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Property profile & analytics
OFF-MARKET
Estimated value
$14,530,000
Warehouses
740 Merritt Capital Dr Wake Forest, NC 27587-3739
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-0036781
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2021
Construction
BRICK
Total area
85,800 SF
Lot
19.15 ac (834,174 SF)
Zoning code
LI
APN
1739.04-84-4255 0041797
UPID
US53-0036781
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$10.26M
Comparable Approach
Comparable
$18.80M
Blend (final)
Blend
$14.53M
Owner & transaction history
Merritt Wf3 LLC · 3 yrs held
Merritt Wf3 LLC
since 2023
2 recorded transactions
Zoning & alternative use
LI · Wake Forest, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$20.5M
+26.9%
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 Wake Forest submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wake Forest 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$11,115,000
6.5%
$10,260,000
7%
$9,525,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$16,160,000
Current use
RETAIL STORES
$20,500,000
Change: +27% · Conversion: Moderate
Blend value · Realmo final
$14.53M
Range $13.08M – $15.98M · ±10%
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
$169 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$202,844
Tax year 2024
Assessed value
$20,386,035
Assessed 2024
Previous assessed
$20,386,035
+0.0% YoY
Effective rate
1.00%
On assessed value
Assessed land
$1,858,694
Assessed improvement
$18,527,341
Land market value
$1,858,694
Improvement market value
$18,527,341
Total market value
$20,386,035
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2021
Construction
BRICK
Heating
SPACE
Cooling
CENTRAL
Stories
1
Total area
85,800 SF
Lot
19.15 ac (834,174 SF)
Zoning code
LI
APN
1739.04-84-4255 0041797
UPID
US53-0036781
Jurisdiction
WAKE
Zoning & alternative use
LI · Wake Forest, NC
Zoning LI · permitted uses
LI · Wake Forest, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Wake Forest. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$16.2M
RETAIL STORES
Est. value
$20.5M
WAREHOUSE, STORAGE Current
RETAIL STORES
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
2021
Construction
BRICK
Heating
SPACE
Cooling
Yes
Stories
1
Lot
19.15 ac
Current owner
From public records · entity-resolved
Merritt Wf3 LLC
Entity
Free & Clear · 3 yrs held
Mailing address
2066 LORD BALTIMORE DR, BALTIMORE, MD 21244-2501
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 21, 2023
—
Merritt Wf3 LLC
Merritt Wf1 LLC
Intrafamily Transfer
related
—
Nov 10, 2022
—
Aramark Refreshment Services LLC
Merritt Wf1 LLC
Lease
—
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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