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

    598 Airport Blvd, Unit Morrisville NC | Morrisville Morrisville, NC 27560

    • Warehouses
    • 34,522 SF
    • 2.92 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2763310
    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

    • Warehouses

    Property Details for 598 Airport Blvd

    Year built
    1998
    Construction
    BRICK
    Lot size
    2.92 lot acres
    Property size
    34,522 SF
    Zone code
    BAC
    Property type
    Warehouses
    APN
    0756.03-14-6101 0459431
    APU
    756031461010459431

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,470,000
      6.5%
      $4,130,000
      7%
      $3,835,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $6,019,000
      Market price range: $1.42M - $6.56M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $7,375,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Morrisville
    County
    Wake
    State
    North Carolina
    Longitude
    -78.8259
    Latitude
    35.8494
    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
    2024
    $63,082
    $1,526,340
    $5,590,885
    $7,117,225
    -
    $1,526,340
    $5,590,885
    $7,117,225

    Comparable in this City

    • Value Estimation
      $5,730,000
      49,356 SF

      220 Dominion Dr

      WAREHOUSE, STORAGE • 49,356 SF
      220 Dominion Dr, Morrisville, NC 27560-7307
      View Details
    • Value Estimation
      $5,405,000
      35,642 SF

      600 Airport Blvd

      WAREHOUSE, STORAGE • 35,642 SF
      600 Airport Blvd, Morrisville, NC 27560-8489
      View Details
    • Value Estimation
      $4,310,000
      35,534 SF

      117 International Dr

      WAREHOUSE, STORAGE • 35,534 SF
      117 International Dr, Morrisville, NC 27560-8792
      View Details
    • Value Estimation by Request
      55,044 SF

      160 Magellan Ct

      WAREHOUSE, STORAGE • 55,044 SF
      160 Magellan Ct, Morrisville, NC 27560-9500
      View Details
    • Value Estimation by Request
      136,000 SF

      619 Distribution Dr

      Distribution properties • 136,000 SF
      619 Distribution Dr, Morrisville, NC 27560
      View Details
    • Value Estimation
      $5,545,000
      35,880 SF

      100 Dominion Dr

      WAREHOUSE, STORAGE • 35,880 SF
      100 Dominion Dr, Morrisville, NC 27560-9259
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      30,000 SF

      New Class A Flex Industrial

      30,000 SF flex industrial property for sale or lease.
      150 Kitty Hawk Dr, Morrisville, NC 27560
      View Details
    • Contact for pricing
      128,000 SF

      Available Warehouse Space Near Airport

      40,000 SF warehouse space near Raleigh-Durham International Airport.
      324 Park Knoll Dr, Morrisville, NC 27560
      View Details
    • $4,500,000
      19,600 SF

      Gateway Centre Blvd Office Building

      Morrisville, NC Office/Lab Space - $4.5M
      3500 Gateway Centre Blvd, Morrisville, NC 27560
      View Details
    • $2,150,000
      8,000 SF

      Dominion Drive Office Building

      8,000 SF Flex Office Space in Morrisville, NC
      250 Dominion Dr, Morrisville, NC 27560
      View Details
    • $4,600,000
      6.63 Acres

      Morrisville Commercial Land - RDU Area

      6.63 Acres, Prime Commercial Location
      109 Trans Air Dr, Morrisville, NC 27560
      View Details
    • $1,495,000
      8,500 SF

      611 Church St

      Land • 8,500 SF
      611 Church St, Morrisville, NC 27560
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      24,350 SF

      Flex Space Near RDU Airport

      Flex units available near I-40 and RDU International Airport.
      251 Dominion Dr, Morrisville, NC 27560
      View Details
    • $5,105 /Mo
      28,000 SF

      Office and Warehouse Flex Space

      Flex space with office and warehouse components available for lease.
      10404 Chapel Hill Rd, Morrisville, NC 27560
      View Details
    • Contact for pricing
      75,000 SF

      3000 Perimeter Park Drive

      Distribution properties • 75,000 SF
      3000 Perimeter Park Dr, Morrisville, NC 27560
      View Details
    • $16 SF/Yr
      28,600 SF

      Flex Space Near RDU Airport

      Flex bay with office and dock loading near RDU Airport.
      102 Kitty Hawk Dr, Morrisville, NC 27560
      View Details
    • $17 SF/Yr
      24,772 SF

      Flex Building Near I-40

      Multitenant flex building with I-40 access and central location.
      200 Trans Air Dr, Morrisville, NC 27560
      View Details
    • Contact for pricing
      136,000 SF

      Morrisville Warehouse and Distribution Space

      73,600 RSF warehouse with office space near RDU.
      619 Distribution Dr, Morrisville, NC 27560
      View Details
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    Morrisville, NC 27560
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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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