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Property profile & analytics
FOR LEASE
Warehouses
741 Merritt Capital Dr Wake Forest, NC 27587
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-5706046
For Lease
1 / 14
$17.19 SF/Yr
741 Merritt Capital Dr, Wake Forest, NC 27587
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2023
Construction
BRICK
Total area
84,400 SF
Lot
23.64 ac (1,029,758 SF)
Zoning code
LI
APN
1739.04-83-4504 0502558
UPID
US53-5706046
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
$10.09M
Comparable Approach
Comparable
$18.50M
Blend (final)
Blend
$14.31M
Owner & transaction history
Merritt Wf2 LLC · 3 yrs held
Merritt Wf2 LLC
since 2023
1 recorded transaction
Zoning & alternative use
LI · Wake Forest, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$20.2M
+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%
$10,930,000
6.5%
$10,090,000
7%
$9,370,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$15,895,000
Current use
RETAIL STORES
$20,165,000
Change: +27% · Conversion: Moderate
Blend value · Realmo final
$14.31M
Range $12.87M – $15.74M · ±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
$273,262
Tax year 2024
Assessed value
$27,806,954
Assessed 2024
Previous assessed
$27,806,954
+0.0% YoY
Effective rate
0.98%
On assessed value
Assessed land
$2,429,995
Assessed improvement
$25,376,959
Land market value
$2,429,995
Improvement market value
$25,376,959
Total market value
$27,806,954
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
For Lease
Year built
2023
Construction
BRICK
Heating
SPACE
Cooling
CENTRAL
Stories
1
Total area
84,400 SF
Lot
23.64 ac (1,029,758 SF)
Zoning code
LI
APN
1739.04-83-4504 0502558
UPID
US53-5706046
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
$15.9M
RETAIL STORES
Est. value
$20.2M
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
2023
Construction
BRICK
Heating
SPACE
Cooling
Yes
Stories
1
Lot
23.64 ac
Current owner
From public records · entity-resolved
Merritt Wf2 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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 24, 2023
—
Merritt Wf2 LLC
Merritt Wf1 LLC
Intrafamily Transfer
related
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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