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    968 Wait Ave Wake Forest, NC 27587-7670
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    Property profile & analytics

    968 Wait Ave, Wake Forest, NC 27587-7670

    View on Map
    • Assisted living facilities
    • 58,813 SF
    • 5.46 lot acres
    Off-Market
    Property ID
    US53-1846243
    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.
    Value Estimations
    $1,395,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hillside Nursing & Rehab / Nursing Home / Retirement Community

    Property Details for 968 Wait Ave

    Year built
    1991
    Construction
    BRICK
    Lot size
    5.46 lot acres
    Zone code
    RMX
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    1840.08-98-4938 0187351
    APU
    1840089849380187351

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 3, 2009 — Hillside Nursing Center LLC — Trustees Deed · related $500k · Branch Banking & Trust Co
    — — Hillside Nursing Center LLC — Deed Of Trust · related $2.6M · Fidelity Bk
    — — Hillside Nursing Center LLC — Deed Of Trust · related $3.6M · First Bank
    — — Hillside Nursing Center LLC — Deed Of Trust · related $3.5M · Branch Banking & Trust Co

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,290,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,500,000
      Market price range: $1.11M - $2.30M

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $1,515,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.4947
    Latitude
    35.9715
    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
    $123,965
    $1,198,704
    $9,469,523
    $10,668,227
    -
    $1,198,704
    $9,469,523
    $10,668,227

    Comparable in this City

    • Value Estimation
      $760,000
      27,205 SF

      611 Brks St

      HOMES (RETIRED, NURSING)
      611 Brks St, Wake Forest, NC 27587-2978
      View Details
    • Value Estimation
      $1,135,000
      42,484 SF

      3218 Heritage Trade Dr

      HOMES (RETIRED, NURSING)
      3218 Heritage Trade Dr, Wake Forest, NC 27587-4238
      View Details
    • Value Estimation
      $1,820,000
      107,082 SF

      1151 Main St

      HOMES (RETIRED, NURSING)
      1151 Main St, Wake Forest, NC 27587-9646
      View Details
    • Value Estimation
      $1,030,000
      11,501 SF

      306 Allen Rd

      HOMES (RETIRED, NURSING)
      306 Allen Rd, Wake Forest, NC 27587-2610
      View Details
    • Value Estimation by Request
      1,516 SF

      120 Capcom Ave Ste, Unit 104

      MEDICAL BUILDING
      120 Capcom Ave Ste, Wake Forest, NC 27587-6537
      View Details
    • Value Estimation
      $750,000
      3,569 SF

      3150 Rogers Rd Ste, Unit 111

      MEDICAL BUILDING
      3150 Rogers Rd Ste, Wake Forest, NC 27587-7070
      View Details

    Similar Nearby for Sale

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      Wake Forest Corner Lot

      3.09-acre corner lot in Wake Forest, North Carolina.
      8824 Ligon Mill Rd, Wake Forest, NC 27587
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      Pending

      Land with Development Potential

      Two parcels totaling 25.85 acres with development potential.
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      Pasture Land For Sale

      0.69 acre pasture land with farm fencing.
      4315 Mitchell Mill Rd, Wake Forest, NC 27587
      View Details
    • $450,000
      3.89 Acres

      Wake Forest Residential Land

      3.89-acre residential lot in Wake Forest, North Carolina.
      11249 Jeffreys Ln, Wake Forest, NC 27587
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    Similar Nearby for Lease

    • Contact for pricing

      Executive Offices in Wake Forest

      Private offices with utilities included, convenient location, short-term leases.
      1890 S Main St, Wake Forest, NC 27587
      View Details
    • $4,150 /Mo
      1,200 SF

      Wake Forest Commercial Space For Rent

      Commercial space in a growing Wake Forest corridor.
      3325 Rogers Rd, Wake Forest, NC 27587
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    • $24 SF/Yr

      Medical Office Suite with Exam Rooms

      Lease a medical office suite featuring exam rooms, multiple offices, and dedicated restrooms for a professional practice.
      1904 S Main St, Wake Forest, NC 27587
      View Details
    • $4,150 /Mo
      1,200 SF

      Coffee Shop and Restaurant Space

      Ready-to-run food and beverage space suited for a coffee concept or conventional dining operation.
      3325 Rogers Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Office Suite

      Class B office suite in a growing commercial market.
      10520 Ligon Mill Rd, Wake Forest, NC 27587
      View Details
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    Wake Forest, NC 27587-7670
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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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