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Property profile & analytics
OFF-MARKET
Estimated value
$1,950,000
Retail space
3501 Millbrook Rd Raleigh, NC 27613-3011
Entity Owned
2-yr Hold
Free & Clear
Property ID
US53-1866667
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2000
Construction
BRICK
Total area
6,382 SF
Lot
0.62 ac (27,007 SF)
Zoning code
CX-3
APN
0786.07-59-7264 0259512
UPID
US53-1866667
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
-
Assaggio's Italian Restaurant Restaurant
-
Dry Clean City (Bike/Boat/Book/etc) Store
-
Italian Bistro & Market Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.95M
CAP Approach
CAP
$1.26M
Comparable Approach
Comparable
$1.77M
Blend (final)
Blend
$1.95M
Owner & transaction history
Erwin Distribution Corporation · 2 yrs held
Erwin Distribution Corporation
since 2024
Last sale
$2.0M
2 recorded transactions
Zoning & alternative use
CX-3 · Raleigh, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The CX-3 is intended to provide for a variety of residential, retail, service andcommercial uses
Zone name
Commercial Mixed Use
General category
MIXED_USE
Zone area
722.48 ac
Source
Realmo
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
$1,950,000
ML approach
$1,950,000
CAP Approach
CAP Return
Estimation
6%
$1,365,000
6.5%
$1,260,000
7%
$1,170,000
Alternative Use
Use
Estimation
RETAIL STORES
$2,510,000
Current use
COMMERCIAL (GENERAL)
$2,070,000
Change: -17% · Conversion: Easy
MEDICAL BUILDING
$2,015,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$1.95M
Range $1.76M – $2.15M · ±10% · vs last sale $1.95M (Jun 7 2024)
Last sale anchor
$1.95M
Jun 7 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
$306 / 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
$12,563
Tax year 2023
Assessed value
$1,152,563
Assessed 2023
Previous assessed
$1,152,563
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$405,915
Assessed improvement
$746,648
Land market value
$405,915
Improvement market value
$746,648
Total market value
$1,152,563
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2000
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Total area
6,382 SF
Lot
0.62 ac (27,007 SF)
Zoning code
CX-3
APN
0786.07-59-7264 0259512
UPID
US53-1866667
Jurisdiction
WAKE
Zoning & alternative use
CX-3 · Raleigh, NCZoning CX-3 · permitted uses
CX-3 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The CX-3 is intended to provide for a variety of residential, retail, service andcommercial uses
Zone name
Commercial Mixed Use
General category
MIXED_USE
Zone area
722.48 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$2.1M
MEDICAL BUILDING
Est. value
$2.0M
RETAIL STORES Current
COMMERCIAL (GENERAL)
MEDICAL BUILDING
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
2000
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
1
Lot
0.62 ac
Current owner
From public records · entity-resolved
Erwin Distribution Corporation
Entity
Free & Clear · 2 yrs held
Mailing address
PO BOX 1971, DURHAM, NC 27702-1971
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 7, 2024
$1,950,000
Erwin Distribution Corporation
D & R Millbrook Properties LLC
Special Warranty Deed
—
Feb 20, 2002
—
—
Newcastle Group
Grant Deed
related
—
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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