Building Details

Year Built 2001

Buildings 1

Stories 2

Units 1

Listed By: David Divine Show Phone

Added: Jan 10, 2025 Changed: Mar 16

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Investment Insights

Based on property information with market context.

Located in Carrboro, North Carolina, this office condominium offers approximately 10,970 square feet of space within the Willow Creek Professional Center. The property is situated on Jones Ferry Road, near NC Highway 54, providing accessibility for employees and clients. The location is near the Willow Creek Shopping Center, which includes a Food Lion, Walgreens, and various restaurants. Carrboro, Chapel Hill, and the University of North Carolina at Chapel Hill are within a short drive. The building features a shared patio, common restrooms, and a 45-space parking garage. Modern amenities include an elevator, a fire sprinkler system, and security systems. The first-floor suite includes private bathrooms, a dedicated delivery area with direct access to the parking lot, and a breakroom. The layout is adaptable, incorporating lab/R&D space and a flexible office configuration, making it suitable for a variety of uses. The suite is subdividable and features two existing entrances. The property sits on a 0.94-acre lot.

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

$133,286

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

7.62%

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%

$2,665,720 $2.7M

Cap Rate 7%

$1,904,086 $1.9M

Cap Rate 9%

$1,480,956 $1.5M

Market Conditions

NOI Build-Up for 10,970 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

$237.0K $21.60/SF

− Vacancy

−$23.7K −$2.16/SF

EGI

$213.3K $19.44/SF

− OpEx

−$80.0K −$7.29/SF

NOI

$133.3K $12.15/SF

Area

Orange County, NC

Vacancy

10.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

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%

$2,665,720

Cap Rate 7%

$1,904,086

Cap Rate 9%

$1,480,956

Alternative Uses

Best Use

Office B

$2.42M

$2.12M – $2.82M (±1% cap)

NOI $169,421 @ 7.0% cap · market cap 9.68%

Second Best

Mixed Use

$1.90M

$1.67M – $2.22M (±1% cap)

NOI $133,286 @ 7.0% cap · market cap 7.62%

Theoretical Best

Office A

$3.54M

$3.10M – $4.13M (±1% cap)

NOI $247,963 @ 7.0% cap · market cap 14.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Carrboro Family Dentistry Dental Office Lizzette Potthoff Foster Care Service Teachman Jo Otr ... Physician Carrboro Family Medicine ... Medical Clinic International Society on Thrombosis ... Charitable Organization

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Nail Salon Electrical Service Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,148

Businesses Nearby

Explore this area Business Placement

Demographics for 27510, NC

14,801

Population

7,671

Households

1.9

Avg Household Size

32

Median Age

65%

College-Educated

94%

High-School Grad

3.2 sq mi

ZIP Area

4,625

Density / Sq Mi

$62,737

Median Household Income

$40,835

Median Earnings

$1,360

Median Rent

$439,200

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Residential office - 10,970 SF Office/Medical Condo Willow Creek Professional Center

Where is this residential office located?

The property is located at 610 Jones Ferry Rd Carrboro, NC.

What is the asking price?

The asking price for this property is $1,750,000.