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Property profile & analytics
OFF-MARKET
Estimated value
$3,470,000
Day care centers
844 Heritage Lk Rd Wake Forest, NC 27587-4246
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US53-5791565
Property profile
Verified
Property type
Day care centers
Use group
DAY CARE, PRE-SCHOOL
Year built
2005
Construction
FRAME
Total area
10,240 SF
Lot
2.02 ac (87,991 SF)
Zoning code
GR10
APN
1840.04-70-4781 0308675
UPID
US53-5791565
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
Current use
Occupant on record · Public records
-
Primrose School of Heritage Wake Forest Daycare Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.05M
Blend (final)
Blend
$3.47M
Owner & transaction history
N Square II Properties LLC · 6 yrs held
N Square II Properties LLC
since 2020
Last sale
$3.5M
7 recorded transactions
Zoning & alternative use
GR10 · Wake Forest, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
for Franklin County parcels. If the property is in a General Residential zone (GR3, GR5, GR10), the minimum setback for an accessory structure is 5 feet from the side property line and 10 feet from the rear. For other zones, refer to the tables in the following link UDO 2.2 District Provisions . For more specific information, contact a planner at 919-435-951…
Zone name
General Residential 10
General category
RESIDENTIAL
Zone area
280.15 ac
Top alternative use upside
Neighborhood: shopping center
$5.6M
+97.9%
Restaurant
$5.5M
+93.9%
Auto repair, garage
$3.5M
+24.1%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE
$2,850,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$5,640,000
Change: +98% · Conversion: Difficult
RESTAURANT
$5,525,000
Change: +94% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,535,000
Change: +24% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,405,000
Change: +19% · Conversion: Difficult
MEDICAL BUILDING
$3,325,000
Change: +17% · Conversion: Difficult
RETAIL STORES
$2,445,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$3.47M
Range $3.12M – $3.82M · ±10% · vs last sale $3.50M (Jul 6 2020)
Last sale anchor
$3.50M
Jul 6 2020
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
$339 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$31,360
Tax year 2023
Assessed value
$2,698,790
Assessed 2023
Previous assessed
$2,698,790
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$403,879
Assessed improvement
$2,294,911
Land market value
$403,879
Improvement market value
$2,294,911
Total market value
$2,698,790
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
Day care centers
Use group
DAY CARE, PRE-SCHOOL
Status
Off-Market
Year built
2005
Construction
FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Total area
10,240 SF
Lot
2.02 ac (87,991 SF)
Zoning code
GR10
APN
1840.04-70-4781 0308675
UPID
US53-5791565
Jurisdiction
WAKE
Zoning & alternative use
GR10 · Wake Forest, NCZoning GR10 · permitted uses
GR10 · Wake Forest, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
for Franklin County parcels. If the property is in a General Residential zone (GR3, GR5, GR10), the minimum setback for an accessory structure is 5 feet from the side property line and 10 feet from the rear. For other zones, refer to the tables in the following link UDO 2.2 District Provisions . For more specific information, contact a planner at 919-435-9510. How Do I Apply for a Permit? All permitting is handled through our Electronic Plan Review & Permit Portal . Please click the link for further instructions. Notice of Violation & Correction Order Planning staff frequently conduct property inspections and respond to complaints in the Town of Wake Forest for violations of the Town’s Ordinances. Wake Forest has two ordinances: 1) Code of Ordinances which deals with nuisance-related violations, and 2) Unified Development Ordinance (UDO) which deals with development-related violations. This webpage is meant to assist you with correcting certain violations that are common. For violations that are not listed above, please reach out to the Zoning Enforcement Officer for assistance. Where do you find the violation? On the Notice of Violation and Correction order you received, there will be a section in the middle that will list the following:
Zone name
General Residential 10
General category
RESIDENTIAL
Zone area
280.15 ac
Alternative use value scenarios
Repositioning upside vs current use
COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE Current
Est. value
$2.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$5.6M
RESTAURANT
Est. value
$5.5M
AUTO REPAIR, GARAGE
Est. value
$3.5M
COMMERCIAL (GENERAL)
Est. value
$3.4M
MEDICAL BUILDING
Est. value
$3.3M
RETAIL STORES
Est. value
$2.4M
COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
MEDICAL BUILDING
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
2005
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Lot
2.02 ac
Current owner
From public records · entity-resolved
N Square II Properties LLC
Entity
Mailing address
7124 MISTY SPGS CT, CARY, NC 27519-7596
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 6, 2020
$3,500,000
N Square II Properties LLC
Pettis Properties LLC
Warranty Deed
$1,805,500 · Meadows Bank
Jan 9, 2020
—
Pettis Properties LLC
—
Deed
related
$1,330,000 · Fidelity Bk
Dec 31, 2014
—
Pettis Properties LLC
—
Grant Deed
related
$1,655,000 · Branch Bk&tr
Mar 31, 2006
$2,297,000
Pettis Properties LLC
Pages Creek Properties LLC
Warranty Deed
$300,000 · Cit Small Business Lending Co
Jul 6, 2005
$331,000
Pages Creek Properties LLC
Primrose School Franchising
Grant Deed
$1,700,000 · Wachovia Bank NA
Feb 15, 2005
$283,500
Primrose School Franchising Co
Heritage Wake Forest INC
Warranty Deed
—
—
—
Pettis Properties LLC
—
Deed Of Trust
related
$1,330,000 · Fidelity Bk
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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