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    Property profile & analytics

    709 S 3Rd St Smithfield, NC 27577

    • Office Units
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1607975
    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

    • The Dupree House / Hotel & Motel / Resort
    • Hudson Legal Services, PLLC / Law Firm
    • Bondage & Bows Boudoir Photography / (Bike/Boat/Book/etc) Store / Photography Service
    • Johnston County Association REALTORS® / Charitable Organization / Social Service Agency

    Property Details for 709 S 3Rd St

    Year built
    1903
    Property type
    Office Units
    Property subtype
    Commercial real estate

    Description

    We currently have 3 office units available on the second floor of The Dupree House near downtown Smithfield. The Dupree House was built in 1903 as a residential dwelling, fully renovated in the 80’s and now zoned for commercial use. Owned by the local REALTOR® Association, this house will be used as ... offices and event venue rental. This beautifully kept building is a gem within walking distance to downtown Smithfield. Each unit includes off street parking and almost all utilities included. If you are looking for an affordable office with some local downtown charm and great history, you’ve found the right place!! We have 3 Units starting at $450. Please contact for further information.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Johnston
    State
    North Carolina
    Longitude
    -78.350049
    Latitude
    35.502124

    Comparable in this City

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      Renovated Commercial/Residential Property

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      Downtown Smithfield 'Davis Building'

      Historic building suitable for retail and office multi-tenant occupancy.
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      Historic Office Building For Sale

      Charming 4,253 SF office space in historic Smithfield district.
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      Smithfield Commercial Land Opportunity

      High-traffic lot, development potential.
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      Commercial Lot in Prime Location

      0.497-acre commercial lot in Smithfield, NC, ready to build.
      14 E Peedin Rd, Smithfield, NC 27577
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    Similar Nearby for Sale

    • Contact for pricing

      Mixed-Use Property Near Downtown

      Mixed-use property with retail, office, and residential potential.
      509 E Market St, Smithfield, NC 27577
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    • Contact for pricing
      2,300 SF

      Renovated Commercial/Residential Property

      Completely renovated property in downtown Smithfield, suitable for commercial/residential use.
      510 Bridge St, Smithfield, NC 27577
      View Details
    • $350,000
      Pending

      Historic Office Building For Sale

      Charming 4,253 SF office space in historic Smithfield district.
      201 N 2Nd St, Smithfield, NC 27577
      View Details
    • $875,000
      9,103 SF

      Downtown Smithfield 'Davis Building'

      Historic building suitable for retail and office multi-tenant occupancy.
      219 E Johnston St, Smithfield, NC 27577
      View Details
    • $249,500
      1.05 Acres

      Smithfield Commercial Land Opportunity

      High-traffic lot, development potential.
      1803 Brightleaf Blvd, Smithfield, NC 27577
      View Details
    • $115,000
      Pending

      Commercial Lot in Prime Location

      0.497-acre commercial lot in Smithfield, NC, ready to build.
      14 E Peedin Rd, Smithfield, NC 27577
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr

      Smithfield Flex Building For Rent

      10,000 SF flex building with office and warehouse space.
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      Airport Hangar and Office Space

      19,000 SF special purpose building for lease at Johnston County Airport.
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      Medical Office Building Near Hospital

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      Commercial Space in Smithfield, NC

      Spacious commercial property suitable for retail, office, or service tenants.
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      Retail Space For Lease

      Retail space available for lease in Smithfield, North Carolina.
      1104 N Brightleaf Blvd, Smithfield, NC 27577
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    • $5,000 /Mo
      800 SF

      Smithfield Car Dealership For Lease

      Fully operational car dealership with office and storage in Smithfield.
      803 S Brightleaf Blvd, Smithfield, NC 27577
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    709 S 3Rd St
    Smithfield, NC 27577
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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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