Ground-Level Office
For Sale
$1,195,000
120 Preston Executive Dr Ste 101, Cary, NC 27513
Class A office suite with a functional layout for professional or medical users and immediate occupancy available.
Property Size2,595 SF
Price / SF$407.57
Days on Market29
Property Features for 120 Preston Executive Dr Ste 101
General Information
Standard status
Active
Size
2,595 SF
Net Rentable
2,932 SF
Class
Class A
Property subtype
Office
Additional Details
Floor
Ground Floor
Highway Access
Yes
Amenities
monument signage
Building Details
Building Size
2,595 SF
Year Built
2004
Listing Agency:
(919) 710-6400
Listed By:
Kyle Gross · License #262680
(919) 710-6400
Source:
Lee-associates
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 29 at 11:18PM
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 Kyle Gross
Investment Insights
Based on property information with market context.
Suite 101 is a 2,932 RSF ground-level office condominium within a maintained executive office park. Built in 2004, the property includes monument signage and a layout suited to professional or medical office operations. Immediate occupancy is available, supporting both owner-user and investment acquisition strategies.
The suite overlooks Prestonwood Country Club and is positioned near dining, retail, and everyday services. Regional access includes proximity to RTP, RDU Airport, I-40, and US-64, while the surrounding setting includes established businesses and residential neighborhoods.
The suite overlooks Prestonwood Country Club and is positioned near dining, retail, and everyday services. Regional access includes proximity to RTP, RDU Airport, I-40, and US-64, while the surrounding setting includes established businesses and residential neighborhoods.
Key Highlights
- 2,932 RSF ground‑level office condominium in Suite 101
- Class A office setting within an executive office park
- Functional layout for professional or medical users
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
—
—
no second resolved use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Class A office suite with a functional layout for professional or medical users and immediate occupancy available.
Where is this office units located?
The property is located at 120 Preston Executive Dr Ste 101 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 ground‑level office condominium in Suite 101; Class A office setting within an executive office park; Functional layout for professional or medical users
