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    Property profile & analytics

    721 Brightleaf Blvd Smithfield, NC 27577-4383

    • Strip malls
    • 45,214 SF
    • 10.73 lot acres
    OFF-MARKET
    Last Sale
    Jan 15, 2025
    $8,232,500
    Value Estimations
    $8,085,000
    Show details
    Cap Rate Potential
    9.1%
    Strip malls
    Location Intelligence
    Property ID
    US53-1886228
    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

    • Western Union / Bank / Credit Union
    • Pizazz / Social Service Agency / Charitable Organization
    • 815 Gourmet Grill / Restaurant
    • Smithfield Business Center / Business Management Consultant
    • Jernigan Furniture / Furniture & Home Goods / Home Decor Store

    Property Details for 721 Brightleaf Blvd

    Year built
    1974
    Lot size
    10.73 lot acres
    Property size
    45,214 SF
    Zone code
    COM
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    15004024C
    APU
    15004024C

    Description

    This exceptional retail property, located at 721 N Brightleaf Boulevard in Smithfield, North Carolina, presents a unique investment opportunity. The 106,083 square foot shopping center, built in 1974 and extensively renovated in 2020, offers two available suites, perfect for a variety of retail businesses. Each suite is highly adaptable, with a minimum divisible space of 1,200 square feet and a maximum contiguous space of 3,200 square feet. Currently, 4,400 square feet of space is available for lease. The property boasts ample surface parking with 472 spaces, ensuring convenient access for customers. Situated in Johnston County, the center benefits from a highly visible location on N Brightleaf Boulevard, within the 27577 zip code. The property is zoned for shopping center spaces, making it ideal for a range of retail uses. This well-maintained and updated center offers a strong foundation for immediate occupancy and future growth. The property's recent renovation ensures modern amenities and a contemporary aesthetic, attracting both tenants and customers. Don't miss this chance to secure a prime retail location in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,810,000
      ML approach
      $8,070,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,865,000
      6.5%
      $10,955,000
      7%
      $10,170,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,280,000
      Market price range: $4.36M - $9.90M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $6,630,000
      Current use
      RESTAURANT
      $10,090,000
      Change: +52% Conversion: Difficult
      RETAIL STORES
      $7,230,000
      Change: +9% Conversion: Easy
      AUTO REPAIR, GARAGE
      $6,875,000
      Change: +4% Conversion: Difficult
      MEDICAL BUILDING
      $6,570,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $6,200,000
      Change: -7% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $5,930,000
      Change: -11% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Johnston
    State
    North Carolina
    Longitude
    -78.3296
    Latitude
    35.5153
    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
    $56,424
    $1,801,890
    $2,748,430
    $4,550,320
    -
    $1,801,890
    $2,748,430
    $4,550,320

    Comparable in this City

    • Value Estimation
      $800,000
      5,660 SF

      1006 Brightleaf Blvd

      SHOPPING CENTER, STRIP CENTER • 5,660 SF
      1006 Brightleaf Blvd, Smithfield, NC 27577-4265
      View Details
    • Value Estimation
      $1,630,000
      7,076 SF

      1202 Brightleaf Blvd

      SHOPPING CENTER, STRIP CENTER • 7,076 SF
      1202 Brightleaf Blvd, Smithfield, NC 27577-4258
      View Details
    • Value Estimation
      $11,600,000
      72,165 SF

      1235 Brightleaf Blvd

      SHOPPING CENTER, STRIP CENTER • 72,165 SF
      1235 Brightleaf Blvd, Smithfield, NC 27577-4229
      View Details
    • Value Estimation
      $1,705,000
      12,816 SF

      553 Market St

      SHOPPING CENTER, STRIP CENTER • 12,816 SF
      553 Market St, Smithfield, NC 27577-3923
      View Details
    • Value Estimation by Request
      4,133 SF

      219 Peedin Rd

      SHOPPING CENTER, STRIP CENTER • 4,133 SF
      219 Peedin Rd, Smithfield, NC 27577-4738
      View Details
    • Value Estimation
      $2,480,000
      26,000 SF

      2176 Us Hwy 70th E

      SHOPPING CENTER, STRIP CENTER • 26,000 SF
      2176 Us Hwy 70th E, Smithfield, NC 27577
      View Details

    Similar Nearby for Sale

    • $350,000
      1.04 Acres

      Market St. Commercial Lot - Smithfield, NC

      High-traffic corner lot, ideal retail.
      0 Market St, Smithfield, NC 27577
      View Details
    • $1,300,000
      Pending

      Smithfield Commercial Land For Sale

      1.18 acre commercial lot with road frontage in Smithfield, NC.
      1266 N Brightleaf Blvd, Smithfield, NC 27577
      View Details
    • Contact for pricing
      1,620 SF

      Daycare Facility on High-Traffic Road

      1,620 sq ft daycare on 0.788-acre lot for sale.
      651 N Brightleaf Blvd, Smithfield, NC 27577
      View Details
    • New
      $650,000
      1,900 SF

      Smithfield Commercial Redevelopment Opportunity

      High-visibility commercial property in a rapidly growing corridor.
      1475 W Market St, Smithfield, NC 27577
      View Details
    • $299,900

      Corner Acreage for Equestrian Use

      Acreage for horses with easy highway access in Smithfield.
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      View Details
    • $500,000
      Pending

      Smithfield Land For Sale

      Three combined lots in a high-visibility, rapidly growing Smithfield corridor.
      1418 Buffalo Rd, Smithfield, NC 27577
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,640 SF

      Retail Space in Smithfield, NC

      Retail space for lease in a highly visible shopping center.
      1104 N Brightleaf Blvd | Smithfield, Smithfield, NC 27577
      View Details
    • $27 SF/Yr
      19,000 SF

      Johnston County Airport Office Space

      Class A Office Suites near I-95
      3149-C Swift Creek Rd, Smithfield, NC 27577
      View Details
    • Contact for pricing
      9,640 SF

      Smithfield Retail Space For Lease

      Prime Johnston County retail space available.
      1104 Brightleaf Blvd, Smithfield, NC 27577
      View Details
    • $18 SF/Yr
      4,656 SF

      Downtown Smithfield Retail Space

      Prime Johnston County location, 2,250 sq ft available.
      134 3Rd St, Smithfield, NC 27577
      View Details
    • $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
      View Details
    • $19 SF/Yr
      21,238 SF

      Wilson Medical Park: Prime Medical Office Space

      Medical Office Building For Sale/Lease; Excellent Location
      2402 Camden St, Smithfield, NC 27577
      View Details
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    Smithfield, NC 27577-4383
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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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