Office Condo with Leased
For Sale
$1,900,000
141 Technology Drive, Garner, NC 27529
Commercial Sale, Garner, NC
Property Size9,479 SF
Lot Size0.85 Acres
Price / SF$200.44
Days on Market315
Property Features for 141 Technology Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
20
Vegetation
Cleared
Exterior features
Lighting
Subdivision
Not in a Subdivision
Lot features
Cleared
Standard status
Active
Size
9,479 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
49/400 162700-
Tax Annual Amount
7404
Legal Description
49/400 162700-
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Multi Units, Central Air, Electric
Water source
Public
Building Details
Year built
1997
Floors in Building
1
Flooring type
Varies, Carpet
Building materials
Stucco
Roof type
Shingle
Listing Agency:
Northside Realty Inc.
(919) 784-0101
Listed By:
Tip Iuliucci · License #255763
(910) 527-0948
Added: Oct 21, 2025
Changed: Aug 31
Last Checked: Aug 31 at 9:06PM
MLS# 10128937
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,479-square-foot office condo contains 10 units, with 8 currently leased and 2 vacant. One tenant has combined 4 units into a single space. Existing occupants include a restaurant, counseling center, home builder, and home staffing agency, creating a mix of commercial uses within the building. Construction dates to 1997, with stucco exterior walls, shingle roofing, carpet and varied flooring, electric heating, and central air conditioning.
The property is positioned on Technology Drive near exit 312 at Veteran’s Parkway, formerly identified as 40/42, with exposure to traffic traveling along I 40 E. It sits in a busy commercial area near the Wake and Johnston County line. Public water and public sewer serve the property, and commercial business zoning is in place.
The property is positioned on Technology Drive near exit 312 at Veteran’s Parkway, formerly identified as 40/42, with exposure to traffic traveling along I 40 E. It sits in a busy commercial area near the Wake and Johnston County line. Public water and public sewer serve the property, and commercial business zoning is in place.
Key Highlights
- 9,479‑square‑foot office condo with 10 total units
- 8 units are leased and 2 units are vacant
- One tenant has combined 4 units into one space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$168,189
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,363,780
$3.4M
Cap Rate 7%
$2,402,700
$2.4M
Cap Rate 9%
$1,868,767
$1.9M
Market Conditions
NOI Build-Up for 9,479 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$255.9K $27.00/SF
− Vacancy
−$15.7K −$1.65/SF
EGI
$240.3K $25.35/SF
− OpEx
−$72.1K −$7.60/SF
NOI
$168.2K $17.74/SF
Area
Wake County, NC
Vacancy
6.12%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,363,780
Cap Rate 7%
$2,402,700
Cap Rate 9%
$1,868,767
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.80M
NOI $168,189 @ 7.0% cap · market cap 8.85%
Second Best
Office B
$2.08M
$1.82M – $2.43M
NOI $145,506 @ 7.0% cap · market cap 7.66%
Theoretical Best
Specialty Retail
$2.71M
$2.37M – $3.16M
NOI $189,454 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Explore this area
Business Placement
Demographics for 27529, NC
54,250
Population
22,089
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
93%
High-School Grad
57.7 sq mi
ZIP Area
940
Density / Sq Mi
$86,426
Median Household Income
$47,686
Median Earnings
$1,379
Median Rent
$325,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Commercial zoning supports a mixed office and retail configuration with public utilities and a combination of leased and vacant spaces.
Where is this office units located?
The property is located at 141 Technology Drive Garner, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 9,479‑square‑foot office condo with 10 total units; 8 units are leased and 2 units are vacant; One tenant has combined 4 units into one space
