Flexible Brick Facility with
For Sale
$4,899,000
4400 Old Poole Road, Raleigh, NC 27610
Commercial Sale, Raleigh, NC
Property Size25,500 SF
Price / SF$192.12
Days on Market977
Property Features for 4400 Old Poole Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-6
Exterior features
Fenced Yard
Fencing
Fenced, Chain Link
Lot features
Cleared, Level
Standard status
Active
APN
0005047
Size
25,500 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
LO1 Abundant Life Church of God Inc 02-1197
Tax Annual Amount
62143
Legal Description
LO1 Abundant Life Church of God Inc 02-1197
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
kitchen space
storage room
restrooms
gym area
Building Details
Year built
1997
Flooring type
Concrete, Tile - Ceramic
Building materials
Brick
Listing Agency:
Grason Realty, LLC
Listed By:
Beverly Robinson · License #212379
(919) 801-9662
Added: Jan 11, 2024
Changed: Sep 13
Last Checked: Sep 14 at 4:06AM
MLS# 10005806
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.
Building B is a 25,500-square-foot brick flex facility constructed in 1997, with a layout that combines offices, meeting and activity rooms, support areas, and a substantial gym component. The interior includes 3 single offices, 1 triple-sized room, 3 double-sized rooms, and 4 single-sized rooms, along with kitchen space, a storage room, and both multi-stall and single-stall restrooms. Approximately 10,000 square feet is configured as gym space.
The property is situated in a rural setting in Raleigh, Wake County, and is identified under R-6 zoning. Exterior features include a fenced yard with chain-link fencing. Central heating and central air conditioning serve the building, while ceramic tile and concrete provide the primary flooring surfaces. Public water and public sewer are available, along with phone service.
Only Building B is included in the offering; the campus contains two buildings. The existing configuration supports workout, studio, flex workspace, event, after-school, and school-related uses identified in the property information.
The property is situated in a rural setting in Raleigh, Wake County, and is identified under R-6 zoning. Exterior features include a fenced yard with chain-link fencing. Central heating and central air conditioning serve the building, while ceramic tile and concrete provide the primary flooring surfaces. Public water and public sewer are available, along with phone service.
Only Building B is included in the offering; the campus contains two buildings. The existing configuration supports workout, studio, flex workspace, event, after-school, and school-related uses identified in the property information.
Key Highlights
- 25,500‑square‑foot Building B constructed in 1997
- Approximately 10,000‑square‑foot gym area
- 3 single offices, 1 triple‑sized room, 3 double‑sized rooms, and 4 single‑sized rooms
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
$235,016
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
4.80%
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%
$4,700,320
$4.7M
Cap Rate 7%
$3,357,371
$3.4M
Cap Rate 9%
$2,611,289
$2.6M
Market Conditions
NOI Build-Up for 25,500 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
$364.1K $14.28/SF
− Vacancy
−$28.4K −$1.11/SF
EGI
$335.7K $13.17/SF
− OpEx
−$100.7K −$3.95/SF
NOI
$235.0K $9.22/SF
Area
ZIP 27610
Vacancy
7.80%
Lease Rate
$14.28 /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%
$4,700,320
Cap Rate 7%
$3,357,371
Cap Rate 9%
$2,611,289
Alternative Uses
Best Use
Industrial
$3.36M
$2.94M – $3.92M
NOI $235,016 @ 7.0% cap · market cap 4.80%
Second Best
Flex RnD
$3.20M
$2.80M – $3.73M
NOI $223,727 @ 7.0% cap · market cap 4.57%
Theoretical Best
Specialty Retail
$7.48M
$6.54M – $8.72M
NOI $523,260 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-room commercial facility with dedicated exercise space, offices, kitchen, storage, and public sewer and water service.
Where is this flex space located?
The property is located at 4400 Old Poole Road Raleigh, NC.
What is the asking price?
The asking price for this property is $4,899,000.
What are key features of this property?
This property features: 25,500‑square‑foot Building B constructed in 1997; Approximately 10,000‑square‑foot gym area; 3 single offices, 1 triple‑sized room, 3 double‑sized rooms, and 4 single‑sized rooms
