Medical Office Condo For
For Sale
$900,000
3396 Six Forks Road Unit 305-335, Raleigh, NC 27609
Well-maintained medical office condo in prime Raleigh location.
Property Size3,128 SF
Price / SF$287.72
Days on Market1052
Property Features for 3396 Six Forks Road Unit 305-335
General Information
Standard status
Active
Size
3,128 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$5,089
Amenities
3
OX-3-GR
See GIS
Building Details
Year Built
1986
Listing Agency:
Elmore Realty, LLC
(910) 892-6900
Listed By:
Douglas Godwin · License #294888
(910) 890-1974
Source:
Xome
Added: Sep 22, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:29AM
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 Elmore Realty, LLC
Investment Insights
Based on property information with market context.
The property is a 3,128 square foot medical office condo located in Raleigh. Constructed in the 1980s, it is situated in a professionally managed and well-maintained office complex just off Six Forks Road. The single-story space is designed for medical use, featuring four exam rooms, a spacious waiting area, a receptionist's desk, a procedure/lab room, a lunch area, and a private provider's office. The property is currently leased and generating cash flow, making it suitable for investors or owner-occupants seeking an income-producing asset. The location provides convenient access to I-440 and is near major retail and business hubs such as North Hills, Creekside Crossing, and Midtown East. The property benefits from high visibility and accessibility in a high-demand area of Raleigh.
Key Highlights
- Leased and generating strong cash flow, offering immediate income for investors.
- Prime Raleigh location near I‑440, North Hills, Creekside Crossing, and Midtown East, ensuring high visibility and accessibility.
- Ideal layout for medical use featuring four exam rooms, procedure/lab room, waiting room, and provider's office.
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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Well-maintained medical office condo in prime Raleigh location.
Where is this medical office space located?
The property is located at 3396 Six Forks Road Unit 305-335 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: Leased and generating strong cash flow, offering immediate income for investors.; Prime Raleigh location near I‑440, North Hills, Creekside Crossing, and Midtown East, ensuring high visibility and accessibility.; Ideal layout for medical use featuring four exam rooms, procedure/lab room, waiting room, and provider's office.
