Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    224 Fayetteville St Raleigh, NC 27601

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space for lease in the heart of downtown Raleigh.

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Grier Godwin
    Grier Godwin
    Source: Lee-associates

    Listing Agency: Lee & Associates Listing Agent: Grier Godwin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Raleigh Office Space

    Located in the heart of downtown Raleigh on Fayetteville Street, this 5,615 square foot office space is available for lease on the 2nd floor. The property is situated within a 24,000 square foot, 4-story building constructed in 1920. On-site and conditioned storage is available. The location provides walkability to parking garages and lots, as well as various amenities. These include the NC State Capital, Wake County and Federal Courthouses, NC Legislative Building, Raleigh Convention Center, and the Martin Marietta Center for the Performing Arts. The property is also in close proximity to dining, shopping, hospitality, educational, and cultural amenities. Local ownership and management are in place.
    Location Intelligence

    Current Use by Public Records

    HHS Trim Up ... General Contractor UNC Family Medicine ... Hospital Mamatha Agrawal, MD Pediatrician VitalFlo Health Production Facility Liine (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Law Firm Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6397998
    Latitude
    35.7774715

    Nearby Similar for Lease

    • New
      $1,500 /Mo
      7,194 SF

      Raleigh Retail/Office Space Available

      Second floor retail/office space in desirable Raleigh location.
      6014 Duraleigh Rd, Raleigh, NC 27612
      View Details
    • $10,000 /Mo
      1,833 SF

      Raleigh Commercial Flex Space Available

      Commercial flex space with offices, mezzanine, and bay door.
      5621 Departure Dr, Raleigh, NC 27616
      View Details
    • $1,900 /Mo
      1,059 SF

      Raleigh Office Space Sublet

      Short-term office space available in Raleigh, NC.
      5171 Glenwood Ave, Raleigh, NC 27612
      View Details
    • $2,025 /Mo
      25,500 SF

      Spacious Facility with Flexible Layout

      25,000 sq ft facility suitable for diverse uses.
      4400 Old Poole Rd, Raleigh, NC 27610
      View Details
    • $1,400 /Mo
      600 SF

      North Raleigh Office Space Available

      600 SF office space for lease in North Raleigh.
      5640 Six Forks Rd, Raleigh, NC 27609
      View Details
    • $16 SF/Yr
      12,981 SF

      Raleigh Industrial Flex Space Available

      Industrial flex space for lease in prime Raleigh location.
      1406 Smith Reno Rd, Raleigh, NC 27603
      View Details
    • Contact for pricing

      Cap Trust Tower

      Flexible workspace in San Jose Airport
      4208 Six Forks Rd, Raleigh, NC 27609
      View Details
    • Contact for pricing

      Raleigh City Plaza

      All-inclusive access to workspace, virtual office and meeting rooms in O'Hare Airport
      421 Fayetteville St, Raleigh, NC 27601
      View Details
    • Contact for pricing

      Forum I

      Flexible workspace in Minnesota Center
      8601 Six Forks Rd, Raleigh, NC 27615
      View Details
    • Contact for pricing

      North Hills Tower II

      Meet, work or collaborate in our professional Columbia Center business center
      4242 Six Forks Rd, Raleigh, NC 27609
      View Details
    • Contact for pricing

      Anson Way

      Meet, work or collaborate in our professional Columbia Center business center
      9121 Anson Way, Raleigh, NC 27615
      View Details
    • Contact for pricing

      Spaces The Dillon

      Discover many ways to work your way in AZ, Tempe - Hayden Ferry Lake
      223 West St, Raleigh, NC 27603
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for lease in the heart of downtown Raleigh.
    Where is this office units located?
    The property is located at 224 Fayetteville St Raleigh, NC.
    What are key features of this property?
    This property features: - Prime downtown Raleigh location on Fayetteville Street; - 5,615 SF available for lease; - Walkable to major downtown Raleigh attractions and amenities
    (919) 524-5407
    Request Owner's contact information
    224 Fayetteville St Raleigh, NC 27601
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    224 Fayetteville St
    Raleigh, NC 27601
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    224 Fayetteville St Raleigh, NC 27601
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Grier Godwin
    Grier Godwin
    (919) 524-5407 (919) 591-2272
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!