Multi-Tenant Flex
For Sale
$2,950,000
101 Towerview Ct, Cary, NC 27513
Office and warehouse configurations provide adaptable space for showroom, light industrial, and service-oriented operations.
Property Size10,000 SF
Days on Market29
Property Features for 101 Towerview Ct
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Industrial
Building Details
Building Size
10,000 SF
Year Built
1999
Listing Agency:
(919) 632-6953
Listed By:
Will Sossaman
(919) 632-6953
Source:
Lee-associates
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 29 at 10:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Will Sossaman
Investment Insights
Based on property information with market context.
This flex property at 101 Towerview Ct in Cary combines office and warehouse areas within a multi-tenant building constructed in 1999. Suite 107/109/111 offers 6,000 SF and can be divided into 2,000 SF and 4,000 SF sections. The space includes a second-generation church facility and 3 roll-up doors that are currently covered. Suite 105 contains 2,000 SF and is leased through December 2027, while Suite 103 contains 2,000 SF and is leased through January 2031.
The property occupies 1.51 acres and provides approximately 40 total parking spaces. Building features include 5 roll-up doors measuring 7’ W x 8’ H and 16’ 9” of clear height if ceiling tiles are removed. The site is zoned ORD-CU, an Office/Research and Development district, and offers office, showroom, light industrial, and service-oriented configurations.
The property occupies 1.51 acres and provides approximately 40 total parking spaces. Building features include 5 roll-up doors measuring 7’ W x 8’ H and 16’ 9” of clear height if ceiling tiles are removed. The site is zoned ORD-CU, an Office/Research and Development district, and offers office, showroom, light industrial, and service-oriented configurations.
Key Highlights
- 6,000 SF available in Suite 107/109/111
- Suite 107/109/111 can be divided into 2,000 SF and 4,000 SF sections
- 5 roll‑up doors measuring 7’ W x 8’ H
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
$175,883
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
5.96%
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%
$3,517,660
$3.5M
Cap Rate 7%
$2,512,614
$2.5M
Cap Rate 9%
$1,954,256
$2.0M
Market Conditions
NOI Build-Up for 10,000 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
$300.0K $30.00/SF
− Vacancy
−$65.5K −$6.55/SF
EGI
$234.5K $23.45/SF
− OpEx
−$58.6K −$5.86/SF
NOI
$175.9K $17.59/SF
Area
Cary, NC
Vacancy
21.83%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,517,660
Cap Rate 7%
$2,512,614
Cap Rate 9%
$1,954,256
Alternative Uses
Best Use
Office B
$2.51M
$2.20M – $2.93M
NOI $175,883 @ 7.0% cap · market cap 5.96%
Second Best
Industrial
$1.79M
$1.56M – $2.08M
NOI $125,022 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,863 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
947
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27513, NC
46,526
Population
21,204
Households
2.2
Avg Household Size
39
Median Age
68%
College-Educated
97%
High-School Grad
16.4 sq mi
ZIP Area
2,837
Density / Sq Mi
$119,458
Median Household Income
$66,584
Median Earnings
$1,491
Median Rent
$468,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configurations provide adaptable space for showroom, light industrial, and service-oriented operations.
Where is this flex space located?
The property is located at 101 Towerview Ct Cary, NC.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 6,000 SF available in Suite 107/109/111; Suite 107/109/111 can be divided into 2,000 SF and 4,000 SF sections; 5 roll‑up doors measuring 7’ W x 8’ H
