Office Unit with Four
New
For Sale
$305,000
1029 Dresser Ct Unit 14, Raleigh, NC 27609
Professional office unit with reception, conference, restroom, and kitchenette areas.
Property Size1,210 SF
Price / SF$252.07
Days on Market2
Property Features for 1029 Dresser Ct Unit 14
General Information
Standard status
Active
Size
1,210 SF
Property subtype
Office
Zoning
OX-3
Additional Details
Asking Price
$305,000
Highway Access
Yes
Building Details
Building Size
1,210 SF
Year Built
1981
Listed By:
Will Sossaman
(919) 632-6953
Source:
Lee-associates
Added: Sep 16
Last Checked: Sep 16 at 2:33PM
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 office condominium at Dorchester Village Condominiums provides 1,210 SF of workplace space with a reception area, four private offices, one conference room, two bathrooms, and a kitchenette. Built in 1981, the unit is zoned OX-3 and offers a practical configuration for professional office use.
The property is located at 1029 Dresser Ct, Unit 14, in Raleigh’s Midtown submarket, with access to I-440. Nearby destinations identified in the property information include North Hills, Wegmans, Trader Joe’s, Costco, Duke Raleigh Hospital, and the Exchange Raleigh mixed-use district.
The property is located at 1029 Dresser Ct, Unit 14, in Raleigh’s Midtown submarket, with access to I-440. Nearby destinations identified in the property information include North Hills, Wegmans, Trader Joe’s, Costco, Duke Raleigh Hospital, and the Exchange Raleigh mixed-use district.
Key Highlights
- 1,210 SF office condominium
- Four offices, one conference room, and a reception area
- Two bathrooms and a kitchenette
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
$16,762
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
5.50%
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%
$335,240
$335.2K
Cap Rate 7%
$239,457
$239.5K
Cap Rate 9%
$186,244
$186.2K
Market Conditions
NOI Build-Up for 1,210 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
$26.9K $22.20/SF
− Vacancy
−$4.5K −$3.73/SF
EGI
$22.3K $18.47/SF
− OpEx
−$5.6K −$4.62/SF
NOI
$16.8K $13.85/SF
Area
Raleigh, NC
Vacancy
16.80%
Lease Rate
$22.20 /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%
$335,240
Cap Rate 7%
$239,457
Cap Rate 9%
$186,244
Alternative Uses
Best Use
Office B
$239.5K
$209.5K – $279.4K
NOI $16,762 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$332.5K
$291.0K – $388.0K
NOI $23,277 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,945
Businesses Nearby
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office unit with reception, conference, restroom, and kitchenette areas.
Where is this office units located?
The property is located at 1029 Dresser Ct Unit 14 Raleigh, NC.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 1,210 SF office condominium; Four offices, one conference room, and a reception area; Two bathrooms and a kitchenette
