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

    408 2nd Ave Siler City, NC 27344-3121

    • Strip malls
    • 12,418 SF
    • 1.16 lot acres
    OFF-MARKET
    Value Estimations
    $410,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1184212
    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

    • Dry Dock Seafood Restaurant / Seafood Restaurant
    • Sloan Produce / Produce Market / Fruit And Vegetable Store

    Property Details for 408 2nd Ave

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.16 lot acres
    Property size
    12,418 SF
    Zone code
    C-C
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    61396
    APU
    61396

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $325,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $491,000
      Market price range: $306k - $2.81M

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

    Location Insight

    • Map
    • Local Demand
    City
    Siler City
    County
    Chatham
    State
    North Carolina
    Longitude
    -79.4638
    Latitude
    35.7269
    CBSA code
    20500
    CBSA name
    DURHAM-CHAPEL HILL, 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
    $8,214
    $165,485
    $505,036
    $670,521
    -
    $165,485
    $505,036
    $670,521

    Comparable in this City

    • Value Estimation
      $585,000
      28,450 SF

      220 11th St

      SHOPPING CENTER, STRIP CENTER • 28,450 SF
      220 11th St, Siler City, NC 27344-1817
      View Details
    • Value Estimation
      $265,000
      8,112 SF

      1412 11th St

      SHOPPING CENTER, STRIP CENTER • 8,112 SF
      1412 11th St, Siler City, NC 27344-2000
      View Details
    • Value Estimation
      $650,000
      40,610 SF

      520 Raleigh St

      SHOPPING CENTER, STRIP CENTER • 40,610 SF
      520 Raleigh St, Siler City, NC 27344-3730
      View Details
    • Value Estimation
      $3,860,000
      136,366 SF

      100 Siler Xing

      SHOPPING CENTER, STRIP CENTER • 136,366 SF
      100 Siler Xing, Siler City, NC 27344-2800
      View Details
    • Value Estimation
      $625,000
      17,284 SF

      193 Lewis Dr

      SHOPPING CENTER, STRIP CENTER • 17,284 SF
      193 Lewis Dr, Siler City, NC 27344
      View Details
    • Value Estimation
      $905,000
      47,727 SF

      101 Food Lion Plz

      SHOPPING CENTER, STRIP CENTER • 47,727 SF
      101 Food Lion Plz, Siler City, NC 27344-2835
      View Details

    Similar Nearby for Sale

    • $3,950,000
      72,500 SF

      Siler City Industrial Facility

      ±72,500 SF Warehouse, Office & Manufacturing
      3031 Hamp Stone Road, Siler City, NC 27344
      View Details
    • $814,640
      40.73 Acres

      Chatham County Acreage Opportunity

      40-acre property ideal for farm, estate, or multiple homesites.
      Old Us 421 Hwy S, Siler City, NC 27344
      View Details
    • New
      $199,900
      4.07 Acres

      Wooded Lot in Larkington Subdivision

      4.07-acre corner lot ready for your dream home.
      49 Larkington Dr, Siler City, NC 27344
      View Details
    • Contact for pricing
      96.60 Acres

      Siler City Land: 96 Acres

      Prime Chatham County development opportunity.
      0 Moons Chapel Rd, Siler City, NC 27344
      View Details
    • Contact for pricing
      89.68 Acres

      Siler City Commercial Land

      89 Acres, Prime Development Site
      0 Loves Creek Church Rd, Siler City, NC 27344
      View Details
    • $1,500,000
      47.00 Acres

      47 Acres Near Wolfspeed Facility

      47 acres of land near Wolfspeed and Toyota hubs.
      Coleridge Rd, Siler City, NC 27344
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr
      117,641 SF

      Prime Siler City Warehouse Space

      117,641 SF Warehouse - Multiple Tenants
      920 Raleigh St, Siler City, NC 27344
      View Details
    • $6,565 /Mo
      10,866 SF

      Siler City Industrial Building

      Industrial building on 3 acres, convenient location in Siler City.
      150 Piney Grove Church Rd, Siler City, NC 27344
      View Details
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    408 2nd Ave
    Siler City, NC 27344-3121
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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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