Flex Space with Office and
For Sale
$670,000
1129 Corporation Parkway Ste. 151/161, Raleigh, NC 27610
Heated and cooled space combines office, warehouse, kitchenette, private bathroom, and additional storage or office area.
Property Size2,800 SF
Price / SF$239.29
Days on Market109
Property Features for 1129 Corporation Parkway Ste. 151/161
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Industrial
Amenities
kitchenette
private bathroom
Building Details
Building Size
2,800 SF
Year Built
1998
Listing Agency:
(919) 637-6697
Listed By:
Stacy Milburn, CCIM
(919) 637-6697
Source:
Svn
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 1:45PM
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 Stacy Milburn, CCIM
Investment Insights
Based on property information with market context.
Suites 151/161 provide a 2,800 SF flex property with approximately one-third office area and two-thirds warehouse space. The office portion includes an open layout, kitchenette, private bathroom, and a separate room that can serve as office or storage space. The entire building is heated and cooled, and construction dates to 1998.
Located at 1129 Corporation Parkway in Raleigh, the property offers proximity to major transportation routes and access to area services. Its mixed office and warehouse configuration supports industrial, manufacturing, showroom, collaborative workspace, and operations-center uses identified for the property.
Located at 1129 Corporation Parkway in Raleigh, the property offers proximity to major transportation routes and access to area services. Its mixed office and warehouse configuration supports industrial, manufacturing, showroom, collaborative workspace, and operations-center uses identified for the property.
Key Highlights
- 2,800 SF building with approximately 1/3 office and 2/3 warehouse space
- Suites 151/161 at 1129 Corporation Parkway, Raleigh, NC 27610
- Open office area with kitchenette and private bathroom
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
$41,304
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
6.16%
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%
$826,080
$826.1K
Cap Rate 7%
$590,057
$590.1K
Cap Rate 9%
$458,933
$458.9K
Market Conditions
NOI Build-Up for 2,800 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
$66.2K $23.64/SF
− Vacancy
−$11.1K −$3.97/SF
EGI
$55.1K $19.67/SF
− OpEx
−$13.8K −$4.92/SF
NOI
$41.3K $14.75/SF
Area
ZIP 27610
Vacancy
16.80%
Lease Rate
$23.64 /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%
$826,080
Cap Rate 7%
$590,057
Cap Rate 9%
$458,933
Alternative Uses
Best Use
Office B
$590.1K
$516.3K – $688.4K
NOI $41,304 @ 7.0% cap · market cap 6.16%
Second Best
Industrial
$368.7K
$322.6K – $430.1K
NOI $25,806 @ 7.0% cap · market cap 3.85%
Theoretical Best
Specialty Retail
$820.8K
$718.2K – $957.6K
NOI $57,456 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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
- Fancy Settings Catering — 3209 Calumet Dr, Raleigh, NC 27610, United States
- Daisy Mae's Kitchen — 1129 Corporation Pkwy, Raleigh, NC 27610
- FeltonFit Meal Prep — 1129 Corporation Pkwy STE 181, Raleigh, NC 27610
- Paramount Hospitality Management — 3699 New Bern Ave, Raleigh, NC 27610
Frequently Asked Questions
What type of property is this?
Flex space - Heated and cooled space combines office, warehouse, kitchenette, private bathroom, and additional storage or office area.
Where is this flex space located?
The property is located at 1129 Corporation Parkway Ste. 151/161 Raleigh, NC.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: 2,800 SF building with approximately 1/3 office and 2/3 warehouse space; Suites 151/161 at 1129 Corporation Parkway, Raleigh, NC 27610; Open office area with kitchenette and private bathroom
