Ground-Level Office
For Sale
Contact for pricing
120 Preston Executive Drive, Cary, NC 27513
Class A office condominium with private offices, conference space, restrooms, and rear patio access.
Property Size2,932 SF
Price / SF$407.57
Days on Market13
Property Features for 120 Preston Executive Drive
General Information
Standard status
Active
Size
2,932 SF
Net Rentable
2,932 SF
Class
A
Property subtype
Office
Zoning
OIP
Lease Type
NNN
Investment Type
Owner/User
Additional Details
Floor
Ground Floor
Highway Access
Yes
Building Details
Year Built
2004
Buildings
1
Units
1
Tenancy
Single
Construction
brick
Listing Agency:
Lee & Associates - Raleigh Durham
(919) 710-6400
Listed By:
Kyle Gross · License #NC
Source:
Crexi
Added: Jul 31
Changed: Aug 5
Last Checked: Aug 10 at 3:39PM
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 2,932 RSF Class A office condominium occupies the ground level of a brick office building constructed in 2004. The suite includes a reception area, conference room, eight private offices, break room, private restrooms, and access to a rear patio. Monument signage and OIP zoning add practical identity and use flexibility for professional office or medical occupancy.
The property is located at 120 Preston Executive Drive in Cary’s Preston submarket, with views toward Prestonwood Country Club. Restaurants and retail are within walking distance, while Cary Parkway, NC-55, US-64, I-40, Research Triangle Park, and Raleigh-Durham International Airport provide regional connectivity.
The property is located at 120 Preston Executive Drive in Cary’s Preston submarket, with views toward Prestonwood Country Club. Restaurants and retail are within walking distance, while Cary Parkway, NC-55, US-64, I-40, Research Triangle Park, and Raleigh-Durham International Airport provide regional connectivity.
Key Highlights
- 2,932 RSF Class A office condominium
- Ground‑level suite with reception area and eight private offices
- Conference room, break room, and private restrooms
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
$51,569
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
4.32%
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%
$1,031,380
$1.0M
Cap Rate 7%
$736,700
$736.7K
Cap Rate 9%
$572,989
$573.0K
Market Conditions
NOI Build-Up for 2,932 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
$88.0K $30.00/SF
− Vacancy
−$19.2K −$6.55/SF
EGI
$68.8K $23.45/SF
− OpEx
−$17.2K −$5.86/SF
NOI
$51.6K $17.59/SF
Area
Cary, NC
Vacancy
21.83%
Lease Rate
$30.00 /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%
$1,031,380
Cap Rate 7%
$736,700
Cap Rate 9%
$572,989
Alternative Uses
Best Use
Office B
$736.7K
$644.6K – $859.5K
NOI $51,569 @ 7.0% cap · market cap 4.32%
Second Best
Healthcare Medical
$441.5K
$386.3K – $515.1K
NOI $30,906 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$820.4K
$717.8K – $957.1K
NOI $57,427 @ 7.0% cap · market cap 4.81%
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
687
Businesses Nearby
Explore this area
Business Placement
Demographics for 27513, NC
46,526
Population
21,204
Households
2.2
Avg Household Size
39
Median Age
68%
College-Educated
97%
High-School Grad
16.4 sq mi
ZIP Area
2,837
Density / Sq Mi
$119,458
Median Household Income
$66,584
Median Earnings
$1,491
Median Rent
$468,300
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 units - Class A office condominium with private offices, conference space, restrooms, and rear patio access.
Where is this office units located?
The property is located at 120 Preston Executive Drive Cary, NC.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 2,932 RSF Class A office condominium; Ground‑level suite with reception area and eight private offices; Conference room, break room, and private restrooms
