Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    405 Morson Street Raleigh, NC 27601

    View on Map
    For Sale
    $895,000

    COMMERCIAL - Raleigh, NC

    Property size:
    2,025 SF
    Lot size:
    0.08 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    25
    Last Refresh:
    Mar 31 at 6:06 pm

    Property Features for 405 Morson Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,025 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxDescription
    DEW & DEW AND 5'X79' STRIP
    TaxAnnualAmount
    4840

    Building Details

    Year built
    1910

    We can help!

    Listing Contact
    Jose Cruz Labrada

    Listing agent Jose Cruz Labrada

    Listing office Century 21 Triangle Group 1111 Haynes Street, #109, Raleigh, NC

    Listing date Mar 6, 2026

    MLS# 10151511

    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.

    Overview

    Raleigh Commercial Building Near Downtown

    Located near Downtown Raleigh, this +/-2,025 SF commercial building at 405 Morson St, Raleigh, NC, presents an excellent opportunity for office users, investors, or future redevelopment. The property is zoned OX-3 (Office Mixed Use - up to 3 stories), allowing for a variety of commercial and mixed-use applications. The OX-3 zoning allows building heights of up to three stories, creating potential for future expansion or redevelopment in one of Raleigh's rapidly growing urban areas. Situated just minutes from Downtown Raleigh, the location provides convenient access to major employment centers, restaurants, retail, and surrounding residential neighborhoods. The area continues to see steady growth and redevelopment, making this property attractive for both owner-users and investors. The property is ideal for professional offices, creative studios, small business headquarters, or live-work concepts, depending on permitted uses. The lot size is 0.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cynthia Watson, LCSW Photography Service Rusmed Consultants Home Health Care Service

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.632791
    Latitude
    35.77957

    Nearby Similar for Sale

    • $3,900,000
      11,200 SF

      Modern Flex Building in Raleigh

      Built in 2021, suitable for industrial, office, retail.
      4550 Preslyn Drive, Raleigh, NC 27616
      View Details
    • $650,000
      1,890 SF

      Versatile Office/Flex Condo in Raleigh

      1,890 sq ft end-unit, ideal for various business uses.
      148 Annaron Court unit: 160, Raleigh, NC 27603
      View Details
    • $760,000
      1,833 SF

      Raleigh Commercial Flex Space

      1833 sq ft flex space with bayfront drive-in.
      5621 Departure Drive unit: 101, Raleigh, NC 27616
      View Details
    • $599,900
      2,083 SF

      Raleigh Office Suite For Sale

      Office suite with modern amenities and easy highway access.
      6512 Six Forks Road, Raleigh, NC 27615
      View Details
    • $2,400,000
      6,018 SF

      Raleigh Commercial Space For Sale

      Versatile 6,018 sqft commercial space in Raleigh's Six Forks area.
      1665 N Market Drive, Raleigh, NC 27609
      View Details
    • $609,900
      2,012 SF

      Modern Duplex Near Downtown Raleigh

      New construction duplex with modern finishes, minutes from downtown.
      808 Culpepper Lane, Raleigh, NC 27610
      View Details
    • $625,000
      1,352 SF

      Raleigh Duplex with Development Potential

      Rental income property with redevelopment possibilities in downtown Raleigh.
      1511 Joe Louis Avenue, Raleigh, NC 27610
      View Details
    • $209,900
      1,036 SF

      Raleigh Office Condo For Sale

      Office condo in North Raleigh, currently used for massage therapy.
      1100 Logger Court, Raleigh, NC 27609
      View Details
    • $700,000
      3,408 SF

      Raleigh Multifamily Investment Opportunity

      Four-unit multifamily property on 1.24 acres in Raleigh.
      626 Maple Lane, Raleigh, NC 27603
      View Details
    • $600,000
      3,028 SF

      Income-Producing Triplex in Raleigh, NC

      Stable income triplex near Downtown Raleigh with high occupancy.
      15 N Fisher Street, Raleigh, NC 27610
      View Details
    • $680,000
      3,358 SF

      Raleigh Multifamily Investment Opportunity

      Two fully leased, four-bedroom units in North Raleigh.
      4820 Gossamer Lane unit: 102 & 104, Raleigh, NC 27616
      View Details
    • $567,500
      2,234 SF

      Raleigh Duplex Near Crabtree Valley

      Fully leased duplex in prime Raleigh location near Crabtree Valley.
      4012 Arckelton Drive, Raleigh, NC 27612
      View Details

    FAQs

    What type of property is this?
    Office building - 2,025 SF commercial building near Downtown Raleigh for sale.
    Where is this office building located?
    The property is located at 405 Morson Street Raleigh, NC.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Prime location near Downtown Raleigh, offering convenient access to employment, restaurants, and retail.; Zoned OX‑3 (Office Mixed Use) allowing for diverse commercial and mixed‑use applications.; Redevelopment potential with the possibility of building up to three stories.
    (984) 239-8452
    We can help!
    Listing Contact
    Jose Cruz Labrada
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!