821 Wake Forest RdRaleigh, NC 27604

Property Details for 821 Wake Forest Rd

Year built

1921

Construction

BRICK

Lot size

0.32 AC

Property size (Sq ft)

5,310 SF

Zone code

NX-3

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

1704.16-83-6232 0023400

APU

1704168362320023400

Description

This exceptional two-story office building, totaling 5,310 square feet, is situated on a 0.32-acre lot in Raleigh's desirable Mordecai neighborhood. Built in 1921 and renovated in 2018, the property boasts a charming Colonial Revival style, seamlessly blending historic character with modern functionality. The building features a finished and conditioned attic, offering additional potential space. Conveniently located on Wake Forest Road near Mordecai Drive, it provides easy access to downtown Raleigh and Capital Boulevard/US 1 Hwy. The NX-3-CU zoning allows for a variety of uses. Ample on-site and street parking is available. The property's prime location offers walkability to nearby restaurants and retail establishments on North Person Street, enhancing its appeal to both employees and clients. The asking price is $2,300,000, with a price per square foot of $433.15. The property includes Wake County PINs 1704836232. An additional 0.24 acres is available for purchase separately.

• CAP approach

  CAP return

  Valuation

  6%

  $1,287,112

  6.5%

  $1,188,104

  7%

  $1,103,239

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,405,671

  Geo Method

  $1,218,857

• Alternative Use

  Use

  Valuation

  Residential

  $1,473,248

  Hospitality

  $1,349,488

  Educational

  $1,122,758

  Medical

  $1,161,371

  Retail

  $1,746,512

Location Insight

City

Raleigh

County

Wake

State

North Carolina

Latitude

35.7916

Longitude

-78.6337

CBSA code

39580

CBSA name

RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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