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    3948 New Bern Ave Raleigh, NC 27610-1333
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    3948 New Bern Ave Raleigh, NC 27610-1333

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    • Grocery and convenience stores
    • 2,680 SF
    • 0.78 lot acres
    Off-Market
    Property ID
    US53-1901072
    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.
    Value Estimations
    $745,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Circle K / Grocery & Convenience Store
    • Cardtronics ATM / Atm

    Property Details for 3948 New Bern Ave

    Year built
    1987
    Construction
    CONCRETE BLOCKS
    Lot size
    0.78 lot acres
    Property size
    2,680 SF
    Zone code
    CX-3
    Property type
    Grocery and convenience stores
    APN
    1724.12-75-8853 0164310
    APU
    1724127588530164310

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $795,000
      6.5%
      $730,000
      7%
      $680,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $639,000
      Market price range: $224k - $639k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $775,000
      Current use
      COMMERCIAL (GENERAL)
      $870,000
      Change: +12% Conversion: Easy
      MEDICAL BUILDING
      $845,000
      Change: +9% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $790,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5688
    Latitude
    35.7985
    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
    $10,561
    $443,400
    $525,528
    $968,928
    -
    $443,400
    $525,528
    $968,928

    Comparable in this City

    • Value Estimation
      $615,000
      2,940 SF

      5217 Poole Rd

      GROCERY, SUPERMARKET • 2,940 SF
      5217 Poole Rd, Raleigh, NC 27610-3132
      View Details
    • Value Estimation
      $670,000
      2,400 SF

      3616 Poole Rd

      GROCERY, SUPERMARKET • 2,400 SF
      3616 Poole Rd, Raleigh, NC 27610-2906
      View Details
    • Value Estimation
      $2,945,000
      3,240 SF

      1825 Us 70th E Hwy

      GROCERY, SUPERMARKET • 3,240 SF
      1825 Us 70th E Hwy, Raleigh, NC 27610-8579
      View Details
    • Value Estimation
      $1,500,000
      5,809 SF

      5200 New Bern Ave

      GROCERY, SUPERMARKET • 5,809 SF
      5200 New Bern Ave, Raleigh, NC 27610-1428
      View Details
    • Value Estimation
      $750,000
      2,800 SF

      801 New Hope Rd

      GROCERY, SUPERMARKET • 2,800 SF
      801 New Hope Rd, Raleigh, NC 27610-1485
      View Details
    • Value Estimation
      $1,010,000
      3,870 SF

      800 New Hope Rd

      GROCERY, SUPERMARKET • 3,870 SF
      800 New Hope Rd, Raleigh, NC 27610-1484
      View Details

    Similar Nearby for Sale

    • $2,667,000
      3,319 SF

      Chase Bank Ground Lease Opportunity

      New 15-year NNN lease with corporate tenant JP Morgan Chase.
      5160 New Bern Ave, Raleigh, NC 27610
      View Details
    • $495,000
      1.08 Acres

      Raleigh Vacant Lot Development Opportunity

      Expansive 1.08-acre vacant lot with development potential in Raleigh, NC.
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      Raleigh Land I540 Corridor

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      Residential Lot in Downtown Raleigh

      Residential lot in booming downtown Raleigh near Little Rock Greenway.
      1401 Carnage Dr, Raleigh, NC 27610
      View Details
    • $1,150,000
      5,900 SF

      Raleigh Multifamily Investment Opportunity

      Multifamily property near Downtown Raleigh with convenient city access.
      1600 Poole Rd, Raleigh, NC 27610
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    • $12,000,000

      Raleigh Land Parcel For Sale

      Land parcel in Raleigh, NC, with mixed-use development potential.
      3151 New Bern Ave, Raleigh, NC 27610
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land For Lease

      Commercial land available for ground lease or build-to-suit.
      5150 New Bern Ave, Raleigh, NC 27610
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail property available for lease in Raleigh, North Carolina.
      1100 N Raleigh Blvd, Raleigh, NC 27610
      View Details
    • Contact for pricing
      13,190 SF

      Retail Space in Raleigh Center

      Neighborhood shopping center anchored by Food Lion on New Bern.
      3615 New Bern Ave, Raleigh, NC 27610
      View Details
    • Contact for pricing
      5,200 SF

      Retail Space in Edgewater Place

      Retail space in a busy shopping center near Raleigh.
      1030 North Rogers Ln, Raleigh, NC 27610
      View Details
    • $2,025 /Mo
      25,500 SF

      Spacious Facility with Flexible Layout

      25,000 sq ft facility suitable for diverse uses.
      4400 Old Poole Rd, Raleigh, NC 27610
      View Details
    • $19 SF/Yr

      Raleigh Industrial Space For Lease

      Industrial space for lease in Raleigh, available June 2026.
      5080 Trademark Dr, Raleigh, NC 27610
      View Details
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    3948 New Bern Ave
    Raleigh, NC 27610-1333
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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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