Single-Tenant Office
For Sale
$650,000
108 Justice Heights St, Apex, NC 27502
Recent interior renovation and a 2024 roof update complement the existing office improvements.
Property Size1,536 SF
Days on Market23
Property Features for 108 Justice Heights St
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Office
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Building Size
1,536 SF
Year Built
1986
Tenancy
Single
Listing Agency:
(919) 482-0660
Listed By:
Alyssa Stepusin Byrd · License #262680
(919) 482-0660
Source:
Lee-associates
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 30 at 3:38AM
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 Alyssa Stepusin Byrd
Investment Insights
Based on property information with market context.
This single-tenant office property is fully leased under a modified gross lease, with the current term extending through August 31, 2029. Contractual rent escalations of 3% annually are in place, and the lease includes three two-year renewal options. The modified gross structure limits landlord responsibilities under the existing arrangement.
Property improvements include a new roof completed in 2024 and a recently renovated interior. The office is within walking distance of Downtown Apex and provides convenient access to US 64 and NC 540.
Property improvements include a new roof completed in 2024 and a recently renovated interior. The office is within walking distance of Downtown Apex and provides convenient access to US 64 and NC 540.
Key Highlights
- Fully leased to a single office tenant
- Lease term runs through August 31, 2029
- Three two‑year renewal options included
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
$23,578
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
3.63%
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%
$471,560
$471.6K
Cap Rate 7%
$336,829
$336.8K
Cap Rate 9%
$261,978
$262.0K
Market Conditions
NOI Build-Up for 1,536 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
$37.8K $24.60/SF
− Vacancy
−$6.3K −$4.13/SF
EGI
$31.4K $20.47/SF
− OpEx
−$7.9K −$5.12/SF
NOI
$23.6K $15.35/SF
Area
Wake County, NC
Vacancy
16.80%
Lease Rate
$24.60 /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%
$471,560
Cap Rate 7%
$336,829
Cap Rate 9%
$261,978
Alternative Uses
Best Use
Office B
$336.8K
$294.7K – $393.0K
NOI $23,578 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$438.6K
$383.8K – $511.7K
NOI $30,700 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
Explore this area
Business Placement
Demographics for 27502, NC
45,725
Population
17,607
Households
2.6
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
28.3 sq mi
ZIP Area
1,616
Density / Sq Mi
$137,088
Median Household Income
$73,848
Median Earnings
$1,786
Median Rent
$491,900
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 building - Recent interior renovation and a 2024 roof update complement the existing office improvements.
Where is this office building located?
The property is located at 108 Justice Heights St Apex, NC.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Fully leased to a single office tenant; Lease term runs through August 31, 2029; Three two‑year renewal options included
