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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    864 Morgan St Raleigh, NC 27603-1614

    • Investment properties
    • 4,356 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Jul 31, 2023
    $2,250,000
    Value Estimations
    $2,080,000
    Show details
    Cap Rate Potential
    2.7%
    Investment properties
    Location Intelligence
    Property ID
    US53-0408916
    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

    • parkingmgt.com / Parking Lot
    • Josephine Deronja / Counselor

    Property Details for 864 Morgan St

    Year built
    1914
    Construction
    FRAME
    Lot size
    0.29 lot acres
    Property size
    4,356 SF
    Zone code
    NX-4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    1703.05-29-1285 0266887
    APU
    1703052912850266887

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,170,000
      ML approach
      $2,220,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,807,000
      Market price range: $917k - $2.58M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,755,000
      Current use
      RETAIL STORES
      $2,425,000
      Change: +38% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,400,000
      Change: +37% Conversion: Difficult
      OFFICE BUILDING
      $1,440,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6555
    Latitude
    35.7807
    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
    2023
    $18,796
    $884,493
    $439,957
    $1,324,450
    -
    $884,493
    $439,957
    $1,324,450

    Comparable in this City

    • Value Estimation
      $60,000
      2,240 SF

      608 Willard Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 2,240 SF
      608 Willard Pl, Raleigh, NC 27603-1706
      View Details
    • Value Estimation
      $800,000
      1,798 SF

      709 Wn St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,798 SF
      709 Wn St, Raleigh, NC 27603-1418
      View Details
    • Value Estimation
      $325,000
      1,350 SF

      5413 Fayetteville Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,350 SF
      5413 Fayetteville Rd, Raleigh, NC 27603-4135
      View Details
    • Value Estimation
      $355,000
      1,577 SF

      125 Glenwood Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,577 SF
      125 Glenwood Ave, Raleigh, NC 27603-1703
      View Details
    • Value Estimation
      $315,000
      1,512 SF

      728 Hargett St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,512 SF
      728 Hargett St, Raleigh, NC 27603-1662
      View Details
    • Value Estimation
      $110,000
      5,700 SF

      624 Jones St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,700 SF
      624 Jones St, Raleigh, NC 27603-1449
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.68 Acres

      Downtown Raleigh Mixed-Use Opportunity

      Prime Glenwood South location, high-potential development
      618 Hillsborough St, Raleigh, NC 27603
      View Details
    • $5,500,000
      8.44 Acres

      Prime Development Land in Raleigh

      8+ acres near Downtown Raleigh, NC State, and I-40.
      1501 Carolina Pines Ave, Raleigh, NC 27603
      View Details
    • $4,797,000
      12.30 Acres

      Raleigh Mixed-Use Development Land

      12.3 Acres, Hwy 401 Frontage, Prime Location
      7608 Fayetteville Rd, Raleigh, NC 27603
      View Details
    • New
      $2,400,000
      10.00 Acres

      Raleigh Land: Prime Location

      10-acre parcel suitable for residential, commercial, or special use.
      408 Johnston Rd, Raleigh, NC 27603
      View Details
    • Contact for pricing
      0.37 Acres

      Prime Raleigh Retail Space

      High-traffic location, ideal for salon use.
      3200 Wilmington St, Raleigh, NC 27603
      View Details
    • $85,000
      0.57 Acres

      Residential Land in Raleigh, NC

      0.57 acre lot with easy commute to Raleigh and Garner.
      721 Grovemont Rd, Raleigh, NC 27603
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      34,290 SF

      Downtown Raleigh Office Space

      Class A Office Suites, Flexible Sizes
      223 West St, Raleigh, NC 27603
      View Details
    • $17 SF/Yr
      12,000 SF

      Raleigh Flex/Warehouse Space Available

      12,000 SF Industrial Space for Lease
      3101 Garner Station Blvd, Raleigh, NC 27603
      View Details
    • Contact for pricing
      10,024 SF

      Raleigh Executive Office Suites

      Prime Raleigh Office Space Available
      743 Johnson St, Raleigh, NC 27603
      View Details
    • $33 SF/Yr
      79,588 SF

      Frontier Plaza: Raleigh Retail Space

      High-visibility retail space in prime Raleigh location.
      3900 Fayetteville Rd, Raleigh, NC 27603
      View Details
    • $17 SF/Yr
      2,500 SF

      Raleigh Flex/Industrial Space Available

      Flex/industrial space available for lease in Raleigh, North Carolina.
      2204-2208 Associate Dr, Raleigh, NC 27603
      View Details
    • $22 SF/Yr
      12,000 SF

      South Raleigh Flex Space Available

      Flex space in South Raleigh with showroom and warehouse.
      201 Tryon Rd, Raleigh, NC 27603
      View Details
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    864 Morgan St
    Raleigh, NC 27603-1614
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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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