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703 Rock Quarry Rd 5,784 SF 100% Leased Retail Building Raleigh, NC 27610 $1,787,461 CAD ($309.04 CAD/SF) 5.29% Cap Rate
Investment Highlights
- Positioned within Downtown East, an area experiencing rapid residential and commercial growth.
- Additional rental income available through the unleased upper level.
- Current tenant occupancy with minimal overhead offers immediate income stability.
- Proximity to the forthcoming Bus Rapid Transit on New Bern Avenue enhances accessibility.
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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$100,939
|
$17.45
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$100,939
|
$17.45
|
| Taxes |
$11,356
|
$1.96
|
| Operating Expenses |
$421
|
$0.07
|
| Total Expenses |
$11,776
|
$2.04
|
| Net Operating Income |
$89,163
|
$15.42
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $100,939 |
| Annual Per SF | $17.45 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $100,939 |
| Annual Per SF | $17.45 |
| Taxes (CAD) | |
|---|---|
| Annual | $11,356 |
| Annual Per SF | $1.96 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $421 |
| Annual Per SF | $0.07 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $11,776 |
| Annual Per SF | $2.04 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $89,163 |
| Annual Per SF | $15.42 |
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
5,784 SF
Building Class
C
Year Built
1978
Price
$1,787,461 CAD
Price Per SF
$309.04 CAD
Cap Rate
5.29%
NOI
$94,630 CAD
Percent Leased
100%
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 | - | - | - |
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1713.10-25-7629-000 | Total Assessment | $1,347,447 CAD (2025) |
| Land Assessment | $392,724 CAD (2025) | Annual Taxes | $11,356 CAD ($1.96 CAD/SF) |
| Improvements Assessment | $954,723 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
1713.10-25-7629-000
Land Assessment
$392,724 CAD (2025)
Improvements Assessment
$954,723 CAD (2025)
Total Assessment
$1,347,447 CAD (2025)
Annual Taxes
$11,356 CAD ($1.96 CAD/SF)
Tax Year
2024
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Presented by
CRN Holdings
703 Rock Quarry Rd
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