1500 Garner RdRaleigh, NC 27610

Property Details for 1500 Garner Rd

Year built

1956

Construction

BRICK

Lot size

2.38 AC

Property size (Sq ft)

41,738 SF

Zone code

IX-3

Property type

Warehouses

APN

1703.20-92-0045 0045538

APU

1703209200450045538

Description

This exceptional 43,000 square foot medical office building, situated on 2.39 acres at 1500 Garner Rd, Raleigh, NC 27610 (Saints Ave @ Garner Rd), presents a unique investment opportunity. Built in 1990 and renovated in 2018, this Class C, two-story building boasts 9,500 square feet of vacant space within a single-tenant occupancy structure. The property features an 8-foot ceiling height, 208-volt 3-phase power, and a single handicap-accessible elevator. Its IX-3 zoning designation and location in the Downtown Raleigh South submarket, specifically the Garner Road cluster, offer significant advantages. The building enjoys a premium, high-profile location directly facing Garner Road, benefiting from exceptional visibility in a rapidly developing area. Surrounding development includes numerous new mid-rise rezonings and constructions, along with over 800 new high-end apartments within a short distance. The building's original design catered to medical practices, with the upper floor ideally suited for medical billing. This property offers a compelling combination of established infrastructure and significant growth potential within a thriving Raleigh neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $24,790,400

  6.5%

  $22,883,500

  7%

  $21,248,900

• Comparable approach

  Method

  Valuation

  Relative Method

  $17,678,300

  Geo Method

  $15,328,900

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $11,334,000

  Mixed-Use / Specialty

  $10,978,000

  Hospitality / Lodging

  $7,643,230

  Office

  $10,584,000

  Institutional / Educational

  $11,299,800

  Residential Income

  $13,220,800

  Multifamily

  $17,606,100

  Automotive / Energy

  $9,685,570

  Parking / Income-Based Land

  $3,654,210

  Restaurant / Food Service

  $5,036,100

  Healthcare / Senior Housing

  $11,581,400

Location Insight

City

Raleigh

County

Wake

State

North Carolina

Latitude

35.7608

Longitude

-78.6324

CBSA code

39580

CBSA name

RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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