Medical Office Condo with Exam
For Sale
$900,000
3396 Six Forks Road, Raleigh, NC 27609
Commercial Sale, Raleigh, NC
Property Size3,128 SF
Lot Size7.62 Acres
Price / SF$287.72
Days on Market693
Property Features for 3396 Six Forks Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OX-3-GR
Standard status
Active
APN
1705858956
Size
3,128 SF
Lot size
7.62 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
UNS 305-335 PARK PL ON 6 FKS RD OFC CNDO
Tax Annual Amount
5089
Legal Description
UNS 305-335 PARK PL ON 6 FKS RD OFC CNDO
Building Details
Year built
1986
Listing Agency:
Elmore Realty, LLC
(910) 892-6900
Listed By:
Douglas Godwin · License #294888
(910) 890-1974
Added: Oct 23, 2024
Changed: Aug 31
Last Checked: Sep 15 at 8:06PM
MLS# 10061625
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 3,128-square-foot medical office condominium occupies a single-story layout within an office complex. The interior includes four exam rooms, a procedure/lab room, a waiting area, receptionist space, a lunch area, and a private provider’s office. The property was built in 1986 and has been maintained, while its leased status provides an established occupancy profile.
The office complex is professionally managed and located at 3396 Six Forks Road in Raleigh. The property offers access to I-440 and is near North Hills, Creekside Crossing, and Midtown East. Zoning is OX-3-GR, and the asset is situated in Wake County, with a Raleigh 27609 postal address.
The office complex is professionally managed and located at 3396 Six Forks Road in Raleigh. The property offers access to I-440 and is near North Hills, Creekside Crossing, and Midtown East. Zoning is OX-3-GR, and the asset is situated in Wake County, with a Raleigh 27609 postal address.
Key Highlights
- +/-3,128 SF medical office condo
- Four exam rooms with procedure/lab room and private provider’s office
- Single‑story medical office layout with waiting, reception, and lunch areas
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
$48,427
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
5.38%
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%
$968,540
$968.5K
Cap Rate 7%
$691,814
$691.8K
Cap Rate 9%
$538,078
$538.1K
Market Conditions
NOI Build-Up for 3,128 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
$88.2K $28.20/SF
− Vacancy
−$7.5K −$2.40/SF
EGI
$80.7K $25.80/SF
− OpEx
−$32.3K −$10.32/SF
NOI
$48.4K $15.48/SF
Area
Raleigh, NC
Vacancy
8.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
40.00%
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%
$968,540
Cap Rate 7%
$691,814
Cap Rate 9%
$538,078
Alternative Uses
Best Use
Healthcare Medical
$691.8K
$605.3K – $807.1K
NOI $48,427 @ 7.0% cap · market cap 5.38%
Second Best
Office B
$619.0K
$541.7K – $722.2K
NOI $43,332 @ 7.0% cap · market cap 4.81%
Theoretical Best
Specialty Retail
$859.6K
$752.2K – $1.00M
NOI $60,175 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,474
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27609, NC
36,218
Population
19,740
Households
1.8
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
3,323
Density / Sq Mi
$81,538
Median Household Income
$53,670
Median Earnings
$1,393
Median Rent
$441,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- Petfolk Veterinary & Urgent Care - North Hills — 631 E Six Forks Rd Suite 101, Raleigh, NC 27609
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-story suite includes four exam rooms, a procedure/lab room, and a private provider office.
Where is this medical office space located?
The property is located at 3396 Six Forks Road Raleigh, NC.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: +/-3,128 SF medical office condo; Four exam rooms with procedure/lab room and private provider’s office; Single‑story medical office layout with waiting, reception, and lunch areas
