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703 Rock Quarry Rd 5,784 SF 90% Leased Retail Building Raleigh, NC 27610 $1,500,000 ($259.34/SF) 4.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Adaptive Reuse/Redevelopment opportunity in rapidly changing section of Raleigh.
EXECUTIVE SUMMARY
Adaptive Reuse/Value Add Redevelopment building in booming Downtown East. Residential redevelopment occurring all around this location with home prices as high as $1,500,000. Currently rented on annual lease with virtually zero annual expenses. Upside rental with unleased upstairs space. Significant upside rental potential with nominal investment into property. Site could be upgraded and continued for garage/auto repair site or redeveloped into a brewery, restaurant, or other retail concepts with much higher rental income potential. Walkable to the new Bus Rapid Transit Project on New Bern Avenue. Walkable/Bikeable to City Center.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$72,000
|
$12.45
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$72,000
|
$12.45
|
| Taxes |
$8,100
|
$1.40
|
| Operating Expenses |
$300
|
$0.05
|
| Total Expenses |
$8,400
|
$1.45
|
| Net Operating Income |
$63,600
|
$11.00
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $72,000 |
| Annual Per SF | $12.45 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $72,000 |
| Annual Per SF | $12.45 |
| Taxes | |
|---|---|
| Annual | $8,100 |
| Annual Per SF | $1.40 |
| Operating Expenses | |
|---|---|
| Annual | $300 |
| Annual Per SF | $0.05 |
| Total Expenses | |
|---|---|
| Annual | $8,400 |
| Annual Per SF | $1.45 |
| Net Operating Income | |
|---|---|
| Annual | $63,600 |
| Annual Per SF | $11.00 |
PROPERTY FACTS
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
5,784 SF
Building Class
C
Year Built
1978
Price
$1,500,000
Price Per SF
$259.34
Cap Rate
4.50%
NOI
$67,500
Percent Leased
90%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.58
Lot Size
0.23 AC
Zoning
CX-3 - Commercial Mixed Use
Parking
10 Spaces (1.73 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Auto Max
- Retailer
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Auto Max | Retailer | - | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 1713.10-25-7629-000 | Total Assessment | $961,137 (2025) |
| Land Assessment | $280,131 (2025) | Annual Taxes | $8,100 ($1.40/SF) |
| Improvements Assessment | $681,006 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
1713.10-25-7629-000
Land Assessment
$280,131 (2025)
Improvements Assessment
$681,006 (2025)
Total Assessment
$961,137 (2025)
Annual Taxes
$8,100 ($1.40/SF)
Tax Year
2024
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CRN Holdings
703 Rock Quarry Rd
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