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Property profile & analytics
OFF-MARKET
Estimated value
$3,725,000
Retail space
502 Rigsbee Ave, Durham, NC 27701-2474
Individually Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-2095412
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1945
Total area
12,500 SF
Lot
0.18 ac (7,841 SF)
Zoning code
DD-S1
APN
104943
UPID
US53-2095412
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
-
Rene Hendrickson Real Estate Real Estate Agency
-
Virge Yoga Gym & Fitness Center
-
36 North Video + Photography Film Production Television Studio
-
BuildSense Architect Custom Home Builder
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.73M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.34M
Blend (final)
Blend
$3.73M
Owner & transaction history
Local Government Federal Credit Uni · 2 yrs held
Local Government Federal Credit Uni
since 2024
Last sale
$3.7M
6 recorded transactions
Zoning & alternative use
DD-S1 · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.3M
+73.7%
Commercial (general)
$4.8M
+56.8%
Apartment house (5+ units)
$4.6M
+50.3%
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 Durham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Durham 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
$3,725,000
ML approach
$3,725,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$3,070,000
Current use
RESTAURANT
$5,335,000
Change: +74% · Conversion: Easy
COMMERCIAL (GENERAL)
$4,815,000
Change: +57% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$4,615,000
Change: +50% · Conversion: Difficult
OFFICE BUILDING
$4,270,000
Change: +39% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,645,000
Change: +19% · Conversion: Difficult
Blend value · Realmo final
$3.73M
Range $3.35M – $4.10M · ±10% · vs last sale $3.73M (Jun 4 2024)
Last sale anchor
$3.73M
Jun 4 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
$298 / 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
$30,517
Tax year 2023
Assessed value
$2,083,243
Assessed 2024
Previous assessed
$2,083,243
+0.0% YoY
Effective rate
1.46%
On assessed value
Assessed land
$392,038
Assessed improvement
$1,691,205
Land market value
$392,038
Improvement market value
$1,691,205
Total market value
$2,083,243
Applied tax rate
1.0000
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
1945
Heating
YES
Cooling
YES
Stories
2
Total area
12,500 SF
Lot
0.18 ac (7,841 SF)
Zoning code
DD-S1
APN
104943
UPID
US53-2095412
Jurisdiction
DURHAM
Zoning & alternative use
DD-S1 · Durham, NC
Zoning DD-S1 · permitted uses
DD-S1 · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Durham. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$3.1M
RESTAURANT
Est. value
$5.3M
COMMERCIAL (GENERAL)
Est. value
$4.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.6M
OFFICE BUILDING
Est. value
$4.3M
AUTO REPAIR, GARAGE
Est. value
$3.6M
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
1945
Heating
YES
Cooling
Yes
Stories
2
Lot
0.18 ac
Current owner
From public records · entity-resolved
Local Government Federal Credit Uni
Individual
Free & Clear · 2 yrs held
Mailing address
3600 WAKE FRST RD STE #2000, RALEIGH, NC 27609-7309
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 4, 2024
$4,300,000
Local Government Federal Credit Uni
Clearsense Properties LLC
Special Warranty Deed
—
Feb 14, 2019
—
Clearsense Properties LLC
—
Deed
related
$1,250,000 · The Fidelity Bank
Feb 14, 2011
$355,000
Clearsense Properties LLC
Horne,jerry L
Warranty Deed
$355,000 · Gary P & Leslie H Mason
—
—
Clearsense Properties LLC
—
Deed Of Trust
related
$894,500 · Fidelity Bank NA
—
—
Clearsense Properties LLC
—
Deed Of Trust
related
$894,500 · Fidelity Bk
—
—
Clearsense Properties LLC
—
Deed Of Trust
related
$591,000 · Self-help Ventures Fund
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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