehouse space for lease. The building is currently fully vacant, presenting a unique opportunity for a single tenant to occupy the entire space or for multiple tenants to lease individual suites. Two suites are available, with a minimum divisible space of 9,800 square feet and a maximum contiguous space of 24,400 square feet. The warehouse boasts impressive features including a 25-foot ceiling height, providing ample vertical storage capacity. Convenient loading and unloading is ensured with three dock-high doors and four drive-in doors, facilitating efficient material handling. This property is ideally suited for businesses requiring substantial storage and easy access for large vehicles. Its versatile layout and significant square footage make it an attractive option for a wide range of industrial operations. The property's location offers excellent accessibility and visibility, making it a prime location for businesses seeking a strategic advantage. Contact us today to schedule a viewing and explore the possibilities this exceptional warehouse space offers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,555,000
      6.5%
      $6,970,000
      7%
      $6,475,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,519,000
      Market price range: $7.52M - $18.2M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $11,570,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5798
    Latitude
    35.8886
    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
    $35,213
    $603,742
    $2,626,837
    $3,230,579
    -
    $603,742
    $2,626,837
    $3,230,579

    Comparable in this City

    • Value Estimation
      $11,585,000
      70,230 SF

      210 Newton Rd

      MINI-WAREHOUSE, STORAGE • 70,230 SF
      210 Newton Rd, Raleigh, NC 27615-6139
      View Details
    • Value Estimation
      $840,000
      7,500 SF

      7204 Becky Cir

      WAREHOUSE, STORAGE • 7,500 SF
      7204 Becky Cir, Raleigh, NC 27615-5601
      View Details
    • Value Estimation
      $605,000
      4,600 SF

      2610 Rowland Rd

      WAREHOUSE, STORAGE • 4,600 SF
      2610 Rowland Rd, Raleigh, NC 27615-5629
      View Details
    • Value Estimation
      $870,000
      6,400 SF

      2821 Rowland Rd

      WAREHOUSE, STORAGE • 6,400 SF
      2821 Rowland Rd, Raleigh, NC 27615-5634
      View Details
    • Value Estimation
      $550,000
      4,752 SF

      2620 Rowland Rd

      WAREHOUSE, STORAGE • 4,752 SF
      2620 Rowland Rd, Raleigh, NC 27615-5731
      View Details
    • Value Estimation
      $940,000
      7,533 SF

      3109 Gresham Lk Rd

      WAREHOUSE, STORAGE • 7,533 SF
      3109 Gresham Lk Rd, Raleigh, NC 27615-4224
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
      61,090 SF

      Warehouse Space with High Ceilings

      Available warehouse space with 30-foot ceilings and ample loading docks.
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      View Details
    • $16 SF/Yr
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    • $10 SF/Yr
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      Warehouse Space in Lincoln Park

      14,600 SF warehouse space available for sublease.
      3216 Spottswood St, Raleigh, NC 27615
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    • Contact for pricing
      3,660 SF

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      Industrial warehouse space available for lease in Raleigh, NC.
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      View Details
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    Raleigh, NC 27615
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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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