Single-Story Office
For Sale
Contact for pricing
Pending
11125 Forest Pines Dr, Raleigh, NC 27614
CX-3-zoned office property with flexible workspace, conference facilities, fitness amenities, and potential subdivision options.
Property Size65,653 SF
Days on Market168
Property Features for 11125 Forest Pines Dr
General Information
Standard status
Pending
Size
65,653 SF
Class
B
Property subtype
Office
Zoning
CX-3
Additional Details
Highway Access
Yes
Amenities
fitness center
training center
shower and lockers
Building Details
Year Built
2014
Buildings
1
Stories
1
Listing Agency:
Lee & Associates - Raleigh Durham
(919) 616-0066
Listed By:
Jake Plotkin · License #NC 257898
Source:
Crexi
Added: Mar 18
Changed: Aug 30
Last Checked: Aug 31 at 3:25PM
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 Lee & Associates - Raleigh Durham
Investment Insights
Based on property information with market context.
This 65,653-square-foot, single-story office building was constructed in 2014 and combines open work areas with private offices and conference rooms. A training center with modular partitions can be configured into three conference rooms, while the building also includes an on-site fitness center and three restroom groups, including one with a shower and lockers. The property may be subdividable to 22,000 square feet, subject to applicable conditions.
Located in Raleigh’s Wakefield area, the property offers access to US-1, NC-98, and I-540. The surrounding area includes established residential communities, retail centers, healthcare providers, and nearby business amenities. Wake Forest, North Hills, downtown Raleigh, and RDU International Airport are also within the broader surrounding context. The property carries CX-3 zoning.
Located in Raleigh’s Wakefield area, the property offers access to US-1, NC-98, and I-540. The surrounding area includes established residential communities, retail centers, healthcare providers, and nearby business amenities. Wake Forest, North Hills, downtown Raleigh, and RDU International Airport are also within the broader surrounding context. The property carries CX-3 zoning.
Key Highlights
- 65,653 SF single‑story office building constructed in 2014
- Potential subdivision to 22,000 SF
- Open workspace, private offices, and conference 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
$909,478
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
6.74%
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%
$18,189,560
$18.2M
Cap Rate 7%
$12,992,543
$13.0M
Cap Rate 9%
$10,105,311
$10.1M
Market Conditions
NOI Build-Up for 65,653 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
$1.46M $22.20/SF
− Vacancy
−$244.9K −$3.73/SF
EGI
$1.21M $18.47/SF
− OpEx
−$303.2K −$4.62/SF
NOI
$909.5K $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%
$18,189,560
Cap Rate 7%
$12,992,543
Cap Rate 9%
$10,105,311
Alternative Uses
Best Use
Office B
$12.99M
$11.37M – $15.16M
NOI $909,478 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.04M
$15.79M – $21.05M
NOI $1,263,000 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
Explore this area
Business Placement
Demographics for 27614, NC
35,415
Population
14,834
Households
2.4
Avg Household Size
42
Median Age
62%
College-Educated
96%
High-School Grad
27.7 sq mi
ZIP Area
1,279
Density / Sq Mi
$122,258
Median Household Income
$72,036
Median Earnings
$1,548
Median Rent
$530,100
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.
Frequently Asked Questions
What type of property is this?
Office building - CX-3-zoned office property with flexible workspace, conference facilities, fitness amenities, and potential subdivision options.
Where is this office building located?
The property is located at 11125 Forest Pines Dr Raleigh, NC.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: 65,653 SF single‑story office building constructed in 2014; Potential subdivision to 22,000 SF; Open workspace, private offices, and conference rooms
