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

    6241 Westgate Rd Raleigh, NC 27617-5964

    • Warehouses
    • 40,775 SF
    • 3.05 lot acres
    OFF-MARKET
    Value Estimations
    $3,620,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5551314
    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

    • Heron Events, LLC dba Total Production Services / Wedding Service / Stage
    • DiamondFit Performance Sports Training - Raleigh / Personal Trainer / Summer Camp
    • Streetbomber Garage LLC / Auto Repair Shop
    • Velocity Motorworks, LLC / Auto Repair Shop / Auto Electrical Service
    • Lat Enterprises Inc / Software Company

    Property Details for 6241 Westgate Rd

    Year built
    1977
    Construction
    METAL FRAME
    Lot size
    3.05 lot acres
    Property size
    40,775 SF
    Zone code
    IX-3
    Property type
    Warehouses
    APN
    0778.03-13-6675 0232211
    APU
    778031366750232211

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,280,000
      6.5%
      $4,875,000
      7%
      $4,525,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7578
    Latitude
    35.903
    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
    $25,544
    $801,134
    $1,542,326
    $2,343,460
    -
    $801,134
    $1,542,326
    $2,343,460

    Comparable in this City

    • Value Estimation
      $3,640,000
      28,720 SF

      8701 Brickell Ave

      WAREHOUSE, STORAGE • 28,720 SF
      8701 Brickell Ave, Raleigh, NC 27617-4631
      View Details
    • Value Estimation
      $1,700,000
      18,077 SF

      7239 Acc Blvd

      WAREHOUSE, STORAGE • 18,077 SF
      7239 Acc Blvd, Raleigh, NC 27617-4881
      View Details
    • Value Estimation
      $2,030,000
      13,200 SF

      6104 Westgate Rd

      WAREHOUSE, STORAGE • 13,200 SF
      6104 Westgate Rd, Raleigh, NC 27617-4618
      View Details
    • Value Estimation
      $1,470,000
      11,748 SF

      8001 Brownleigh Dr

      WAREHOUSE, STORAGE • 11,748 SF
      8001 Brownleigh Dr, Raleigh, NC 27617-7455
      View Details
    • Value Estimation
      $1,000,000
      9,956 SF

      7216 Acc Blvd

      WAREHOUSE, STORAGE • 9,956 SF
      7216 Acc Blvd, Raleigh, NC 27617-8830
      View Details
    • Value Estimation
      $2,380,000
      15,750 SF

      7424 Acc Blvd

      WAREHOUSE, STORAGE • 15,750 SF
      7424 Acc Blvd, Raleigh, NC 27617-8413
      View Details

    Similar Nearby for Sale

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      18,000 SF

      Versatile Flex Space on US 70

      Highly visible flex/office/retail spaces on Glenwood Avenue.
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      Raleigh Commercial Land - 9.47 Acres

      Prime Raleigh location, high visibility, investment opportunity.
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    Similar Nearby for Lease

    • $2,500 /Mo
      3,750 SF

      West Raleigh Industrial Storage Land

      0.35 acres of fenced, graveled land for outside storage.
      8601 Barefoot Industrial Rd, Raleigh, NC 27617
      View Details
    • $16 SF/Yr
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      Renovated Warehouse Space Available

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      Raleigh Industrial Space Sublease Opportunity

      Industrial space for sublease near I-540 and RDU International.
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    • $15 SF/Yr
      14,640 SF

      Functional Space with Laydown Yard

      14,640 SF space with laydown yard in Raleigh, NC.
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    • $21 SF/Yr
      8,804 SF

      Raleigh Office Condo - 8804 SF

      Modern Office Space, North Raleigh, Lease Ready
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      View Details
    • Contact for pricing
      4,522 SF

      Raleigh Office Space For Rent

      Office space available in Brier Creek Corporate Center, Raleigh, NC.
      8020 Arco Corporate Dr, Raleigh, NC 27617
      View Details
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    6241 Westgate Rd
    Raleigh, NC 27617-5964
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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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